If you've been here for a while, you are probably well aware that I am a complete and total nerd. While I was waiting for the boat the other day, I noticed the new decor in the waiting room.
Two very nice photographs of old Arnold Transit schedules are now hanging on the wall; one including a price. The 1972 schedule doesn't have a price, but the other schedule does - $1.50 for a round trip under the bridge. Then the current price flashed up on the screen - $44.00 for an adult.
It got me wondering... How does that price increase compare to inflation?
To do that I had to make an assumption as to the year of that schedule. To give Arnold Transit the benefit of the doubt, I assumed it was pre 1972, so I guessed 1970 (a nice round number.) According to this inflation calculator, $1.50 in 1970 would be worth about $12.50 in 2024. So, if the price had gone up the same percentage as inflation, the ticket price should be about $12.50, but instead it costs $44.00. That means the price of a ferry ticket has increased about three and a half times the rate of inflation. Or, to put it another way the price of a ferry ticket has changed 2,833%. (You read that right - two thousand, eight hundred thirty-three precent.) I used the percent of change formula to calculate that, in case you're wondering.
My next question was - why? What could account for an almost 3,000% increase?
Gas prices? Wages? Well...
According to Google's AI, diesel fuel cost $0.36 per gallon in 1970. Today, that same gallon of diesel runs about $3.50 a gallon - an 872% change in price.
Also according to Google's AI, the minimum wage in Michigan was $1.45 in 1970. It was $10.33 in January of 2024 - a 612% change in price.
Now I need more data!
Please don't get me wrong - I in no way am putting down Arnold Line or suggesting inappropriate pricing practices. I really do appreciate them and their employees! I'm just a nerd who got to thinking, and that can be a dangerous thing.
