In a recent interview with CNBC, Wharton finance professor Jeremy Siegel predicted that a spending spree might be on the horizon for 2021.

Siegel described the 35% increase in the money supply since March as “the biggest we’ve seen in 75 years.” Stocks, he said, are selling at twenty times next year’s earnings “in a zero interest rate environment,” adding that he sees potential for them to “beat next year by five to ten percent because I think we’re going to have a spending boom in 2021 with all this buildup in liquidity.”

According to Siegel, once pandemic fears subside either because of vaccine or improved therapeutics, “all of this money will flow into the economy and into the stock market.”

Regarding whether his forecast depends on an additional stimulus package getting pushed through, Siegel replied that he believes a package will eventually pass but notes that the market liquidity overwhelms any uncertainty related to the stimulus or the upcoming elections.