Money and Inflation 1970's
To provide an estimate of inflation we have given a guide to the value of $100 US Dollars for the first year in the decade to the equivalent in today's money
If you have $100 Converted from 1970 to 2011 it would be equivalent to $517.65 today
My first full year in business in in 1965 I netted 18,500 dollars that year, in about 1985 I would have had to netted about 70,000 a year to have the same buying power. The big jump in the inflation started in the seventies.
In 1970 a new house cost $23,400.00 and by 1979 was $58,500.00 In 1970 the average income per year was $9,350.00 and by 1979 was $17,550.00
Going back a bit I bought my first house in 1965. It was a beautiful brick home on 3/4 of an acre, 3 bedrooms, a full basement, 2 baths, a big living room with a huge front window to look out of. Are you ready for this? I paid 20,900 for this beautiful house.
In 1970 a gallon of gas was 36 cents and by 1979 was 86 cents
Backing up a bit again when I opened my first station in 1965 regular gas was 28.9 cents a gallon.
In 1970 the average cost of new car was $3,900.00 and by 1979 was $5,770.00
A few more prices from the 70's and how much things cost
Datsun 210 $3,869
Dodge Colt $4,785
Warm Leather Lined Boots $39.99 Car 8 Track Stereo Tape Player $38.99
CB Radio $147
Medium Eggs 25 cents per dozen Miracle Whip $1.09
King Size Bean Bag Chair $19.99
Porcelain Kitchen Sink $9.88
Quartz Alarm Clock $12.97
Country Ranch with 10 acres 3 bedroom large barn fruit and oak trees Vallejo California $59,200 1974
The oil crisis in 1973 was caused when Arab members of the Organization of Petroleum Exporting Countries (OPEC), during the Yom Kippur War, announced that they would no longer ship petroleum to nations that had supported Israel in its conflict with Syria and Egypt , to the United States and its allies in Western Europe. It was also announced that the price for Oil would increase drastically. The west was by now dependent on oil and together with prices quadrupling and measures for rationing the western world went into recession and suffered massive inflationary pressure. At that time the United States did have their own oil reserves and although they were affected the biggest impact was on European Economies .
In 1973 I move to Florida and opened up a Shell Station. Not long after I opened the so called gas shortage hit. For those of you that were driving at that time you know what a nightmare that was. I would get to the station about 530:AM to open at 600:AM and the line of cars would be backed up about a half mile waiting to get gas. We only had a certain allocation so we would be open at the pumps for about 2 hours in the morning and about 2 more hours in the afternoon always with long, long, lines. And closed on Sunday, if I ran over my allocation I would have to wait to get more gas.
After nearly 10 years of war in Vietnam 1973 was also the year that allied forces pulled out of Vietnam
Another significant factor in the 70's was the growth in women's rights and women's role in society including the ability to decide when where and if they wished to have children ( partly through the availably of the contraceptive pill )
President Richard Nixon was forced to resign on 8th August as president of the United States due to imminent impeachment related to the Watergate scandal.
With the continuing Cold War between the East and West the arms race continued with each side trying to find the ultimate weapon
Popular Culture 1970's
The Waterbed The 70's produced many icons , one of those being the modern waterbed created by Charles Hall in 1968, This was fueled by the sexual revolution of the 70's encompassing the Waterbed .
Progressive rock created a new generation of bands including Genesis, Yes, Emerson, Lake & Palmer and Pink Floyd. Many other singers and bands also started or strengthened their fan base including The Rolling Stones, Led Zeppelin, Aerosmith, AC/DC, Queen, Black Sabbath .
In Europe, the music was not as progressive from bands like T Rex, Gary Glitter and David Bowie, and bands like Slade and the Sweet. and possibly the most successful in the 70's being ABBA
Some of the Most Well Known Movie Stars of the Seventies
TV Shows 1970s
The Streets of San Francisco 1972 - 1977.
The Waltons 1972 - 1981.
Chips 1977 - 1983.
Ironside 1967 - 1975.
Lassie 1954 - 1973.
Starsky and Hutch 1975 - 1979.
Dukes Of Hazzard 1979 - 1985.
The Benny Hill Show 1969 - 1989.
Monty Python’s Flying Circus 1969 - 1974.
The Muppet Show 1976 - 1981.
Bonanza 1959 - 1973.
The Brady Bunch 1969 - 1974.
Dallas 1978 - 1991.
Charlie's Angels 1976 - 1981.
