What Your Dollar Buys in Time
Forget dollar prices. How many hours of your life does each item really cost? Compare 1971 (gold standard) to today (fiat standard).
Prices: BLS, NCES, CMS, EIA · Wages: FRED AHETPIThe things you NEED cost more of your time. The things you WANT cost less.
Technology makes goods cheaper. Government makes necessities more expensive.
🔴 Necessities — More Hours Than Ever
Median Home
1971
6,949hrs
2024
13,919.4hrs
Median US house
4-Year College
1971
388.4hrs
2024
772.4hrs
Annual tuition (public, in-state)
Healthcare Spending
1971
108.5hrs
2024
484.1hrs
Annual per-capita spending
New Car
1971
1,030.9hrs
2024
1,616.1hrs
Average new car
Monthly Electric Bill
1971
3.4hrs
2024
4.9hrs
Average monthly household bill
Monthly Rent
1971
29.8hrs
2024
58hrs
Median gross rent
🟢 Discretionary — Technology Made These Cheaper
Television
1971
110.2hrs
2024
11.6hrs
Average TV set
Long Distance Call
1971
0.5hrs
2024
Free
3-min call (now free)
Computer
1971
41,322.3hrs
2024
23.3hrs
Entry-level computer
Domestic Flight
1971
68.9hrs
2024
9.6hrs
Avg domestic roundtrip
Hours = Item price ÷ Average hourly earnings (production/nonsupervisory workers). 1971 wage: $3.63/hr. 2024 wage: $30.10/hr.
Sources: BLS Average Price Data, NCES Digest of Education Statistics, CMS National Health Expenditure Data, EIA, BEA, FCC.
The Pattern Is Clear
Government-controlled sectors (housing, education, healthcare) cost more of your time every decade. Free-market sectors (technology, communication) cost less. Bitcoin removes government from money.
Inspired by “Masters and Slaves of Money” by Robert Breedlove