Peter Schiff

Today, they say, well, you're discouraged.

We're not going to count you.

So if you give up looking for work, but you don't have a job, you're no longer unemployed.

But back in the 70s and 80s, you were still unemployed.

So we've basically taken so many unemployed people and we've decided that we're not going to count them as being unemployed.

That's the reason that unemployment is so low because we're not counting all these people.

If we still measured unemployment now, the way we did in the seventies and eighties, the official unemployment rate would be well over 10% and the inflation rate would be, you know, at least double what they claim.

And Donald Trump, ironically enough, when Donald Trump ran for office,

The first time he said this, if you remember, he kept saying, don't believe these government numbers.

They're fake.

Unemployment is a lot higher.

Right.

But once he became president, then he told everybody the numbers were real because he wanted people to believe he was doing a great job.

And so he pointed to the same government numbers that he said were fake.

when he was trying to get elected, all of a sudden they were real when he wanted to use those same fake numbers to pretend that the economy was doing well when it wasn't doing well.

So the big beautiful bill was the worst thing that we've done

under trump because the big beautiful bill not only preserved all the deficit spending under biden but it expanded it it made it worse right we made the deficits even worse uh by increasing government spending and and through tax cuts and so now we're going to have even bigger deficits and the fed is going to be monetizing those deficits

Money supply, you know, after- What does it mean to monetize a deficit?

It just buys, prints money and buys the bonds.

And in fact, just last week, the Fed basically said, we're going back to quantitative easing without saying it because they don't want to admit it.