This chart shows the average hourly earnings adjusted for inflation. If rising wages were responsible for the stagflation of the 1970s, then the damage was clearly done before January, 1973. That was when average hourly earnings peaked.
I am not a financial advisor. I am not offering investment advice. Although I have attempted to provide accurate information, that's all it is, an attempt. Please do not trust the opinions, numbers, and/or charts of a random anonymous blogger on the Internet. Make your own opinions. Make your own charts. Do your own due diligence. Thank you.