Inflation
After dinner this evening, I was wandering the halls of the hotel which housed the restaurant, and noticed an interesting display.
In a glass case were breakfast, brunch and dinner menus from various years in the 1940s. Compared with today, I didn't notice any difference in the types of food, but the prices stood out:
- $1.00 Ham and Eggs
- $2.25 Filet Mignon
- $1.00 Catch of the Day
With inflation we now pay 10-20x those prices. I wonder if 60 years from now (when I'm 88), a filet mignon will be $300-$400. I suppose its okay if wages rise at the same rate. If not, we would be in big trouble, although many parts of the world experience just such out of proportion inflation.
Apparently its the Federal Reserve's job to keep inflation in the US under control. For everyone's sake, I wish them all the best.
In a glass case were breakfast, brunch and dinner menus from various years in the 1940s. Compared with today, I didn't notice any difference in the types of food, but the prices stood out:
- $1.00 Ham and Eggs
- $2.25 Filet Mignon
- $1.00 Catch of the Day
With inflation we now pay 10-20x those prices. I wonder if 60 years from now (when I'm 88), a filet mignon will be $300-$400. I suppose its okay if wages rise at the same rate. If not, we would be in big trouble, although many parts of the world experience just such out of proportion inflation.
Apparently its the Federal Reserve's job to keep inflation in the US under control. For everyone's sake, I wish them all the best.
posted by Vijay Swamidass at
11:24 PM
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