Your first argument is right. You must correct for the changes in private versus public ratio.
Your second argument is not that good. Company profits are fraction of the GDP. Profits increase only in expense of wages, taxes, or investments and usually only temporarily.
ps.
Nonfinancial corporate business: Profits before tax/Gross Domestic Product
Your second argument is not that good. Company profits are fraction of the GDP. Profits increase only in expense of wages, taxes, or investments and usually only temporarily.
ps.
Nonfinancial corporate business: Profits before tax/Gross Domestic Product
https://fred.stlouisfed.org/graph/?g=pR5f