Consumer Price Index - All Urban Consumers 1-Month Percent Change Series Id: Seasonally Ad
Way back in 1972 when I started at Suffolk County Community College,
the starting salary was 10,000, The starting salary for the fall of 2015 was approximately 53,000.
The question comes up who was better off when they started SCCC?
Was it I who started or at 10,000 or a new faculty member who Started in September 2015 at 53,000?
To figure out the answer you have to calculate real income.
The formula for real income is Real income =(nominal income/ CPI)x100 to get
the CPI go to website bls.gov and go to historical data section and the dates you should be
from 1972 and 2014 -use the 12 month data for simplicity,
I tried and went to this website but I am not sure what number I should be using for the CPI.
I will attach what I go but there are so many numbers and I cannot figure out which one to use and
how to get the answer, Maybe I did not get the right information from the website to calculate this,
Please show me how to do this