logo
Weather page
GET THE APP
ePaper
google_play
app_store
  • Login
  • E-Edition
  • News
  • Sports
  • Obituaries
  • Opinion
  • Classifieds
    • Place an Ad
    • All Listings
    • Jobs
  • Special Sections
  • Photo Gallery
  • Contests
  • Lifestyle/Entertainment
  • Games
    • News
      • Local News
      • PA State News
      • Nation/World
    • Sports
      • Local
      • College Sports
      • State
      • National
    • Obituaries
    • Opinion
      • News
        • Local News
        • PA State News
        • Nation/World
      • Sports
        • Local
        • College Sports
        • State
        • National
      • Obituaries
      • Opinion
    logo
    • Classifieds
      • Place an Ad
      • All Listings
      • Jobs
    • E-Edition
    • Subscribe
    • Login
      • Classifieds
        • Place an Ad
        • All Listings
        • Jobs
      • E-Edition
      • Subscribe
      • Login
    Home Opinion Who wants to be a billionaire (in 1916)?
    Who wants to be a billionaire (in 1916)?
    Сolumns
    May 9, 2017

    Who wants to be a billionaire (in 1916)?

    WASHINGTON — Having bestowed the presidency on a candidate who described their country as a “hellhole” besieged by multitudes trying to get into it, Americans need an antidote for social hypochondria. Fortunately, one has arrived from Don Boudreaux, an economist at George Mason University’s Mercatus Center and proprietor of the indispensable blog Cafe Hayek.

    He has good news: You are as rich as John D. Rockefeller. Richer, actually.

    Some historians estimate that on Sept. 29, 1916, a surge in the price of Rockefeller’s shares of the Standard Oil Co. of New Jersey made him America’s first billionaire. Others say he never reached this milestone and that Henry Ford was the first. Never mind. If Rockefeller was the first, his billion was worth $23 billion in today’s dollars. Boudreaux asks if you would accept this bargain: You can be as rich as Rockefeller was in 1916 if you consent to live in 1916.

    Boudreaux says that if you had Rockefeller’s riches back then, you could have had a palatial home on Fifth Avenue, another overlooking the Pacific, and a private island if you wished. Of course, going to and from the coasts in your private but unairconditioned railroad car would be time-consuming and less than pleasant. And communicating with someone on the other coast would be a time-consuming chore.

    Commercial radio did not arrive until 1920, and 1916 phonographs would lacerate 2017 sensibilities, as would 1916’s silent movies. If in 1916 you wanted Thai curry, chicken vindaloo or Vietnamese pho, you could go to the phone hanging on your wall and ask the operator (direct dialing began in the 1920s) to connect you to restaurants serving those dishes. The fact that there were no such restaurants would not bother you because in 1916 you had never heard of those dishes, so you would not know what you were missing.

    If in 1916 you suffered from depression, bipolar disorder, a sexually transmitted disease or innumerable other ailments treatable in 2017, you also would not know that you were missing antibiotics and the rest of modern pharmacology. And don’t even think about getting a 1916 toothache. You can afford state-of-the-art 1916 dentures, and probably will need them.  Your arthritic hips and knees? Hobble along until you cannot hobble any more, then buy a wheelchair. Birth control in 1916 will be primitive, unreliable and not conducive to pleasure.

    You could enjoy a smattering of early jazz, but rock ‘n’ roll is decades distant, and Netflix and Google even more so. Your pastimes would be limited, but you could measure the passage of time on the finest Swiss watch. It, however, would be less accurate than today’s Timex or smartphone.

    As a 1916 billionaire, you would be materially worse off than a 2017 middle-  class American; an unhealthy 1916 billionaire would be much worse off than an unhealthy 2017 American of any means. Intellectually, your 1916 range of cultural choices would be paltry compared with today’s. And your moral tranquility might be disturbed by the contrast between your billionaire’s life and that of the normal American.

