Why the Air Is About to Come Out of America's Bubble Economy - Peter Schiff

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 eating at restaurants are showing us how the inflation of the unemployment rate is merely a misleading trick.

Americans who have 2-3 jobs are at a record high yet these people are making less money than when they had one real job. Most people are not productively employed. And thus they don't make enough money to save.

The American trade deficit is increasing as more Americans are buying foreign goods because they can't afford local goods. Thus the US accumulates debt against foreign countries.

The US Nominal GDP growth has been minimal at best in the last decade and because of that the recovery has been less than ever in the past.

Measured inflation rates around the world are at 5-6 year highs.

Once the economy turns down and the recession happens the US Bubble Economy is going to burst!

Quantitative easing will be the way the Fed interferes, yet QE didn't work last time, and actually caused the problems in 2008. By not allowing free marketing forces to correct a recession, instead artificially boosting the economy, the Fed created a situation where the US recovery was weak.
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