Peter Schiff discusses why the air is about to come out of America’s Bubble Economy.
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Schiff talks about the US economy and its position within the world’s economy.
With a $20 trillion dollar national debt, guaranteed student loans, social security, medicare, Obamacare, and many other debt obligations, and a very small American savings rate the US economy is on the precipice of the massive bubble bursting.
Mortgage debt is lower than it was in 2008 since more people are now renters instead of homeowners. But overall more Americans have more credit card debt, student loans, and automobile debt. None of these being assets like owning a home was.
The low unemployment rate is artificially low. The ways the government measures unemployment is designed to paint a rosy picture. More Americans that used to be employed are no longer looking for jobs and the government is now counting part-time employees as being employed. Even working just one hour per week, you are considered employed by the US government.
This is creating an illusion that the economy is strong. We see the results of this facade where all sorts of jobs have been created yet fewer Americans are spending in these sectors.
Store closings, bankruptcies, and fewer people …
Original video: https://www.youtube.com/watch?v=03Ke9rIYGsc
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