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Peter Schiff: Newest Recession Hiding in Plain View; American Dream Is Dead
In his most recent video, Peter Schiff continues to ring the warning bell that we are in a recession, whether the Fed wants to admit it or not, and it’s about to get much worse. He begins the video by discussing the wild swings in the stock market that took place today, Wednesday February 24th.
Peter makes that case that part of the reason for the mass sell-off early in the session was the ridiculous comments made by Richmond Federal Reserve President Jeffrey Lacker. On Wednesday, Lacker made the case for why there is still reason for the Fed to raise interest rates further at its next meeting on March 15-16, saying that there are no signs of recession. WHAT?!?!
Lacker made his comments on CNBC, so in his defense it’s fair to say someone there may have given him a cup of the Obama Kool-Aid before he spoke, because it was only two weeks ago the number of unemployed Americans topped 100 MILLION people, or over 1/3 of the adult population. Team Obama can quote any Unemployment rate they want to, 100 MILLION people is still 100 MILLION people. Perhaps Mr. Lacker would care to cite other examples in history where over 1/3 of a country’s adult population was out of work and the economy wasn’t on life support?
In response to that asinine comment, and in his usual snarky way, Peter says, “What is this guy blind??” Then Peter explains how comments like Lacker’s point to one of the biggest fundamental problems plaguing not just the economy, but all government or quasi-government institutions in general: Total lack of honesty.
There is ample evidence the economy is going into what Peter says will be called “The Great, Great, Great, Great Recession,” but rather than come forward and say, “Look, the economy looks really bad, but we have to raise rates anyway. We know it’s going to be painful because we’re going into a recession, but it has to be done.” Instead, with a straight face the American people are lied to over and over, which has destroyed all public trust completely. For the rest of the indicators showing the U.S. is in a recession, and the data to prove it, listen to the rest of the video below.
NEW: Dr. Willie and Peter Schiff Together: Total Currency Collapse and Reset Coming
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I included the second video below from this past summer, because it goes hand in hand with the article below from Michael Snyder. In it, Peter calls out the alarming percentage of Millennials ages 18-34 who have been forced to go home and move in with their parents, because they are broke, in debt up to their eyeballs, and can’t get good paying jobs. As Peter explains, the epidemic is hitting Millennials women in particularly much harder than men.
What’s crazy is that many in the media, including liars like Richmond Federal Reserve President Jeffrey Lacker, are trying to spin the story and say that Millennials are moving home despite an improving economy, when the truth is that what is happening is a direct of such a lousy economy.
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Are you living “the American Dream”? If so, you should consider yourself to be very fortunate, because most Americans are not. In fact, as you will see below, a new survey has found that there is nowhere on the entire planet where the average wage earner is making enough money to live “the American Dream”. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now the middle class makes up a minority of the population, 51 percent of all American workers make less than $30,000 a year, and poverty is growing rapidly. The American Dream is essentially dead, and even the mainstream media is starting to figure this out.
Just today, someone sent me a U.S. News & World Report article entitled “Even Americans Can’t Afford the American Dream”. The following is an excerpt from that article…
The study goes country by country, factoring in average local wages and prices to calculate the regional costs of luxuries such as midsize homes (by U.S. standards, 1,480 square feet); electricity and high-speed Internet; cars and enough money for gasoline; food for a family of four; and enough disposable income to periodically dine out and attend movies or other events.
Researchers ultimately found there isn’t a country on the map whose average wage earner could afford all of these expenses together. What’s more, average consumers in Saudi Arabia and Oman are actually closer to financing these socioeconomic goals than the average American. The average Saudi household would only need to see monthly salaries climb by about $74 to realize the American dream in their own country, while U.S. workers would need hundreds of dollars in additional income.
Isn’t that alarming?
The American Dream is out of the grasp of most people living in America, and there isn’t anywhere else on the globe where a majority of the workers are experiencing it either.
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That same article also contained a few other facts that are truly sobering…
“After more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it,” the Pew report said. “Since 1971, each decade has ended with a smaller share of adults living in middle-income households than at the beginning of the decade, and no single decade stands out as having triggered or hastened the decline in the middle.”
