That depends on official inflation numbers, which are low only because of cheap imports from China. Anything that has to be built in America -- houses, metro li

That depends on official inflation numbers, which are low only because of cheap imports from China. Anything that has to be built in America -- houses, metro lines, nuclear weapons -- has gone up about 12%/year with the S&P 500. There was a ~1.8x bump between the start of COVID and now, and now things are looking more like 15%/year to me. Which makes the half-life of money only five years.