1966

A question on yesterday's "Who Wants To Be a Millionaire?" was thought-provoking. "The $100,000 candy bar introduced in 1966 would be worth how much in today's dollars?" The contestant actually chose the correct answer - $700,000.

In other words what could be purchased for $1 in 1966 would cost, on average, $7 today. Hey, I remember 1966 like it was yesterday. I was 30 lbs lighter, had all my hair, and could sleep all night without urination breaks. 1966 was great. But was 1966 superior to 2012 from a cost of living viewpoint?

As a college kid in '66, my major purchases included:

Beer - A case of domestic, no-frills suds like Schaefer ran about $5 back then. Today you can get it for $20. It should be $35 with inflation, and today's beer cans all come with easy-open tops. Back in the day, it was 50:50 whether the pull tab would break off and lacerate your finger. I have the scars to prove it.

Seagrams 7 - A fifth of decent domestic "hard stuff" was also about $5. Today, it runs $15. Again, booze beats inflation! Of course, many of us joined the military back in '66 to take advantage of the low, low liquor prices at the PX. A fifth of Smirnoff was only $1.25, and the Army wondered why it had a problem with alcoholism.

Hamburgers - By 1966, McDonald's burgers were up to $0.25, a scandal after the $0.15 burgers we remembered from high school. A double cheeseburger is on the 2012 Dollar Menu. Burgers stomp all over inflation.

Soda - Most vending machines offered a can of Coke for a quarter back in the day. Today, we're talking $1.25, still a relative bargain inflation-wise.

It is better to be a college kid today than back in '66 from a food and booze perspective. Alas, other costs exceed inflation big-time.

Movie admission - The latest James Bond flick with Sean Connery cost us between $0,25 and $0,50. Daniel Craig as 007 requires $9. Movie admission is 20X from 1966 and Ursula Andress was much hotter than whoever played opposite Daniel Craig anyway.

College Costs - The '65 - '66 school year at Lafayette cost me about $3,000 complete with tuition, fees, room & board. Today, the whole package runs a cool $50 K. Talk about inflation.

Maybe it is better to be a college kid today, but it really costs to be a parent.