Quote:
Originally Posted by carlsonjok
I don’t find this particularly compelling.
Look at it this way: in 1973, CPI was 44.4 and in 2020 it was 258.8. That is a factor of 5.82 which translates Mays 1973 salary to $976,000 today. Not bad money for a schlub like me. But hardly worthy of a generational talent like Willie Mays.
For comparison, I looked at the salaries of today’s SF Giants. The closest to $976K is Jarlin Garcia, a league average middle reliever. |
Have you considered what nearly a million dollars in purchasing power could have bought you in 1973? It's not apples to apples.
Average cost of a brand new house in 1973 was $32,500. Average cost of a brand new house in 2021 is $400,000. That $32,500 that bought you a brand new house in 1973 is worth less than 200K in 2021, or only enough for half a new house.
How much did a new car cost in 1973? Just over $4,000. Average cost of a new car in 2021 is about $40,000.
That $4,000 in 1973 would be worth $24,000 today, or half a new car.
Federal minimum wage in 1973 was $1.60. Federal minimum wage in 2021 is still only $7.25. You actually had more purchasing power then than you do now on Federal minimum wage.
Everyone could always use more money but his salary put him far ahead of every normal person around him.