Consumer sentiment plunged to record lows in June. The plummeting consumer sentiment numbers surprised mainstream analysts but they shouldn’t have given Americans are taking a pay cut month after month thanks to red-hot inflation.
Despite the biggest increase in average hourly wages for production and non-supervisory workers in 40 years, these people are actually worse off.
Why?
Rising prices are eating up their income gains.
I’ve got good news and bad news.
The good news is you probably put a little more money in your pocket in November.
The bad news is inflation ate up all your income gains and then some.
Real personal incomes fell 0.2% in November despite a healthy gain in nominal income.
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.
