Excerpts And Paraphrasing Of Economist Peter Schiff
Talking About The Trump Economy With Mark Dice
Trump is a politician like anybody else. He is making political decisions. Nothing Trump does is really for the good of the country… It is all politics. He wants to get re-elected. He is not draining the swamp. He is part of the swamp. The swamp is a lot deeper now that Trump is there. The Last Gold Rushu202... Buy New $28.00 (as of 04:04 UTC - Details)
He wants to get re-elected. Trump has a different style than a lot of career politicians. His decisions are not economically oriented. He is not putting America first, he is putting the election first. Trump just has a different style than other politicians.
He doesn’t want to go through a big cleansing of the economy on his watch and get blamed for it. He was claiming we had the biggest economy in the history of the world when that wasn’t even close to the case. Maybe we had the biggest bubble in the world, but we didn’t have anything near the strongest economy.
When Trump was a candidate for President he called out the phony unemployment numbers that the Obama administration was touting. Trump was saying the real unemployment rate was 30% or 40% while Obama said it was 5%. Now that he is President, he says we have the lowest unemployment.
The minute he was elected he became a champion of everything he criticized.
The trade deficits got bigger under Trump, they didn’t go down.
He (Trump) was a critic of the Federal Reserve because he said they were too loose (too low interest rates). Once he was in office he was criticizing the fed because they were too tight (high interest rates). He wanted the Fed to be political, like they were for Obama. Airborne: How The Libe... Best Price: $12.00 Buy New $15.99 (as of 04:20 UTC - Details)
The reality is the American economy is a shadow of what it really was.
When Trump campaigns he never talks about what really has to be done. Which is to make government small again.
There is nothing he (Trump) can do to keep it from sinking, he just hopes he gets off before it does.
The average guy wasn’t experiencing that economy (the one Trump was talking about).
Trump was (disingenuously) saying I am not a career politician. What needed to be done was massive cuts in government spending. We have to think of government spending as taxation.
He couldn’t actually do anything to make America great again. So, all he could do is get the bubble bigger and pretend that that was making America great again.
He got the stock market to go up and we created some more fake prosperity. Now he became a champion of that fake prosperity. That same fake prosperity that he rightly criticized as a candidate. Fallout: Nuclear Bribe... Buy New $25.20 (as of 04:53 UTC - Details)
We are not seeing manufacturing coming back to America.
Government regulations and spending and taxation is ruining job creation.
We continued to create the same low-quality part-time service sector jobs under Trump that we had under Obama. All that happened is we had the stock market rise because the Fed was printing money.
All he cared about was getting re-elected. Then he couldn’t do what was necessary to make America great again. So, he did what was expedient to keep the bubble inflated. So maybe he could get a second term. I don’t think it is going to work.
If Trump really cared about the country he should have tried to do something in his first year when the Republicans had the House and the Senate. What he should have done is what I suggested; he should have refused to sign an increase in the debt ceiling. He could have forced a balanced budget. We increased government spending dramatically and cut taxes at the same time. We poured gasoline on the fire, that is all we did.
….The only thing spreading faster than COVID-19 these days is ignorance.