Because there is a difference between > The era of cheap labor, free money, low taxes and open global markets and continued economic growth. Likewise, there

Because there is a difference between > The era of cheap labor, free money, low taxes and open global markets and continued economic growth. Likewise, there is a difference between growth in stock prices and economic growth. Stock prices have been growing much faster than GDP for a long time now, like 20-30 years. The S&P could be flat for 10 years or more before US GDP gets high enough to justify the price level (using a historical level). So yes, the US economy can continue to grow. And "emerging market" economies can grow and their stock markets could do extremely well over the next decade. And the SP500 could be flat over that same decade. All of these could happen.