Little House on the Prairie 1974 - 1983.
Doctor Who 1963 - 1989.
Gunsmoke 1955 - 1975.
Columbo 1968 - 2003.
Kojak 1973 - 1978.
All In The Family 1971 - 1979.
Laverne & Shirley 1976 - 1983.
The Odd Couple 1970 - 1974.
Bewitched 1964 - 1972.
Happy Days 1974 - 1984.
Sanford and Son 1972 - 1977.
Steptoe and Son 2nd Series 1970 - 1974.
Taxi 1978 - 1983.
Benson 1979 - 1986.
Sporting Changes In The 70's
Players go on strike in 1972 the first players strike in sports history.
Players gain free agency after 6 years allowing them to demand higher wages.
Hank Aaron breaks the legendary Babe Ruths Record and sets a new record of 755 home runs in 1974 which stood for 30 more years
The ABA or American Basketball Association and National Basketball Association NBA agree to merger accepting 4 new teams into the NBA Denver, New York, San Antonio and Indiana.
At the end of the 70's two major changes in the game happened 1. ESPN and 2. three point line added.
Division I, Division II and Division III set up in college football
The Steelers, Dolphins, Raiders, Vikings, Cowboys and Rams Dominate Respective Divisions
NFL extended its regular season to 16 games
Bobby Orr and Boston Bruins win Stanley Cup
Soviets Dominate World Championships and Olympics
The 70's were the start in many ways of the Electronics and digital revolution, with the invention of transistors and Integrated Circuits in the late 60's, companies now found ways to use the technology which caused the phenomenal growth in smaller more powerful and cheaper products ranging from Calculators to Televisions.
The 70's also saw the beginning of the Home Computer due to Intel creating the first cheap microprocessor - the Intel 4004, and other integrated circuits. In the beginning the computers were mainly for the hobbyists and included the Apple II, the TRS-80, the Commodore PET, and Atari 400/800 and with the growth of these home computers Bulletin Boards became a popular way for people to find others with similar interests
As people realized the power of these new home computers a new use was found and that was the beginning of the video game . When we look at those games now we see how basic they were but the technology available and the understanding of what could be done limited those early games.
With the invention earlier of the microwave oven and now the capability to manufacturer and sell cheaply many homes adopted the technology in their kitchens
Due in part to the increased use of the 747 a Jumbo Jet able to carry large numbers of passengers across continents air travel booms and causes new problems with pollution, delays and air traffic control
Inventions The Year Invented Inventors and Country ( or attributed to First Use )
Barcode ----- 1973 USA
E-Mail ----- 1971 USA
Floppy Disk ----- 1971 USA by Alan Shugart
Genetic Engineering ----- 1973 USA by S Cohen and H Boyer
Ink Jet Printer ----- 1976 USA
In Vitro Fertilisation ----- 1978 England "test tube baby"
Laser Printer ----- 1975 USA
LCDs ----- 1970 England by George Gray - Liquid Crystal Display
Microprocessor ----- 1971 USA
MRI Scanner ----- 1977 USA by Raymond Damadian
Personal Computer ----- 1975 USA
Space Station ----- 1973 USA Skylab
As with every decade big changes happened in my life in the seventies. In 1973 Bubba
Martha, and I left behind family and friends and moved to Florida. I took to the move quickly, loved Florida then and love Florida now. Bubba and Martha had a little harder time adjusting but after we had been here about 2 years I asked them if they would like to go back to Maryland and they both said no. Martha especially loved the life style that Florida had to offer.
33 years old when we moved to Florida Lots of energy then and loved to have fun and adventure .My dear friend George Mansfield could spend hours telling you about some of the fun. I am laughing as I type this. LOL Bubba and I had a philosophy about work and play. We worked very hard and put in some long hours but due to the wonderful life style in Florida we played hard also. Met some great friends that I am still friends with today.Did a lot of traveling, Bubba and I were standing on the street in Honolulu Hawaii awe struck, we looked at each other and said can you believe an ole country boy from West Virginia and a girl from a small town in Maryland are in this paradise. LOL
The population of Palm Beach County in 1973 was about 300,000, lots of room to ride off road vehicles, boating on the Inter coastal not a lot of boats on the water then. The population of Palm Beach County now is 1 million 300 thousand. The seventies were a fun decade.
Almost forgot, we got to see Elvis in concert in the 70's. LOL
Lots more just can't remember them all. LOL