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IPFS News Link • Economy - Economics USA

Peter Schiff: Things Are Even Doomier And Gloomier Than They Look

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Dan opened the interview with a tweet from Peter.

Dan summed it up this way:

You just can't keep spending more than we bring in, printing money and doing what they're doing within the Biden administration."

Then he asked a question: "How do I keep my head above water with all this doom and gloom, for God's sake?"

Peter said it's actually doomier and gloomier than the headlines suggest and pointed out the jobs data.

If you dig beneath the 999,000 private sector jobs that were created, those were almost exclusively part-time jobs. They're low-paying jobs. They went to people who already have one or two jobs. The number of Americans working multiple jobs soared almost 400,000, I think, to another all-time record high."

He pointed out that the economy is actually shedding manufacturing jobs, and the full-time jobs it has added are primarily in the government sector.

We lost 35,000 manufacturing jobs. All this talk about the revitalization of manufacturing is just a bunch of BS. We're losing these jobs. These are productive jobs. They're good-paying jobs. Instead, we replace them with more IRS agents. We hired 51,000 government employees added to the payroll. They don't produce anything but red tape. They actually undermine economic growth. They lead to bigger deficits and more inflation."