Im not an economist. In my uneducated mind its says either:
A: Americans havent improved productivity in that timeframe. (Ludicrous notion).
B: the value of the productivity gains in that timeframe have been going to money printing cantillionaires through an extractive monetary system.
You'd need to run that past a macro guru.
In either case, stack sats cause this system aint working for you
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But in 1954 the US was on a gold standard and gold was a fixed price. It wasn’t until 1971 that gold was a free market asset which you would expect to grow in value as GDP grows.