The Dow Jones Industrial Average hits 13000 today. Not bad for a country with no industry. The Chinese are celebrating with Buddha I'm thinking. We should have a big bronze Buddha riding the Wall Street Bull in New York. Investment in foreign goods is up. Only if you ignore inflation. If you allow for inflation for 100 years then number looks a bit different. Since 1912 the dollar has lost 95% of it's value or today's number of 13000 slips to 650 adjusted. Dow Jones closed January 2, 1912 at 82.36. I wasn't around in 1912 but I assume this is also basis points and relative information. Never mind if you put a dollar in the bank in 1912 it would have the buying power of a nickle today. From my paperboy proceeds in 1962 I can attest you could get a fountain coke for a nickle or a handsome candy bar for a nickle some fifty years later. Penny candy was an aisle at the drug store in 62. No sales tax either. The modern day Five and dime is now the Dollar Store in stark contrast. Everything at the Five and Dime was American made. Imports were exclusive to the richest Americans in 1912. The dollar store today has few items made in America.
In 1912 we had no income tax either. The 17th Amendment was passed in 1913 and taxed only those making $3000.00 or more a year. The average wage earned in 1913 was $800.00 annually. There were no loopholes or exemption until 1914.
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