Part 2/8:
To comprehend the current inflationary landscape, it's essential to look back at historical data. In 1972, the median price of a home was approximately $22,000, which tripled to $66,000 by 1982. During the same period, the price of a barrel of oil skyrocketed from $3 to $30. A thousand dollars saved in 1972 would lose around 60% of its value by 1982, leaving it equivalent to just $400. This historical context outlines how inflation erodes savings and affects purchasing power.