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Joe Biden keeps touting the “booming” economic recovery. And of course, he’s taking credit for it. But is the economy really booming? If you look at GDP growth, it certainly appears the US economy is in the midst of a robust recovery. But economic growth is relative. And when your baseline is an economy that […]
Americans are driving the US economy along with borrowed money. The question is how much longer can it last? Consumer debt surged once again in December as Americans charged up their credit cards for the holidays. Total consumer credit grew by $22.1 billion in December, according to the latest data released by the Federal Reserve. […]
Stock markets made new highs on Wednesday, but as Peter Schiff explained in his latest podcast, there are a lot of cracks under the surface. The markets are surging forward even as they overlook bad economic data and chilly political winds.
Last week, Keynesian extraordinaire Paul Krugman called for more fiscal stimulus in the form of a “government investment program.” Mike Maharrey poked fun of him in his Fun on Friday column. But while it might be amusing to crack jokes at the expense of Keynsians and their obsession with both fiscal and monetary stimulus, the […]
The Commerce Department released the first estimate of Q1 GDP growth on Friday. It came in higher than expected at 3.2%. Somewhat surprisingly, the price of gold rose on the news and the dollar showed some weakness. The primary reason was presumably lower inflation. This means the Fed still has the excuse it needs to […]
Peter Schiff has been saying that despite the recent stock market rally and all of the optimism about an end to the trade war, a recession is a done deal. There is plenty of economic data to back up despite the recent economic growth. In his most recent podcast, Peter Schiff said that while the […]
As we reported last week, China is dumping US debt. China’s holdings of US Treasuries fell for the third consecutive month in August. The Chinese shed another $6 billion in US debt, dropping its total holdings to $1.165 trillion. Over the last year, China’s holdings of Treasury bonds fell by $37 billion year-on-year. But China has […]
In fiscal 2018, the national debt expanded by more than $1 trillion. According to data released by the Treasury Department, it was the sixth-largest fiscal-year debt increase in the history of the United States. A combination of increased spending along with shrinking revenues continues to expand the federal deficit and balloon the national debt. GOP apologists insist […]
The second quarter GDP number released Friday came in at 4.1%. It represents the fastest rate of growth since 2014. President Trump called the number “amazing,” bragging that, “We’ve accomplished an economic turnaround of historic proportions.” Peter Schiff wasn’t quite as impressed. In his latest podcast, he said this “peak GDP” is an aberration and it’s setting […]
We’ve done extensive reporting on the GOP tax reform bill as it’s moved through Congress. We’ve highlighted a number of concerns about the plan, specifically the significant expansion of the national debt it will cause. Yesterday, we explained how the impact on the deficit will likely be even bigger than expected because of the incentives […]
