If this were true, it would show up in drastically lowered revenue across many industries. That isn't the case. Here's a summary of revenue/share for the S&P 5

If this were true, it would show up in drastically lowered revenue across many industries. That isn't the case. Here's a summary of revenue/share for the S&P 500 (from Standard & Poor's data): https://www.multpl.com/s-p-500-sales/table/by-year https://www.multpl.com/s-p-500-sales/table/by-year