re: The DowJones Industrial Average AND the S&P500 Index both closed at record highs today

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t certainly is. What do you think fueled that surge? Productivity and efficiency increases? Expanding, new markets? Or currency debasement?

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Various combinations of all of those, like it usually is in history.

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The first two are nominal values (which we all know are irrelevant) and the third is not true across the board

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They’re not irrelevant when they’re up a lot, and all of your wage data is in a 12m or shorter stretch. The point I’ve been making is over the last 3 years cumulatively. Wages have continued to climb in 2023 while inflation has cooled, so they’ve climbed back out of the hole created mostly in 2022. Your other chart starts in the beginning of the pandemic and is pretty much useless as a result.