Letter Re: The Federal Reserve’s Inauspicious 100th Anniversary
Captain Rawles, The inflation calculator that you linked to is way off. If you punch in five cents it returns $1.16. [JWR Adds: This is because their calculator uses "official" CPI data, which is badly skewed.] In 1913 it cost five cents for a loaf of bread. I would love to find a store that sells a loaf of bread for $1.16 today. Being a master of Excel, I played around with this a few months ago. It turns out that a loaf of bread costs about $4.00. An increase from five cents to four dollars is an …