The last time I was in Buenos Aires a cheap hotel room was about $1, about the same for a nice dinner of Bife a Caballo con Vino Tinto y Dulce de la Leche
I stayed in the city for about 3 weeks, after backpacking for many months throught South America, it was a great time for a traveler with dollars! I have wonderful memories of the city.
That was the year that Juan Peron died, 1974, I guess things have changed.