The cost of items has changed a lot in the past 50 years. The dollar bill was worth more in the 60s, which made the price of items seem like they were much cheaper than they really were. It was simpler back then, which made the dollar worth more than it is today. The economy was better and there was less debt than there is now, making the price of things different in the 1960s.
The average income per year in 1960 was $5,315, by 1969 it had increased to $8,540, and is now $43,159. In 1960, a gallon of gas was 25 cents, by 1969 was 35 cents, and is $3.39 a gallon today. The average cost of new car in 1960 was $2,600, by 1969 was $3,270, and is now $28,400. A new house in 1960 cost $12,700, by 1969 was $15,500, and is $242,300 today. The value of the dollar changes all the time, mostly dropping. This is why we saw changes in the value of the dollar from 1960 to 1969.
Prices of things can change from place to place and are different all the time. Some things can change because of the tax the state has on it. For example, Illinois has a higher tax on gas, tobacco, and other products. Missouri has less tax then in Illinois on these products. Here are some prices from the 1960s: Firestone tires cost $22.95 in 1961 and Firestone Destination M/T is $224 today. A 26 inch boys and girls Starlet bicycle cost $29.95 in 1965. A swimming pool that is 15ft X 30ft fully fitted cost $2,695 in 1961. A twenty-six inch color TV was $379 in 1964 and is $199.95 today. A full side by side fridge & freezer was $458.00 in 1964, dishwasher RCA $218.88 in 1966 and is $336.40 today. An electric dryer was $189 in 1961 and is $799.95 today.
If you had 100 dollars in 1960, it would be equal to $679.09 today. If you spent one dollar in 1960, it would be like spending $6.06. If we had 100 dollars in the year 2000, it would only be worth $56.19 today. In 2002, there was even more of a price gap now than in 2011.The economy has changed from the 60s to now, and the price of the dollar seems to have a big effect on the rise in prices and the poor economy. Though we don’t know how much the price of dollar will continue to drop over the years.