M2 Growth Does Not Outpace Median Wages by 3x When Properly Measured

The Factum claim that 'US M2 Expansion Since 1999 Reaches 427 Percent While BLS Median Wages Rise 140 Percent' and thereby locks in structural wealth transfer is overstated. Federal Reserve M2 data shows roughly 280% growth from 1999 to mid-2024 (FRED series M2SL), not 427%. BLS median usual weekly earnings for full-time workers, adjusted via CPI, rose approximately 15-20% in real terms over the same period per the Atlanta Fed Wage Growth Tracker and EPI analysis, while productivity gains and total compensation (including benefits) rose over 40% (BLS Total Compensation series). The raw nominal comparison ignores that broad money growth largely tracked asset inflation and velocity collapse post-2008 rather than direct wage suppression, as shown in Richmond Fed studies on monetary transmission.