Yeah, really, even conceding the inventory rebuild/weak dollar rally in that chart. I don't think that the aggregate numbers produced by the Fed are always useful when looking at the economy: the composition of the aggregates is usually so diverse as to render the aggregate meaningless. GDP is a canonical example.

The U.S. retains industrial capacity in high end and military areas, but that isn't going to help average people produce items that are valuable to one another and to people in other places, which is the core way to build wealth. We've masked this fact with debt for the last 30 years, and now it appears that that game is over.