From a Letter to the Editors of AvWeb

[hharney]

Ponder this statement:

It takes approximately eight 1978 dollars to buy today what one dollar would buy in 1978. The $38,000 Archer in 1978 would cost eight times that, or $304,000 today in today's devalued dollar. By the same measure, a job paying $10,000 in 1978 would be paying $80,000 today but would have no more purchasing power than the $10,000 did in 1978.

It would, in fact, have less purchasing power because of a larger percentage going to income and other taxes.
(From Curt Krehbiel, AvWeb Avmail)

The problem is; the job that paid $10K in 1978 is not paying $80K today.