Annualized S&P 500 Return with Dividends Reinvested from april 2008 to april 2020 are 8.285% [0] which is entirely in line with historical returns [1]. How is that an asset bubble?

[0]: https://dqydj.com/sp-500-return-calculator/

[1]: https://en.wikipedia.org/wiki/S%26P_500_Index#Performance

There was an asset bubble in property, and you can argue that there still is (there is in my city). However, wages aren't going up, as someone else below pointed out. Inflation to some degree is a race between income and spending power, right? If incomes stay stagnant but house prices double in cost, that's downward pressure on that asset.

The stock market is a different beast. Is it accurate to call it inflation if the asset inflation is "going there"?

Both health care costs and education costs - both mentioned as evidence of inflation someplace and two more places where excess inflation to be "going there" - have been making headlines before this crisis, and I bet they'll become even more prominent after the crisis ends. There will be downward pressure on prices politically on those two things, is my prediction.