The story of America’s job growth is more complex and nuanced than the government wants us to believe. In a world where job numbers wield significant influence over perceptions of economic health, it’s crucial to scrutinize the data—and the methods behind their presentation—closely.
In his latest podcast, Peter Schiff delves into the murky waters of government economic reporting.
In his latest podcast episode, Peter uncovered the unsettling realities of recent job market trends, focusing primarily on the December jobs report. He casts a light on the sickly nature of recent job creation:
Price inflation has been even worse than advertised.
Of course, you know that because you’ve lived it. But it is nice when the data crunchers swerve a little closer to reality.
The Bureau of Economic Analysis did just that, revising its Personal Consumption Expenditure (PCE) data higher for the entirety of this inflation cycle.
Americans have been laboring under the burden of inflation for well over a year. We feel the pain everywhere, from the gas pump to the grocery store. Once it became impossible to sell the “inflation is transitory” narrative any longer, the Federal Reserve began raising interest rates to fight inflation. As a result, the bubble economy is getting shaky. But even some people at the Fed seem to realize this is a fight they can’t win.
In a talk at the Ron Paul Institute, Mises Institute president Jeff Deist called inflation “state-sponsored terrorism.”
Economics 101 – incentives matter.
But politicians often seem to forget this. Or simply ignore it. “Generous” unemployment benefits provide the perfect example. With the US government handing out enhanced unemployment checks, we ended up in a bizarre situation with high unemployment even as job openings hit record levels.
Millions of people are collecting unemployment. Meanwhile, businesses across the country are having a hard time filling positions.
In what kind of world does this make sense?
When Peter Schiff appeared on Joe Rogan’s show, he made the case that the Federal Reserve and Congress are the real problems facing America. The central bank and the federal government cripple the economy, destroy opportunity, and generally make life more difficult for the average American. But why? Why would people who claim to be “public servants” harm the very people they supposedly represent? Peter explains in this clip from the interview.
On March 1, the national debt eclipsed $28 trillion. The mainstream media hardly gave it a mention. To put the speed of the borrowing into perspective, the US government added $5 trillion to the debt in less than 18 months.
The Federal Reserve was already intervening in the economy prior to the pandemic. Remember, the central bank cut rates three times in 2019 and relaunched quantitative easing that year as well, although it refused to call it QE. Loose monetary policy is the fuel that runs the US bubble economy.
It seems like everybody is getting a bailout right now. The government is handing out money it doesn’t have left and right. This is all justified because of coronavirus. Even conservatives who normally oppose government bailouts have jumped on the stimulus train. “This is a crisis!” they cry. The government has to step in. But as Peter Schiff explains in his podcast, the government crippled the economy in the first place. A government crutch isn’t the solution to the problem.
Last Thursday, we embarked on a journey through the Southeast for business purposes and to check up on our kids who live in Kentucky. In case you were wondering, it is as crazy out there as you might imagine if you’re sequestered in your home following events through the news or social media.
Don’t worry; we practiced social distancing…mostly. And there was a lot of hand-washing.
