Just based on inflation, how much would we have to make today to buy the same items in the year you were born? Let’s assume to buy a house in the year you were born, it would cost $100,000. The prices of houses have gone up for a number of reasons, but some of that increase has been due to inflation. How much inflation have we had in your lifetime? What is the amount that you would need today to buy $100,000 worth of goods the year you were born?
Use the inflation calculator on the BLS website to see what the change has been. Next include how much money you would need today to buy $100,000 worth of goods the year your parents and grandparents were born.
How much inflation have we had (as a total percent) since your birth, your parent’s and grandparent’s births?