Asked AI to take $802 gold (Jan 17, 1980) and find it's value today if it just followed the growth of the federal dept over the years.
To calculate the value of $802 in 1980 gold, adjusted for the growth of the federal debt, we'll use the following steps:
1. First, let's find out how much the federal debt has grown from 1980 to present. According to the U.S. Treasury, the federal debt was approximately $908.8 billion in 1980 and has grown to around $30.4 trillion as of 2021.
2. Next, we'll calculate the growth factor:
Growth factor = Current federal debt / Federal debt in 1980
Growth factor = $30.4 trillion / $908.8 billion ˜ 33.45
3. Now, we'll adjust the $802 in 1980 gold using the growth factor:
Adjusted value = $802 * Growth factor
Adjusted value = $802 * 33.45 ˜ $26,827.40
So, $802 in gold from January 17, 1980, would be worth approximately $26,827.40 today, based on the growth of the federal debt. |
