Adjusted for inflation

H/T to EBW for providing this chart and his comment:  ”Adjusted for inflation, the Dow Jones is about equal to where it was in 1991. Stock market gains have been due to nothing but inflation.”

For those unfamiliar with Shadowstats.com, I encourage you to visit the website. John Williams is a statistician who has tracked the CPI index and adjusted it for all changes government has made over the years. The green line below is, according to Mr. Williams, what the inflation-adjusted Dow would look like had government kept definitions constant.
Another way to interpret this chart is that about 50% of what the government says is the Dow adjusted for CPI represents government adjustments (lies).
A wounded animal will do anything to survive. Lies are minor.