"inflated" 19.4%? Not my area of expertise, so I absolutely may be missing something, but it seems to follow logically that 40,000 today is the same as 32,240 a few years ago.
That would make sense in my world, because the Dow at 40,000 is saying the economy is rocking, but it definitely doesn't "feel" like it, and literally nobody that I interact on any type of basis feels that it is.