>> one component you overlooked is the cheap cost of money, in the form of low interest rates, juicing the economy for the past decade+.

I've been wondering if "low interest rates" juice the economy, or if "lowering interest rates" does. The presumption seems to be the former, but I suspect a drop in rates will eventually lead to a new equilibrium. In other words, there isn't much long term correlation between interest rates (at a particular level) and growth.