matty

"Current" inflation is startling low.

.2% so far in 2015 (low oil prices are a big factor)
-2014 was .8%
-2013 was 1.5%
-2012 was 2.1%
-2011 was 1.6%
-2010 was 1.6%

If you don't include 2015, the last five years have averaged 1.5%

I know the "norm" is 3%, but using the last 15 years, it's 2.21%.

Consumer Price Index (CPI): 12-Month % Change Data | Ann Arbor District Library (using the bls.gov site, you will get very close to the same numbers, but the numbers involve several links and a lot of leg work. Feel free to tell me I'm wrong using the BLS navigation nightmare.)

Using the BLS inflation calculator, Inflation Calculator: Bureau of Labor Statistics, someone making $100k in 2000 needs to be making 37% more in 2014 to keep up with inflation. In 2000, we were making $180 an hour as a maxed WB Capt. To keep up with a 37% inflation rate our maxed WB Captains needed to be making $246 an hour in 2014. We were/are at $261 for the last 3 years. We are at 45% since 2000 vs inflation of 37%.

If you look at our maxed WB rates in the years since we signed our last non-bridge contract up to 2014 (not including 2015 because it isn't over yet...just like I didn't include it above), a person making $100k in 2006 would need to see an increase of 17% to keep up. Our maxed rate in 2006 was $225. A 17% increase would be $263. This is obviously below our current rate of $261. Keep in mind, we haven't had a raise for 3 years. A rumored 2015 TA raise of 11% puts us at $290. That means we are at 29% vs inflation of 17%.

Am I saying this is good? No. Am I saying this is bad? No. I'm just laying out some numbers.

I may be jacking my numbers up...so feel free to tell me I'm stupid. I'm sure our resident CPI guru, George, will gladly jack me up...but, I'm just trying to get some sort of hard numbers out there.

I realize I'm not talking about time value of money...and that is one factor that needs to be discussed, but I can't do all the work!