New Peter Schiff Interview: California Dooms Workers and Congress Kicks the Can Down the Road

Peter recently appeared on OAN’s Real America with Dan Ball to discuss the minimum wage, government spending, and inflation. He first points out the blatant corruption of the California state government, which recently passed a $20 minimum wage for all fast-food restaurants except those that bake their own bread. The state’s governor, Gavin Newsom, has received several large campaign donations from the owner of many Panera Bread franchises in California, causing Newsom’s critics to question the motives of such an exception. Peter also points out that, under Newsom’s logic, such an exemption will actually hurt Panera’s employees. If minimum wages are so helpful to workers, why exempt Panera at all?

Peter also touches on Congress’s recent spending resolution, which simply pushes any major decision further down the debt-strewn road. Peter argues that the markets still don’t realize how bad this problem truly is:

“They still expect inflation to come down just because the Fed raised rates to 5%. That’s not gonna do it, because the whole time the Fed was supposedly fighting inflation, the government was creating it! We have an inflationary fiscal policy that offset whatever Powell did.”

Government and household debt continues to climb, consumption of durable goods keeps falling, and persistent inflation still hounds the United States. Meanwhile, gold climbed back over $2100, showing its resilience in an inflationary economy.