Submitted by FranklinDRoosevelt32 t3_107j100 in todayilearned
Reply to comment by FranklinDRoosevelt32 in TIL that in 1947, U.S. House Minority Leader Sam Rayburn was gifted a 1947 Cadillac Fleetwood Series 62 from 142 Democratic congressmembers and 50 Republican congressmembers. Each congressmen donated $25 to circumvent Rayburns personal rule of not accepting gifts more than $25. by FranklinDRoosevelt32
Salary of a 1947 House Rep was $12,500. The price of the car was $3550. This would similar to the house Democrats buying the current minority leader a Kia. Something he clearly could have bought for himself if he wanted too. Seems more like some kind of stunt by his fellow reps.
The Cadillac Fleetwood was no Kia. Official inflation stats say “only” $47k 2023 USD but it was the top production car from the top luxury brand.
Oh for sure, I just meant the price was, in today's dollars, more what you would pay for an entire of mid-level car, not even the comparable Caddie of today.
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Not even close.
$3,550 is 28.4% of $12.5k
House members get paid $174k today. 28.4% of that is $49.5k. That's a BMW 3 series, not a Kia.
A quarter of his salary? What was Joe Taxpayer making?
A quarter of your yearly salary on a car is not that unrealistic. Most people making under 100k a year will still buy a car worth more than 25k.
not in 1947. The words "Car loan" would have got you laughed out of the bank in that era. After the market crash and banking collapse of the Great Depression, consumer loans of any kind just weren't a thing. The idea of a "car loan" as we know it today didn't take off again until the mid 60s.
Save, then buy, you can still do that.
okay boomer
Nope!
The tax rates in 1947 were higher/the brackets were lower. $3550 would have represented almost 6 months’ salary.
Lot of folks spend 6+ month salary on there vehicle.
Not without a car loan
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