> I wonder what’s happened to capital over this time? Value of S & P 500, inflation-adjusted, 1/2000 to 9/2025 (same period as the wage data): > 2000: $1,394

> I wonder what’s happened to capital over this time? Value of S & P 500, inflation-adjusted, 1/2000 to 9/2025 (same period as the wage data): > 2000: $1,394 > 2025: $6,688 > On average, for more than the students' entire lives, stock-owners like Schmidt and (to a much lesser extent) I have stolen every last drop of the productivity increase of US workers at every age and education level. Zero mention of AI here.