All the indices he is comparing the USA to (Japan, France, etc...) are not total return index. The S&P500 is total return (includes reinvesting the dividends).

All the indices he is comparing the USA to (Japan, France, etc...) are not total return index. The S&P500 is total return (includes reinvesting the dividends). If you take the total return version of those indices, they also look exponential (but with less return than the US). So I'm not sure his point stands.