It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Schiff warns the U.S. economy is headed toward a “massive recession” and the GDP rate will not exceed 3% in 2018.
“Trump bought the economy some time with the tax cuts, but all it’s doing is pushing off the day of reckoning,” he said on “Countdown to the Closing Bell.”
The job market created 213,000 jobs and the unemployment rate rose to 4% in June, according to the latest jobs report. Retail sales have risen 5.9% over the past 12 months, according to the government’s latest data.
“The reality is more people are working, more people are supporting themselves and therefore more people have more money to spend,” ADDO Worldwide co-founder Kevin Paul Scott said.
"Donald Trump helped make government bigger and more expensive by increasing welfare spending, increasing military spending, he reduced the revenues necessary to pay for that.. that is bad for the economy"
Peter David Schiff (/ʃɪf/; born March 23, 1963) is an American stock broker, financial commentator, and radio personality. He is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. He is the founder of Euro Pacific Canada Inc., now known as Echelon Wealth Partners Inc., headquartered in Toronto, with offices in Burlington, Ontario; Montreal; Vancouver; and Tokyo. He is also the founder and chairman of Euro Pacific Bank, offshore bank founded in St. Vincent and the Grenadines, relocated to San Juan, Puerto Rico in 2017; founder, CEO, and chairman of Euro Pacific Asset Management, LLC., an asset management company founded in Newport Beach, currently relocated to Dorado, Puerto Rico, since 2013; and founder and chairman of SchiffGold, a precious metals dealer based in Manhattan.
However, Schiff says the economy is not as robust as the numbers indicate due to the lack of wage growth in the labor force.
“Real wages are falling and they are going to fall even faster because inflation is going to get higher when we get into the next recession,” he said.