Another recent study from the Brookings Institution found that median wages fell in 80 percent of America’s largest metros between 2009 and 2014.
The middle class has been shrinking for a very long time, and now that collapse is accelerating.
So what is the solution?
Well, CNN is reporting that a new survey has discovered that middle class Americans feel that the federal government should do more to help them out…
Hey federal government! The middle class would like some help, too.
A majority of Americans say the feds don’t do enough to help the middle class, according to a Pew Research Center survey released Thursday. The middle class is more neglected than the poor or children, survey respondents said.
More socialism for everyone!
That will solve all of our problems, right?
Of course not. Actually, if we had a much smaller government that would probably go a long way toward fixing things. This is hard to believe, but in 2015 Americans spent more on taxes than on food, clothing and housing combined.
If the federal government would just stop taxing us into oblivion, a lot more of us would do okay all on our own.
These days, so many families are just scraping by from month to month. As the cost of living continues to move steadily upward, many Americans find themselves forced to go into debt just to cover basic expenses.
And our society actually encourages all of us to go into debt, and so we think that it is okay. But many of us end up digging financial holes that we never get out of. This is especially true for a lot of young people today. One recent survey found that 68 percent of all Americans had destroyed their credit before the age of 30.
Of course then we hear on the news that the economy is “not growing fast enough” because consumers are not spending enough money.
The experts that are telling people this don’t seem to understand that most consumers are tapped out at this point.
You can’t get blood from a rock, and as a result a lot of retailers are really hurting right now. The following list of store closures comes from my recent article about the ongoing retail apocalypse…
-Wal-Mart is closing 269 stores, including 154 inside the United States.
-K-Mart is closing down more than two dozen stores over the next several months.
-J.C. Penney will be permanently shutting down 47 more stores after closing a total of 40 stores in 2015.
-Macy’s has decided that it needs to shutter 36 stores and lay off approximately 2,500 employees.
-The Gap is in the process of closing 175 stores in North America.
-Aeropostale is in the process of closing 84 stores all across America.
-Finish Line has announced that 150 stores will be shutting down over the next few years.
-Sears has shut down about 600 stores over the past year or so, but sales at the stores that remain open continue to fall precipitously.
When I was a young boy, I think that you could have said that the American Dream was still alive and well in the United States.
But after decades of exceedingly foolish decisions, things have completely changed and the middle class is dying right in front of our eyes.
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If you doubt this, please see the list of statistics that I have shared below that comes from one of my previous articles…
#1 This week we learned that for the first time ever recorded, middle class Americans make up a minority of the population. But back in 1971, 61 percent of all Americans lived in middle class households.
#2 According to the Pew Research Center, the median income of middle class households declined by 4 percent from 2000 to 2014.
#3 The Pew Research Center has also found that median wealth for middle class households dropped by an astounding 28 percent between 2001 and 2013.
#4 In 1970, the middle class took home approximately 62 percent of all income. Today, that number has plummeted to just 43 percent.
#5 There are still 900,000 fewer middle class jobs in America than there were when the last recession began, but our population has gotten significantly larger since that time.
#6 According to the Social Security Administration, 51 percent of all American workers make less than $30,000 a year.
#7 For the poorest 20 percent of all Americans, median household wealth declined from negative 905 dollars in 2000 to negative 6,029 dollars in 2011.
#8 A recent nationwide survey discovered that 48 percent of all U.S. adults under the age of 30 believe that “the American Dream is dead”.
#9 At this point, the U.S. only ranks 19th in the world when it comes to median wealth per adult.
#10 Traditionally, entrepreneurship has been one of the engines that has fueled the growth of the middle class in the United States, but today the level of entrepreneurship in this country is sitting at an all-time low.
#11 If you can believe it, the 20 wealthiest people in this country now have more money than the poorest 152 million Americans combined.
#12 The top 0.1 percent of all American families have about as much wealth as the bottom 90 percent of all American families combined.
#13 If you have no debt and you also have ten dollars in your pocket, that gives you a greater net worth than about 25 percent of all Americans.
#14 The number of Americans that are living in concentrated areas of high poverty has doubled since the year 2000.
#15 An astounding 48.8 percent of all 25-year-old Americans still live at home with their parents.
