After almost a decade on the court, Thomas had grown frustrated with his financial situation, according to friends. He had recently started raising his young grandnephew, and Thomas’ wife was soliciting advice on how to handle the new expenses. The month before, the justice had borrowed $267,000 from a friend to buy a high-end RV.
At the resort, Thomas gave a speech at an off-the-record conservative conference. He found himself seated next to a Republican member of Congress on the flight home. The two men talked, and the lawmaker left the conversation worried that Thomas might resign.
Congress should give Supreme Court justices a pay raise, Thomas told him. If lawmakers didn’t act, “one or more justices will leave soon” — maybe in the next year.
At the time, Thomas’ salary was $173,600, equivalent to over $300,000 today. But he was one of the least wealthy members of the court, and on multiple occasions in that period, he pushed for ways to make more money. In other private conversations, Thomas repeatedly talked about removing a ban on justices giving paid speeches.
When Richard Nixon was President, his salary was $200,000 /year and that was considered a fabulous sum. The inflated salaries of CEOs was a result of Reagan deregulating the banks.
According to The CPI Inflation Calculator, $200,000 in December 1969 would be the equivalent of $1.628 million today.
The CPI index is useful for some things, but not the real world. In 1969, that $200,000 would have brought you a mansion, a Rolls Royce, a Jag, and you’d have had enough money left over to buy a nice little business. In 1960, minimum wage was $1/hour and the average house was $11,000.
And what if your mansion and travel were also covered by that job?
I have no idea what you are asking.
You were talking about President Nixon’s pay
But Presidents are given a mansion and travel/transportation, so that $200k goes much farther
… in purchasing power. Which is a lot.