    In 2015, a Bureau of Labor Statistics paper described the life of workers in 1915. More than half (52.4 percent) of the 100 million Americans were younger than 25, life expectancy at birth was 54.5 years (today, 78.8) and fewer than 5 percent of Americans were 65 or older. One in 10 babies died in the first year of life (today, one in 168). A large majority of births were not in hospitals (today, fewer than 1 percent).

    In 1915, only about 14 percent of people ages 14-17 were in high school, an estimated 18 percent ages 25 and older had completed high school, and nearly 75 percent of women working in factories had left school before eighth grade. There were four renters for every homeowner, partly because mortgages (usually for just five to seven years) required down payments of 40 to 50 percent of the purchase price.

    Fewer than one-third of homes had electric lights. Small electric motors — the first Hoover vacuum cleaner appeared in 1915 — were not yet lightening housework. Iceboxes, which were the norm until after World War II, were all that 1915 had: General Motors’ Frigidaire debuted in 1918.

    So, thank Boudreaux for making you think about this: How large would your net worth have to be to get you to swap the life you are living in “hellhole” America for what that money could buy in 1916?

       

    George Will’s email address is georgewill@washpost.com.

       

    Tags:

    american commerce don boudreaux economics finance high school hoover john d. rockefeller medicine renter vacuum cleaner
    GEORGE F. WILL

    The Bradford Era

    Local & Social
    Latest news for you
    Local oil purchasers increase prices
    Business, Local News
    Local oil purchasers increase prices
    June 16, 2025
    Two local oil purchasers have increased the price they will pay for Penn grade crude oil. Effective Friday, American Refining Group and Ergon Oil Purc...
    Read More...
    {"to-print":"To print", "bradfordera-website":"Website"}
    Isolated Torrey pine populations yield insights into genetic diversity
    Nation & World, PA State News
    Isolated Torrey pine populations yield insights into genetic diversity
    June 15, 2025
    UNIVERSITY PARK — Entire regions of trees are disappearing because of invasive pests, disease and a changing climate. The key to their ability to adap...
    Read More...
    Pa. charter school CEOs earn more money than superintendents and oversee fewer students
    PA State News
    Pa. charter school CEOs earn more money than superintendents and oversee fewer students
    By OLIVER MORRISON  pennlive.com 
    June 15, 2025
    HARRISBURG (TNS) — Brad Hatch grew up near Altoona and started his career as a teacher in the local school district, working his way up to assistant p...
    Read More...
    Pa. is supposed to ‘immediately’ suspend teachers charged with serious crimes. That doesn’t always happen.
    PA State News
    Pa. is supposed to ‘immediately’ suspend teachers charged with serious crimes. That doesn’t always happen.
    June 14, 2025
    PHILADELPHIA (TNS)— For months after he was arrested in March 2024 on charges of masturbating in a Montgomery County cemetery, Matthew Gagat continued...
    Read More...
    No Kings rally in Veterans Square
    Local News, Nation & World
    No Kings rally in Veterans Square
    By SAVANNAH BARR s.barr@bradfordera.com 
    June 14, 2025
    Veterans Square was packed Saturday afternoon as residents came together to express their discontent with the current administration during the local ...
    Read More...
    {"newsletter-daily-headlines":"Daily Headlines", "newsletters":"Newsletters", "to-print":"To print", "bradfordera-website":"Website"}
    Advocates, lawmakers push to limit solitary confinement in Pa. prisons
    Advocates, lawmakers push to limit solitary confinement in Pa. prisons
    June 14, 2025
    HARRISBURG (TNS) — Reform advocates are making another push to limit the use of solitary confinement in Pennsylvania prisons and jails, a long-running...
    Read More...
    {"bradfordera-website":"Website"}
    ePaper
    google_play
    app_store
    This Week's Ads
    Current e-Edition
    ePaper
    google_play
    app_store
    Already a subscriber? Click the image to view the latest e-edition.
    Don't have a subscription? Click here to see our subscription options.
    Mobile App

