Quantitative easing by the Fed increased the money supply substantially between 2009 and 2015. Over the coming years as the money circulates, the result will be inflation. The government routinely prints money to cover its deficit spending. Government debt already exceeds yearly national income. Inflation eases the government debt by decreasing the burden of paying creditors.
After 20 years of 5% inflation every dollar will be worth 38 cents. Inflation may be much higher. Stock prices will have to rise to keep up with inflation. Starting at 12,000 in 2012 the Dow Jones stock average will have to reach 31,000 in 2032 to have the same purchasing power with only 5% inflation! New “milestones” for stock prices may only keep up with inflation.