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David Worrell

David Worrell's Public Library

Apr 23, 12

Need some inspiration? EasyLunchbox Containers are perfect for packing yummy lunches for school, work, or travel. 
Pack up to 3 containers in one of our cooler bags for a day trip to the park or zoo! 
Lots of these are my own creations, but credit is given if I didn't make it myself.
Scroll down for more info about each lunch and a credit link if applicable :) 

Mar 01, 12

There is a chart making the rounds lately,  that claims the dollar lost 96.2% of it value since 1900.  One of Ron Paul's fav talking points. Though technically true in a very narrow sense, if you look at average incomes during the same period, it is clear why this is wrong.  Additionally, the way the line chart is presented is highly deceptive. It makes it seem that there has been higher inflation in the last 40 years.  But if you look at the actual numbers in the chart, that is clearly not the case. See the last 2 paragraphs for more detail.

Let us take at the period from 1913-2006, where we have complete data. So what do they mean, when they say the dollar lost 95.1% of its value in those 93 years? Essentially, an average good/service that cost $1 in 2006,  used to be priced at 4.9 cents in 1913. In other words, the average price level of goods/services increased by 1930% since 1913.  True, but guess what, average earned income increased by 6560% during the same time period. Average earned income rose from  $740/yr in 1913 to $49,300/yr in 2006.  Adjusting for inflation, $740/yr in 1913 is $15,000/yr in 2006 dollars.  Average incomes, not only kept pace, but beat price inflation by 230%.

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