Peter Schiff: Trump Risks Looking Like a Hypocrite on the Economy (Video)
For the last several weeks, Peter Schiff has been saying President Trump is making a mistake by taking credit for the surging stock market because fundamentals don’t support the bull run. He’s warned that the president has set himself up and the Federal Reserve will use him as the fall-guy when the inevitable crash comes.
On Tuesday, Peter took the message onto Fox Business and faced off against former Trump campaign operative Steve Cortes. Fireworks erupted when Peter said Trump looks like a hypocrite when he tries to take credit for an improving economy.
Cortes claimed the economy is accelerating with real, tangible earnings growth. He cited reduced regulations, better trade deals, and pulling the US out of the Paris climate deal as positive actions the Trump administration has taken to improve the economy. As a result, he said there is more positive sentiment in America today, and we see the results in the surging stock market.
But Peter said he doesn’t see any evidence at all that growth is accelerating. He praised Trump’s efforts on deregulation, but pointed out that the Republicans haven’t been able to get rid of the “mother of all regulations” – Obamacare.
Anchor Liz Claman interjected that the jobs numbers would seem to support Cortes’ contention that the economy is moving in the right direction. Peter pointed out that it’s no different today than it was under Obama.
While Obama was president, we were creating 200,000 jobs a month. We had a low unemployment rate under President Obama. And President Trump got elected because he rightly criticized those fake numbers. He was truthful with the public about the real state of the economy. Voters knew that the reason the unemployment rate was low was because so many people had left the workforce. And Donald Trump mentioned. yes, we were creating jobs, but they were low-paying, part-time jobs. The same thing is happening now. We are still creating low-paying, part-time jobs. We still have a very low labor force participation rate. Nothing has changed, and the president looks like a hypocrite to say that everything was awful under Obama – it’s basically the same now, and all of a sudden everything is great.”
As Cortes continued to assert economic trends are moving in the right direction, Peter interjected with a poignant question: The dollar is off 10% since Trump was inaugurated. What is that telling you?
The dollar originally rallied because people were confident there was going to be some significant change under Trump. One of the reasons that the dollar surrendered those gains is because nothing has changed. Look, the problem with Trump taking credit for victories he hasn’t won is it’s going to come back and bite him, because he’s setting people up for a lot of disappointment. A lot of the voters who voted for Trump because they believed what he said are going to be disillusioned when nothing changes. It would be better if Trump was honest about how bad the economy still was so that we could actually have some real results instead of taking credit before it’s due.”
With breaking news that Trump promised “fire and fury” if North Korea continues with its threats, Peter said military action might just get the administration of the hook.
Donald Trump has made the mistake of putting the Trump brand on this stock market. And, you know, this was a big, fat, ugly bubble when he was running for office. It’s bigger, fatter and uglier now. And so maybe, if the market can start falling, and they can blame it on some military action, maybe that’ll get them off the hook.”
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