October jobs numbers came out on Friday and everybody was all giddy about healthy growth. But in his most recent podcast, Peter Schiff said jobs are just another bubble about to burst.
Peter Schiff recently appeared on RT Boom Bust, along with Investor’s Advantage Corporation founder John Grace, to talk about the recent jobs report. Peter summed things up with a dire warning. Stagflation is coming and it’s going to be worse than 2008.
The August jobs report came out last Friday. Mike Maharrey offered a little bit of analysis during the Friday Gold Wrap podcast, saying he was skeptical that the actual employment situation is as great as the mainstream seems to think. Peter Schiff offered a more in-depth breakdown of the employment report in his latest podcast, saying it was “anything but strong.”
On the Aug. 10 edition of Countdown to the Closing Bell on Fox Business, Peter Schiff faced off against Republican strategist Kevin Paul Scott to debate the success of Trumpanomics.
Liz Claman started the segment touting the “great jobs numbers.” So, has Peter jumped on the Trump economic bandwagon?
Not at all.
As we approach the 10-year anniversary of the 2008 financial crisis, some things don’t seem a whole lot different. Everybody is optimistic, and as Peter Schiff noted in his most recent podcast, ignoring all of the warning signs.
We’re seeing a lot of warning signs people should be worried about, but again they’re dismissing them, much the way they did 10 years ago You know, we’re getting close to the 10-year anniversary of the 2008 financial crisis. Remember, the whole thing started in August of 2008. Here we are August 2018, 10 years later. I think we’re heading for an even bigger crisis and the same people are even more clueless.”
Jobs numbers came out Friday better than expected.
According to the Labor Department, the US economy added 313,000 jobs last month, the most since October 2015. Economists had anticipated a gain of about 200,000. Wage growth was less stellar, ticking up just 0.1%. Analysts projected a 0.2% increase after a pretty significant jump of 0.3% in January spooked markets with inflation fears.
In his latest podcast, Peter Schiff said if he was a conspiratorial person – and he’s not – he would say, “Wait a minute, this looks too good to be true.”
President Trump has completely flip-flopped the way he looks at economic data. When he was on the campaign trail, he called the stock market a “big, fat, ugly bubble.” Now that he’s sitting in the Oval Office, he takes credit for the same bubble.
He’s done the same kind of 180 when it comes to employment data. On the campaign trail, he called 5% unemployment “the biggest hoax in American history.” But when the jobs report came out last week, Trump eagerly tweeted, “The unemployment rate remains at a 17-year low of 4.1%. The unemployment rate in manufacturing dropped to 2.6%, the lowest ever recorded. The unemployment rate among Hispanics dropped to 4.7%, the lowest ever recorded…”
Peter Schiff called Trump out on his flip-flop in his most recent podcast.