I've heard that all that QE and tax cuts from '08 and '20 goes into assets that are valued by rich people. Healthcare, real estate, college, financial securities, which drives up prices due to inflation. I'm not sure if I'm totally right, seems a bit too simple, but it makes enough sense to me. That money has to go somewhere, right?
Add that demand with demand from rich people from other countries for the same services (who might just loot their country and therefore aren't subject to the same domestic economic pressures) and prices keep going up.
The interest rate on government bonds is negative or basically negative through most of the world. Stock markets outside of the US have been struggling for a while now. There isn't really anywhere to get any sort of return these days, so the money ends up in the US stock market where it seems to get at least some sort of return.
Add that demand with demand from rich people from other countries for the same services (who might just loot their country and therefore aren't subject to the same domestic economic pressures) and prices keep going up.