What if the United States maintained a silver backing for the dollar, which it abandoned in 1964?
How much things cost in 1933 vs today if we still had a silver backed dollar ($21.60 price conversation).
Average Cost of new house $5,750.00
Average wages per year $1,550.00
Cost of a gallon of Gas 10 cents
Average Cost for house rent $18.00 per month
A loaf of Bread 7 cents
A LB of Hamburger Meat 11 cents
Plymouth 6 Car $445.00
Campbells Vegetable Soup 10 cents
Average Laborers Wage $20.00 per week
Of course this doesn’t take into account technology reducing prices over the years, which would make this comparison even more stark.
By the mid-1960s inflation of everyday goods and services is notable yet still restrained.
If we were still backing the dollar with silver, does anyone doubt that we would have a higher standard of living in this country today?
H/t Michael Gray