Laws of economic cycles can not be abolished by the FED or the government. All they can do is artificially prolong the durations of low and high activity.
Economy can not grow in the long run higher than gains in productivity and population. Monetary or fiscal stimulation only creates more volatility.
And I am afraid you are correct, we have the tiger by the tail already, and we must hold on as long as possible. But eventually the tiger will kill us, in the form of hyper-inflation.
Population growth has nothing to do with it. In cease productivity and hold population growth flat and you will see PROSPERITY.