Yesterday, Fox Business interviewed Peter Schiff about the latest report on retail sales and the false confidence of stock market investors.
“The increase in retail sales is mainly the result of prices going up. Sure, people are spending more money, because things cost more. In fact, the increase in import prices matched the increase in retail sales. Of course, if you look at the savings data that came out last week, where the savings rate plunged – how are Americans supporting higher priced gasoline and higher priced food? They’re borrowing money, they’re digging into their savings. They’re struggling just to make ends meet.”