We’ve watched this argument play out numerous times (does the government lie about inflation?), so the way I look at it:
In 1972, a VW Beetle was $1,999, a moderate sedan (Chevy or Ford) about $2,700 and a luxury car (Cadillac) about $4,500-$5,000
A subway ride was $.30 as was a slice of pizza (both higher than the $.15 they were a few years earlier
A gallon of gas was $.36, up from $.23 a few years earlier
My wife earned $150 a week as a secretary
The rent on our apartment was $125 a month
And on and on. Whether a loaf of bread ($.35) or a newspaper ($.10) or a pair of sneakers, the increase in price seems closer to 12X than 6X
Interesting factoid:
After we got married, my wife bought me a birthday gift to help me out as I was taking physics in night school and was complaining I couldn’t finish the exams in the time allocated. She bought me a top-of-the-line Texas Instruments calculator which not only had ±/*, but also took square roots! It cost her $117 which, proportional to her salary back then, was similar to what a top-of-the-line PC would cost a secretary today.
Jeff