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Trump and Sanders Prove Americans Not Confident in Economy (Video)

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Peter Schiff locked horns with National Alliance Securities Global strategist Andy Brenner on Fox Business yesterday.

Brenner said he believed the Fed would raise interest rates at least twice this year, citing strong employment numbers as a sign the economy is doing OK.

But Peter countered, saying the US economy is already in a recession, and the Fed will have to cut rates back to zero. Peter obliterated the notion the jobs market is healthy, and pointed out that Trump and Sanders phenomenon proves the American people aren’t buying the government spin. They are not confident in the economy:

These are lousy jobs. These are low-paying jobs. These are Trump voters. These are Sanders voters. That’s why they’re there – because they have a part-time job and it’s lousy, and the pay is lousy. Eighty percent of these jobs are service-sector jobs, many of them are minimum wage jobs. You can’t raise a family on these jobs. Many kids can’t even move out of their parents’ houses because they can’t get a job.”

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Highlights from the interview:

“It’s two rate hikes down, two to go. I said at the beginning of the year I didn’t think the Fed would raise rates four times. In fact, I think there’s a better probability that they will reduce rates back to zero.”

“I think the Fed is still oblivious to the fact that the economy is back in recession. Now. maybe the Fed knows this and just doesn’t want to acknowledge it because they don’t want to be accused by Pres. Obama of peddling fiction. But the fact is the US economy is in horrible shape.”

“Talking about the elections – why do you think Donald Trump is getting so many votes. All the exit polls show that the number one concern facing voters is the economy. Yet Janet Yellen said that consumers are confident. No they’re not. Those consumers are voters, and they’re voting for Trump because they’re not confident.”

“If the Fed was going to raise rates they would have done it today…The Fed doesn’t say they’re market dependent. They claim to be data dependent, and if the unemployment rate is really as low as you claim and we’re creating all these jobs…look at the core inflation numbers that came out today…year-over-year core inflation is up 2.3% – above the Fed’s so-called 2% target. So, I believe Yellen knows those numbers are bogus.”

“These are lousy jobs. These are low-paying jobs. These are Trump voters. These are Sanders voters. That’s why they’re there – because they have a part-time job and it’s lousy, and the pay is lousy. Eighty percent of these jobs are service-sector jobs, many of them are minimum wage jobs. You can’t raise a family on these jobs. Many kids can’t even move out of their parents’ houses because they can’t get a job.”

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