Gas price triangulation

Cato figures that gasoline in the Fifties cost consumers $7 per gallon in 2006 dollars and spending power.

If inflation is understated as part of a massive government conspiracy, then it would have cost Richie Cunningham much, much more to fill up his Lemon. If real income per capita has not risen materially in the last half a century, then it would have cost Laverne and Shirley much, much more to make all their dreams come true.

And if we are truly worse off than our baby boomer forbears, then there really aren't problems with oil-based energy, since gasoline costs us virtually nothing now.

Bashers of the economy, even the occasional Nobel laureate, cannot stand in the face of math and facts.