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historic standard of living value of that income or wealth is $531.00 www.measuringworth.com...
(calculation based on 1933 compared to 2012)
Historic Standard of Living measures a subject (income or wealth) against the cost of a "fixed" bundle of consumer goods and services (the CPI or RPI) or the cost of all goods and services (the GDP deflator).
The total cost over its nine years of operation was $3 billion
If you want to compare the value of a $3,000,000,000.00 Project in 1933 there are four (only gave 3 typo?) choices. In 2012 the relative:
historic opportunity cost of that project is $44,000,000,000.00
labor cost of that project is $150,000,000,000.00(using the unskilled wage) or $185,000,000,000.00(using production worker compensation)
economy cost of that project is $834,000,000,000.00
Historic Opportunity Cost measures a subject (generally a project) against a bundle of consumer goods and services (via the CPI or RPI) or a bundle of all goods and services (using the GDP deflator.) For a project of a person or household, the CPI or RPI is preferred. For investment and government projects, the GDP deflator is more appropriate.
labor cost of a project is measured using the relative wage of the workers that might be used to build the project. this measure uses one of the wage indexes.
economy cost of a project is measured using the relative share of the project as a percent of the output of the economy. this measure indicates opportunity cost in terms of total output of the economy. the viewpoint is the importance of the item to society as a whole, and the measure is the most inclusive. this measure uses the share of the GDP
Originally posted by TDawgRex
reply to post by generik
Wow...now that was some education. At the time I wrote the OP it didn't dawn on me to convert 1930's dollars to todays.
The majority of people today that are welfare sucking the life out of the US are lazy, drug addicted, individuals with no motivation to do anything more than watch soaps all day.
A new CBPP analysis of budget and Census data, however, shows that more than 90 percent of the benefit dollars that entitlement and other mandatory programs spend go to assist people who are elderly, seriously disabled, or members of working households — not to able-bodied, working-age Americans who choose not to work. (See Figure 1.) This figure has changed little in the past few years.
Federal budget and Census data show that, in 2010, 91 percent of the benefit dollars from entitlement and other mandatory programs went to the elderly (people 65 and over), the seriously disabled, and members of working households.
Moreover, the vast bulk of that 9 percent goes for medical care, unemployment insurance benefits (which individuals must have a significant work history to receive), Social Security survivor benefits for the children and spouses of deceased workers, and Social Security benefits for retirees between ages 62 and 64. Seven out of the 9 percentage points go for one of these four purposes.