#16 According to the U.S. Census Bureau, 49 percent of all Americans now live in a home that receives money from the government each month, and nearly 47 million Americans are living in poverty right now.
#17 In 2007, about one out of every eight children in America was on food stamps. Today, that number is one out of every five.
#18 According to Kathryn J. Edin and H. Luke Shaefer, the authors of a new book entitled “$2.00 a Day: Living on Almost Nothing in America“, there are 1.5 million “ultrapoor” households in the United States that live on less than two dollars a day. That number has doubled since 1996.
#19 46 million Americans use food banks each year, and lines start forming at some U.S. food banks as early as 6:30 in the morning because people want to get something before the food supplies run out.
#20 The number of homeless children in the U.S. has increased by 60 percent over the past six years.
#21 According to Poverty USA, 1.6 million American children slept in a homeless shelter or some other form of emergency housing last year.
#22 The median net worth of families in the United States was $137, 955 in 2007. Today, it is just $82,756.
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FOR MORE GREAT MATERIAL FROM JIM WILLIE:
Dr. Jim Willie: Economic Collapse is On Our Doorstep
Jim Willie: “The Quickening” is Approaching Global Economic Markets
Jim Willie: When Deutsche Bank Fails, Barclays, Citigroup, and More Will Fall
Dr. Jim Willie and How To Simplify Your Finances To Survive Economic Collapse
Jim Willie: Global Banking Cabal and Their Satanic Rules Are Ready to Strike
Jim Willie: Both Our Allies and the American People Absolutely Hate Our Government
Jim Willie: U.S. Dollar is Now a Matter of National Security Due to Poor Decisions
Jim Willie: Armageddon Coming to U.S. With Trillions Exposed In Derivatives
Jim Willie, The Fed’s Week of Reckoning, and an Isolated United States
Jim Willie: After Banks Fail, Government Seizes IRA’s, 401k’s, and Pensions
Jim Willie, the Crumbling Global Economy, and the Dollar Crisis
Jim Willie: What Do the Oil Black Market, NATO, and ISIS Have in Common?
Jim Willie; One on One -Taking Questions On the Most Pressing Matters of the Day
Jim Willie: The Fed, Yellen, US Dollar, and Negative Interest Are a Joke!
Jim Willie Explains U.S. Nuclear Threats to China & Russia Over Challenging the Dollar
FOR MORE GREAT MATERIAL FROM PETER SCHIFF:
Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History
Peter Schiff: Federal Reserve Only Delaying Total Financial Collapse of U.S. Economy
Peter Schiff: Obama “Peddling Fiction” As Unemployed Tops 100 Million People
Peter Schiff: Recovery Fantasy Persists Despite Recession Evidence
Peter Schiff: Here Comes the Great, Great, Great, Great Recession!
Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”
CNBC Actually Admits Peter Schiff Was Right… Again (Video)
Peter Schiff: Due to the Feds Antics, the Market is Very Dangerous Now
Peter Schiff and “If The Economy Is Fine, Why Are So Many Large Retailers Imploding?”
Peter Schiff: Take a Good Look at the “New” American Dream!
Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead
Peter Schiff: Warning! Economic Storm Clouds Ready to Rain
Peter Schiff: Death of the US Dollar Is Imminent; Fed Out of Options
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Nobody I know is actively trading in gold or silver commodities.
The Federal Reserve has propped up markets, manipulated commodities, printed money in every conceivable form all to protect the current administration from economic disaster. Debt, stacked on top of debt, lies told without consequence are nearing the day of unraveling. Obama plans to walk out of the White House tossing the keys to the next President who will incur the largest debt ever mounted, so great is the debt it exceeds all the countries of the world debt. Unpayable, crushing the citizens with a burden so great it will take 10 generations enslaved to pay back China, Japan… If you can buy Silver and Gold, the dollar will fall from it’s stratospheric perch wiping out households in a final blow. Evil, wicked, Islamic radical and gay is our President, uncaring, psychopathic, delusional and warped Obama devastated America and the low I.Q. Liberals believed Free would never cost anything. Run, run fast, do not wait, the debt clock ticks ever closer to unpayable