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#1
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Adjusted for inflation wages?
If min wage was $0.25 per hour in 1939 how can you, adjusted for
inflation/cola, calculate what the wage should be in 2008? I'd need some explanation of the formula also if you could? Also, where do you get cola/inflation rates per year since 1939? thanks a lot. |
#2
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Adjusted for inflation wages?
Google?
-- Bernard V Liengme Microsoft Excel MVP www.stfx.ca/people/bliengme remove caps from email "Crackles McFarly" wrote in message ... If min wage was $0.25 per hour in 1939 how can you, adjusted for inflation/cola, calculate what the wage should be in 2008? I'd need some explanation of the formula also if you could? Also, where do you get cola/inflation rates per year since 1939? thanks a lot. |
#3
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Adjusted for inflation wages?
Thanks for being a smart ass.
never mind then. On Wed, 2 Jan 2008 10:57:11 -0400, "Bernard Liengme" sayd the following: Google? |
#4
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Adjusted for inflation wages?
Sorry if I inadvertently offended but this is an Excel newsgroup not an
Economics one happy new year -- Bernard V Liengme Microsoft Excel MVP www.stfx.ca/people/bliengme remove caps from email "Crackles McFarly" wrote in message ... Thanks for being a smart ass. never mind then. On Wed, 2 Jan 2008 10:57:11 -0400, "Bernard Liengme" sayd the following: Google? |
#5
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Adjusted for inflation wages?
I asked for a FORMULA.
On Wed, 2 Jan 2008 11:13:57 -0400, "Bernard Liengme" sayd the following: Sorry if I inadvertently offended but this is an Excel newsgroup not an Economics one happy new year |
#6
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Adjusted for inflation wages?
You also asked where to find cola/inflation rates.
Crackles McFarly wrote: I asked for a FORMULA. On Wed, 2 Jan 2008 11:13:57 -0400, "Bernard Liengme" sayd the following: Sorry if I inadvertently offended but this is an Excel newsgroup not an Economics one happy new year -- Dave Peterson |
#7
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Adjusted for inflation wages?
On Jan 2, 7:39*am, Dave Peterson wrote:
Crackles McFarly wrote: I asked for a FORMULA. You also asked where to find cola/inflation rates. The OP asked for __both__. The OP wrote: "I'd need some explanation of the __formula__ also if you could?", emphasis added for the reading- impaired. And yes, the OP also wrote: "Also, where do you get cola/ inflation rates per year since 1939?" Besides, we often address the non-Excel part of questions in these newsgroups. Anyway, moving beyond this childish sniping..... Bernard answer the second question best, I think: google for "inflation rates" without quotes, and you will find sites that provide calculators and/or tables of rates. Caveat emptor: these are US CPI rates, for the most part, which may or may not be related to wage inflation rates. (Probably not, IMHO.) It is the best you can do. However, following the details, you might find specific tables of wage inflation rates, ideally broken down by industry, but probably not. (I used to have a link to the US govt website that is the primary source of all this data. I believe it did have different inflation rate tables. But, sigh, it seems that I have lost track of the link.) As for a formula, well, that really depends on how you decide to represent the data. Suppose you have a table of annual rates (percentage increases) in A1:A68 for 1939 through 2006. (It might be a little early to find 2007 rates.) The following array formula (commit with ctrl+shift+Enter) computes the average annual rate: =geomean(1+A1:A68)-1 Caveat emptor: GEOMEAN sometimes fails for a large number of periods and/or widely varying fractions. I don't think either would be a problem for this application. If you have the average annual rate in B1, the following would compute a 1939 price in 2008 dollars: =fv(B1, 2008-1939, 0, -0.25) HTH. |
#8
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Adjusted for inflation wages?
