That's all paper gains... if even 5% of the people holding stocks tried to sell, the market would go down 20%.. it's like a game of musical chairs.. the people who sell when nobody else is are the ones that make the money.. when larger numbers try to jump ship it increases the stock's float so much that the price crashes much faster than the implied market cap. Basically if every stock was sold and the respective companies taken private, there's no way you'd get anywhere close to the combined market cap of those companies stocks. The market is currently in a rather sizable bubble, in my opinion. Fair valuation would put the DOW around 18000-20000 and the nasdaq around 5000-6000.
That's not to discount the economic growth under Trump, however growing the national debt during this phase of an economic expansion is a somewhat dangerous game to play, and this is coming from someone who voted for and generally supports Trump.
I'm curious to see if we'll actually see high interest rates or if they'll be another massive bailout that sends the long bond down to 2% and mortgage rates to 2.5% in a few years.
For now I wouldn't worry until you see an inverted yield curve.. meaning the 2 year is trading at least .25% higher than the 10 year. We have a little ways to go before that happens.
https://www.cnbc.com/bonds/
Let's not also forget we have a debt based currency, so no debt, you have no money.