It is common knowledge that the US has gutted its industrial base and now depends on inflating financial and real estate assets, borrowing against them and spending the proceeds on imported goods. As such, the Dow Jones "Industrials" is clearly a misnomer. But, how much of a misnomer?
To help answer this question, here is a chart tracking the ratio of Dow Jones Industrials Index to the Industrial Production Index.
No Dorothy, this most assuredly isn't Kansas anymore.