Just to continue the sniping <vbg:
The OP asked for __both__. That's what "also" meant in my reply. joeu2004 wrote: On Jan 2, 7:39 am, Dave Peterson wrote: Crackles McFarly wrote: I asked for a FORMULA. You also asked where to find cola/inflation rates. The OP asked for __both__. The OP wrote: "I'd need some explanation of the __formula__ also if you could?", emphasis added for the reading- impaired. And yes, the OP also wrote: "Also, where do you get cola/ inflation rates per year since 1939?" Besides, we often address the non-Excel part of questions in these newsgroups. Anyway, moving beyond this childish sniping..... Bernard answer the second question best, I think: google for "inflation rates" without quotes, and you will find sites that provide calculators and/or tables of rates. Caveat emptor: these are US CPI rates, for the most part, which may or may not be related to wage inflation rates. (Probably not, IMHO.) It is the best you can do. However, following the details, you might find specific tables of wage inflation rates, ideally broken down by industry, but probably not. (I used to have a link to the US govt website that is the primary source of all this data. I believe it did have different inflation rate tables. But, sigh, it seems that I have lost track of the link.) As for a formula, well, that really depends on how you decide to represent the data. Suppose you have a table of annual rates (percentage increases) in A1:A68 for 1939 through 2006. (It might be a little early to find 2007 rates.) The following array formula (commit with ctrl+shift+Enter) computes the average annual rate: =geomean(1+A1:A68)-1 Caveat emptor: GEOMEAN sometimes fails for a large number of periods and/or widely varying fractions. I don't think either would be a problem for this application. If you have the average annual rate in B1, the following would compute a 1939 price in 2008 dollars: =fv(B1, 2008-1939, 0, -0.25) HTH. -- Dave Peterson |
#9
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Adjusted for inflation wages?
PS....
On Jan 2, 10:28*am, I wrote: *Caveat emptor: *these are US CPI rates, for the most part, which may or may not be related to wage inflation rates. *(Probably not, IMHO.) *It is the best you can do. I meant to write "it is __probably__ the best you can do". The OP wrote: "If min wage was $0.25 per hour in 1939 how can you, adjusted for inflation/cola, calculate what the wage should be in 2008?". There are many ways to interpret what the OP really wants. If the OP is asking about the equivalent buying power of $0.25 in 2008, the CPI might, indeed, be the appropriate index to use. However, if the OP wants to compare the minimum wage increase with the average wage increase, the OP might consider using the Average Wage Index data from the (US) Soc Sec Admin. A table is available at http://www.socialsecurity.gov/OACT/COLA/awiseries.html . In Excel 2003, the table can be imported easily by using DataImport External DataNew Web Query. Unfortunately, that table only back as far as 1951. |
#10
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Adjusted for inflation wages?
On Jan 2, 11:29*am, Dave Peterson wrote:
Just to continue the sniping <vbg: The OP asked for __both__. That's what "also" meant in my reply. True. Mea culpa! But I think the OP's response to Bernard's second response is appropriate (although I disagree with the OP's tone and reaction to Bernard's first response). Bernard seemed to imply that the OP's question was inappropriate for an Excel newsgroup ("this is an Excel newsgroup not an Economics one"). I interpreted your retort as support of Bernard's implication. Perhaps I misunderstood you. |
#11
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Adjusted for inflation wages?
Just to add some Bernard mindreading <bg.
I figured he was answering the last question--check google for the historical data. The OP and Bernard did not have a meeting of minds, though <vbg. joeu2004 wrote: On Jan 2, 11:29 am, Dave Peterson wrote: Just to continue the sniping <vbg: The OP asked for __both__. That's what "also" meant in my reply. True. Mea culpa! But I think the OP's response to Bernard's second response is appropriate (although I disagree with the OP's tone and reaction to Bernard's first response). Bernard seemed to imply that the OP's question was inappropriate for an Excel newsgroup ("this is an Excel newsgroup not an Economics one"). I interpreted your retort as support of Bernard's implication. Perhaps I misunderstood you. -- Dave Peterson |
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