I betcha the chart you posted has the same downward angle as to how much the dollar bought from back then till now.
When you have more of a commodity, it is worth less. IE print more dollars out of thin air with nothing really backing it but "the full faith and credit of the United States" and each dollar will be worth less.
educated guesses & the #s
1977 prices
*yeah gas was $0.59 cents
(not nearly $5)
*my DMV reg. for my car/truck was like $24
(now about $1500 for the 3)
*a loaf of wheat bread was probably about the same, $0.59 cents
(now $4)
*a gallon of milk was like $0.85
(? $4)
*a dozen eggs $0.85 cents
($6 for 18 ?)
*a six pack of Buds or Lowenbrau was Less than $2,
Luckys Lager were like $1.29
(Sam Adams $7)
*steaks like $1.50 # for good steak & whole big chicken for $0.99 cents
(now for 2 I pay $250+ in meat a month)
*my PG&E bill was like $45
(not $300+ like today)
*cable bill was like $29, I got every channel
(not almost $300 like now, for tv, int. & phone bundel)
*phone was like PacBell $45 & extra for every long distance call
(I think it's far cheaper for a land line or cell today, w/no long distance charges)
*my car/truck insurance wasn't much cheaper oddly,
that I pay now, about $800 a year
you get the gest
*a $7 an hr income went way farther then,
than 40-ish years later a $154 (gross) an hr billing rate did, when I retired
cleared far less than 1/3rd
(more like 1/4 or less after personal income taxes alone, just 1 of the taxes I paid)
& then add pension contribution, liability ins., trucks ins., payroll, fuel (big one)
property taxes, office, other employees & all Workmans comp ins.
(W/C alone was near $20/per $100 20%, after 1 faked fraud injury),
when I retired, my gross income was like 22 times more, but the net, it'd buy far less...
