[Mtinie]

Andre_Wanglin alluded to it, though $70k was a slight overstatement.

With the effective inflation rate, $5,000 in 1947 was equivalent to $58,035 in 2018.

https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=5000&year1=194...

[Retric]

He was using 5k inflation adjusted dollars so starting with ~350 actual $/ year in 1947.

Really, just do the calculation.