NPR's excellent podcast Planet Money posed this question last week and I thought it might make an interesting post here (better late than never). The questions is simple: Would you rather live in 1900 and have an income of $70,000 a year (about $700,000 a year in 2010 dollars) or have an income of $70,000 per year in 2010 (and yes, $70,000 per year now is middle class and $700,000 per year now is doing pretty damn good).
The catch is of course that you live in 1910. You can be in the upper fraction of a percent in terms of income, have a mansion, servants, etc, but forget the modern medical care, televisions, computers, etc.
Given that I am in Tucson, I think the lack of AC in most places in 1910 makes the choice obvious here!
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I'd definitely go for the $70,000 per year in 2010. Like you hale, I have to have my creature comforts, and internet is one of them. To me, $70K annually would be rich.
I notice that Planet Money's poll was 30% for rich in 1900, 70% for middle class in 2010.
Tough question for sure. AC may play a part in it, but back in 1910 you could go down to the lake, living next to Lake Michigan and jump in some nice clean water.
Today with all the pollution and crime, especially the shootings, I would have to give it some serious thought. Although I do like my 300 hp Dodge Dakota quad cab, even thought it sucks gas!
1910. Because there was no income tax then, and it sure would not be going up at the end of the year.
In all seriousness, it was a simpler and some say better time back then, however, are things really better now? Sure we are better connected, but are we truly?
This would be a great discussion having a few by the fire. Lets all meet at Hale's. I'll bring the beer.
I'll take the craziness of technology and modern times any day.
In some ways, life was much more simple back then, roles were clearly defined... your broader sense of the world as a whole was not there. People were more naive, and trusting each other was more of the norm. I think life was much more physically demanding, even for people of means. Women would work the whole day, just caring for the home and family, which was an exhaustive process. Clothing needed to be fabricated, shopping for ready made goods was really not an option due to cost. If you did have the money for "hired help," there were issues of management of those people. There was also little relief for physical ailments. The availability of comfort items was still a rarity.
I read somewhere about the number of words in the English language and how many more it is required that we now know. The knowledge level that one must have has increased tremendously... too bad in the process, we have lost the fine art of common sense.
Good one, Stu. Would it make a difference if I said the $70,000 now was after taxes :)
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