|The stock market is not the economy.|
In classical superlative performance economy, industry would be operating to capacity, inflationary pressures..
Just look at the chart "The difference between actual and target inflation around the world". Add to that people buying something they cannot hold, to which value cannot be ascribed invented by someone who does not exist.
This was my reply to Mohamed El-Erian
Chief Economic Advisor, Allianz; comment "Many superlatives will be used to describe the 2017 performance of stock ,and rightly so."