In another sign of a struggling economy, small businesses are having an increasingly hard time paying rent.
According to Alignable’s November Rent Poll, 41% of US small businesses reported they couldn’t pay their rent in full and on time in November. That was a 4 percentage-point increase from the previous month.
A lot of mainstream pundits concede that the US economy is heading for a recession as the Federal Reserve continues to crank up interest rates in its inflation fight. But as Peter Schiff explained in a recent podcast, there is plenty of data that indicates the economy is already in a recession.
The third quarter GDP data came out this week and it looks like the recession is over. (If there ever was one.) But in this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the data and says, “Not so fast!” He also talks about a mainstream economist who sounds a lot like Peter Schiff and a big problem brewing with diesel fuel.
People keep saying the economy is fine. We’re not in a recession. There’s nothing to see here.
Meanwhile, business activity contracted for the fourth straight month in October.
On the surface, the September job numbers looked pretty good. The economy continues to add jobs and the unemployment rate fell. But these headline numbers paper over underlying problems in the economy.
While President Biden brags about job growth, the average American is working more just to maintain last year’s standard of living.
The September Federal Reserve meeting wrapped up this week with another 75 basis point rate hike. And Fed Chairman Jerome Powell admitted that there is going to be some pain as the central bank continues to fight inflation. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey reacts to the meeting and the Fed’s messaging. He said he thinks Powell & Co. are drastically understanding the coming pain.
The Atlanta Fed has lowered its GDP estimate for the third quarter to 0.3%, and the trend is downward. That means the economy is teetering on the verge of another quarter of negative GDP growth. Would that be enough to raise recession alarms?
Jerome Powell delivered his much-anticipated speech at Jackson Hole on Friday. He continued with the hawkish talk we’ve been hearing in recent weeks, pledging the Fed will “use our tools forcefully” to attack inflation. Powell even promised some pain. As Peter Schiff discussed in his podcast, the markets immediately delivered on the promise of pain. But the question remains: do Powell & Co. really have the pain tolerance they claim?
Last week, President Joe Biden announced a student loan forgiveness scheme. Peter Schiff appeared on NewsMax Real America with Dan Ball to talk about the cost of forgiving student debt and the growing recession.
Peter said that despite all of the claims to the contrary, this is just going to add to the inflation problem.
This week, President Biden announced a plan to forgive $10,000 to $20,000 in student loan debt. It sounds nice and some people will certainly benefit, but as SchiffGold Friday Gold Wrap podcast host Mike Maharrey explains, we’re all going to pay for this. In this episode, Mike also talks about Jerome Powell’s upcoming Jackson Hole speech, the state of the economy and some interesting gold market news.
