MRC TV interviewed Peter Schiff about the supposed economic recovery and faulty government calculations of economic statistics. While emerging markets continue to buy gold and silver at record rates, everyday Americans are struggling to support their basic food and energy expenses.
“I think the economy has been contracting for the last four or five years. I think we’re in a depression… Look at all the anecdotal evidence: look at what’s happening to the labor force participation rate… look at what’s happening to real incomes… look at the record high credit card debt, yet Americans are not spending on apparel. Look at the big decline in retail sales. They’re spending the money on food, they’re spending the money on energy… They’re replacing a full-time job with a part-time job… [Look at all of this and] you see an economy that is in distress. You don’t see the economic growth that the government claims.”
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