On 5/16/2012 2:39 PM, Swingman wrote:
On 5/16/2012 12:09 PM, Lew Hodgett wrote:
"Ed Pawlowski" wrote:

How many years apart was that. I remember working for $1.25 an hour
too. Don't recall getting anything at Confirmation.
------------------------------
Talk about dating one's self.

The minimum wage was $0.50/hr when I started working.

Was still only earning $2.00/hr my last year in college.


Starting at 14, and all through jr and sr high school, I made .50/hour
working at a nursery/landscape company after school and on weekends ...
$4/day, seven days a week in the summer. From that, and besides buying
my own clothes and shoes (and a $200, 1949 Willys Jeepster), I saved
$1000 for my entire first year of college in 1962, which paid for
tuition, books, room and board, laundry, and had $40 left to last the
rest of my freshman year.

I got a check for $8 from my parents in April of the second semester of
that year, which I didn't even cash ... their first, last and total
financial contribution to my higher education.

Let's see a kid try that today ... then tell me we, as a culture,
haven't been ****ed to the max by the subsequent 'progressive think' of
tax payer funded entitlements, student loans, and individual "rights" to
higher education ... yeah "right", as long as someone else pays.


I entered college in 1962, Tuition was about $500/quarter (year = 3
quarters) and I was working about 20 hr/wk at 1.25/hr. When I graduated
4 years later, tuition was $720/qt and I was working about 40 hr at
2.50/ hr. My wage rate started at the minimum wage, and ended above the
minimum wage, ie I got a raise when the government increased the minimum
wage.

I paid for all of my books, tuition, and other school expenses, and
bought and maintained a car to get to school and work. (I lived at home,
but had to have a car to get to school.) I also bought the majority of
my cloths and was also dating during college.
..
Based on the referenced website the 500 is now worth between 3000 and
12900, or for the 3 quarters (one year)9000 to 38700.

In 2011, the relative value my hourly rate of $1.50/hr in 1962 ranges
from $8.92 to $38.70.

Since the minimum wage is 7.25 today, I see no reason why a a motivated
student, could not repeat what I did with minimum debt. I went into debt
my last quarter ($720) and paid it off in 4 years.
__________________________________________________ ____________
http:as//www.measuringworth.com/uscompare/

In 2011, the relative value of $500.00 from 1962 ranges from $2,970.00
to $12,900.00.

A simple Purchasing Power Calculator would say the relative value is
$3,720.00. This answer is obtained by multiplying $500 by the percentage
increase in the CPI from 1962 to 2011.

The best measure of the relative value over time depends on if you are
interested in comparing the cost or value of a Commodity , Income or
Wealth , or a Project . For more discussion on how to pick the best
measure, read the essay "Explaining the Measures of Worth."

If you want to compare the value of a $500.00 Commodity in 1962 there
are three choices. In 2011 the relative:
real price of that commodity is $3,720.00
labor value of that commodity is $4,030.00(using the unskilled wage) or
$4,960.00(using production worker compensation)
income value of that commodity is $7,710.00

If you want to compare the value of a $500.00 Income or Wealth , in 1962
there are three choices. In 2011 the relative:
historic standard of living value of that income or wealth is $3,720.00
economic status value of that income or wealth is $7,710.00
economic power value of that income or wealth is $12,900.00

If you want to compare the value of a $500.00 Project in 1962 there are
four choices. In 2011 the relative:
historic opportunity cost of that project is $2,970.00
labor cost of that project is $4,030.00(using the unskilled wage) or
$4,960.00(using production worker compensation)
economy cost of that project is $12,900.00