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Price and Income Increases

Minimum Wage

Below are the minimum hourly wages set by the U.S. governement at various years from 1955-1995.

1955 1960 1965 1970 1975 1980 1985 1990 1995
1.00 1.00 1.25 1.60 2.10 3.10 3.35 3.80 4.25

Source: Statistics: Concepts and Controversies by D.S. Moore, page 374.


Calvin College Tuition

1981-84 = 100; Market Basket = 1 year's tuition + 1 year's room and board

Year Tuition Board Total CalPI
1970/71 $1,400 $880 $2,280 39.63
1971/72 $1,500 $880 $2,380 41.37
1972/73 $1,580 $880 $2,460 42.76
1973/74 $1,690 $900 $2,590 45.02
1974/75 $1,780 $930 $2,710 47.10
1975/76 $1,960 $1,030 $2,990 51.97
1976/77 $2,060 $1,100 $3,160 54.92
1977/78 $2,230 $1,170 $3,400 59.10
1978/79 $2,460 $1,270 $3,730 64.83
1979/80 $2,680 $1,380 $4,060 70.57
1980/81 $3,000 $1,520 $4,520 78.56
1981/82 $3,480 $1,720 $5,200 90.38
1982/83 $3,950 $1,850 $5,800 100.81
1983/84 $4,280 $1,980 $6,260 108.81
1984/85 $4,620 $2,100 $6,720 116.80
Year Tuition Board Total CalPI
1985/86 $4,980 $2,200 $7,180 124.80
1986/87 $5,300 $2,370 $7,670 133.31
1987/88 $5,650 $2,470 $8,120 141.14
1988/89 $6,180 $2,620 $8,800 152.95
1989/90 $6,790 $2,860 $9,650 167.73
1990/91 $7,350 $3,100 $10,450 181.63
1991/92 $8,100 $3,350 $11,450 199.02
1992/93 $8,630 $3,520 $12,150 211.18
1993/94 $9,450 $3,570 $13,020 226.30
1994/95 $10,230 $3,710 $13,940 242.29
1995/96 $10,995 $3,895 $14,890 258.81
1996/97 $11,655 $4,160 $15,815 274.88
1997/98 $12,225 $4,340 $16,565 287.92
1998/99 $12,915 $4,500 $17,415 302.69
1999/00 $13,420 $4,675 $18,095 314.51

Source: Calvin College Office of Financial Services


Average Gasoline Prices in Michigan

Price for unleaded, full-serve gasoline.

Year $$/gallon
1973 $0.572
1974 $0.608
1975 $0.635
1976 $0.675
1977 $0.704
1978 $0.956
1979 $1.274

Price for unleaded, self-serve gasoline.

Year $$/gallon
1979 $1.274
1980 $1.274
1981 $1.397
1982 $1.309
1983 $1.264
1984 $1.251
1985 $1.236
1986 $0.940
1987 $0.957
1988 $0.947
Year $$/gallon
1989 $1.033
1990 $1.168
1991 $1.148
1992 $1.003
1993 $1.067
1994 $1.083
1995 $1.125
1996 $1.226
1997 $1.221
1998 $1.067

Source: American Automobile Association

More information on Michigan gas prices is available on the AAA Michigan website.


Consumer Price Index (1982-84 = 100)

Year CPI
1915 10.1
1920 20.0
1925 17.5
1930 16.7
1935 13.7
1940 14.0
1945 18.0
1950 24.1
1955 26.8
1960 29.6
1965 31.5
1970 38.8
Year CPI
1975 53.8
1976 56.9
1977 60.6
1978 65.2
1979 72.6
1980 82.4
1981 90.9
1982 96.5
1983 99.6
1984 103.9
1985 107.6
Year CPI
1986 109.6
1987 113.6
1988 118.3
1989 124.0
1990 130.7
1991 136.2
1992 140.3
1993 144.5
1994 148.2
1995 152.4

Source: Statistics: Concepts and Controversies by D.S. Moore, page 370.


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This page maintained by:
Randall Pruim
Department of Mathematics and Statistics
Calvin College
rpruim@calvin.edu

Last Modified: Thursday, 30-Aug-2001 12:17:13 EDT