    Download Now

    The Bradford Era mobile app brings you the latest local breaking news, updates, and more. Read the Bradford Era on your mobile device just as it appears in print.

    ePaper
    google_play
    app_store
    Trending Recipes

    Help Our Community

    Please help local businesses by taking an online survey to help us navigate through these unprecedented times. None of the responses will be shared or used for any other purpose except to better serve our community. The survey is at: www.pulsepoll.com $1,000 is being awarded. Everyone completing the survey will be able to enter a contest to Win as our way of saying, "Thank You" for your time. Thank You!

    Get in touch with The Bradford Era
    Submit Content
    • Submit News
    • Letter to the Editor
    • Place Wedding Announcement
      • Submit News
      • Letter to the Editor
      • Place Wedding Announcement
    Advertise
    • Place Birth Announcement
    • Place Anniversary Announcement
    • Place Obituary Call (814) 368-3173
      • Place Birth Announcement
      • Place Anniversary Announcement
      • Place Obituary Call (814) 368-3173
    Subscribe
    • Start a Subscription
    • e-Edition
    • Contact Us
      • Start a Subscription
      • e-Edition
      • Contact Us
    CMG | Community Media Group
    Illinois
    • Hancock Journal-Pilot
    • Iroquois Times-Republic
    • Journal-Republican
    • The News-Gazette
      • Hancock Journal-Pilot
      • Iroquois Times-Republic
      • Journal-Republican
      • The News-Gazette
    Indiana
    • Fountain Co. Neighbor
    • Herald Journal
    • KV Post News
    • Newton Co. Enterprise
    • Rensselaer Republican
    • Review-Republican
      • Fountain Co. Neighbor
      • Herald Journal
      • KV Post News
      • Newton Co. Enterprise
      • Rensselaer Republican
      • Review-Republican
    Iowa
    • Atlantic News Telegraph
    • Audubon Advocate-Journal
    • Barr’s Post Card News
    • Burlington Hawk Eye
    • Collector’s Journal
    • Fayette County Union
    • Ft. Madison Daily Democrat
    • Independence Bulletin-Journal
    • Keokuk Daily Gate City
    • Oelwein Daily Register
    • Vinton Newspapers
    • Waverly Newspapers
      • Atlantic News Telegraph
      • Audubon Advocate-Journal
      • Barr’s Post Card News
      • Burlington Hawk Eye
      • Collector’s Journal
      • Fayette County Union
      • Ft. Madison Daily Democrat
      • Independence Bulletin-Journal
      • Keokuk Daily Gate City
      • Oelwein Daily Register
      • Vinton Newspapers
      • Waverly Newspapers
    Michigan
    • Iosco County News-Herald
    • Ludington Daily News
    • Oceana’s Herald-Journal
    • Oscoda Press
    • White Lake Beacon
      • Iosco County News-Herald
      • Ludington Daily News
      • Oceana’s Herald-Journal
      • Oscoda Press
      • White Lake Beacon
    New York
    • Finger Lakes Times
    • Olean Times Herald
    • Salamanca Press
      • Finger Lakes Times
      • Olean Times Herald
      • Salamanca Press
    Pennsylvania
    • Bradford Era
    • Clearfield Progress
    • Courier Express
    • Free Press Courier
    • Jeffersonian Democrat
    • Leader Vindicator
    • Potter Leader-Enterprise
    • The Wellsboro Gazette
      • Bradford Era
      • Clearfield Progress
      • Courier Express
      • Free Press Courier
      • Jeffersonian Democrat
      • Leader Vindicator
      • Potter Leader-Enterprise
      • The Wellsboro Gazette
    © Copyright The Bradford Era 43 Main St, Bradford, PA  | Terms of Use  | Privacy Policy
    Powered by TECNAVIA