Adjusted to 2014 dollars: The median U.S. household income in 1975 was $51,923, with families spending 14.2% of their income on public university ($7,938 sticker price, annually) or 31.7% on private university $16,475 sticker price, annually).
Also in 1975...
- John Mitchell, H. R. Haldeman and John Ehrlichman are found guilty of the Watergate cover-up.
- Wheel of Fortune premiers on NBC
- The Rocky Horror Show opens on Broadway, and closes after 45 performances
- Bill Gates and Paul Allen found Microsoft in Albuquerque, New Mexico
- Teamsters Union president Jimmy Hoffa is reported missing
- Fugitive Patty Hearst is captured in San Francisco
- Muhammad Ali defeats Joe Frazier in a boxing match in Manila, Philippines
- Peter Gabriel departs Genesis, and is replaced on lead vocals by drummer Phil Collins
- "The Godfather Part II" wins Best Picture
- "Love Will Keep Us Together," by The Captain and Tennille is the #1 song
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