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Peter Schiff: Obama’s 2nd Quarter GDP Was Shockingly Half of Target (Video)
Anyone who regularly follows Peter Schiff is going to have to laugh about halfway through the video below, because virtually every piece of news Peter reports, is exactly what he’s being telling us they would be for some time now. Because of how often Peter makes fun of Janet Yellen, about ten minutes into the video, when Peter says he’s going to review the Fed’s reaction to second quarter GDP estimate that came out this last week, I knew what Yellen was going to say right down to the last syllable, and I was right.
But for the fact that Obama is a raging sociopath, it would be understandable if he didn’t want to come out from under his desk after an economic report like last week’s, however, far be it from Obama to have any concept of humiliation, ridicule, or shame. With that said, I’ll bet the farm the next time he walks up to the podium, hell still have no problem looking right into the camera, and lying to the American people about how wonderful the economy is.
To summarize the second quarter estimates, after starting the first quarter of 2016 at whopping 1.1% GDP growth, it’s safe to say Obama was REALLY hoping to break 3% for the first time in his presidency. As you’ll learn in the article below by Michael Snyder, Obama is the first president in history not to finish a single quarter at or above 3% GDP. Initial estimates for the second quarter positive. They fell between 2.2% and 3.4%, but unfortunately everyone’s favorite Marxist barely made it halfway to the lower figure. The second quarter GDP of 2016 finished at a “robust” 1.2% GDP (robust is the word likes to use right?).
Adding insult to injury, the pathetic 1.1% growth Obama thought he had during the first quarter was revised downward to .8%, and the fourth quarter of 2015 was revised from 1.4% down to .9%. You may recall the only time the Fed has raised interest rates was in December, and when they did so, Peter went bananas in a post titled, Peter Schiff Says Janet Yellen Strayed From Her Own Plan and Went Nuts!
You see, Janet Yellen promised for months that she would only raise interest rates when the economic data warranted doing so, and in the video contained in the post linked above, you can hear Peter fly off the handle about her decision to raise interest rates. He knew for certain back then that the numbers were bogus, and today his initial instincts were proven correct… again.
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When it came to the Fed’s reaction to the second quarter GDP, I hope you get as big of kick out of their response as I did. It’s pathetic. All kidding aside though, many of Peter’s more significant posts are listed at the bottom. Whichever older ones aren’t there, you can find as you begin going though the ones that are. I suggest you go back and listen to a few of them. If you do, you’ll see that Peter was right about virtually every single thing he’s forecasted. Why should that be important to you? Because in 2006 (two years before the housing crash), Peter also predicted not just the 2008 housing crash, but also how to profit from it, and he did so.
Once you establish for yourself that Peter’s track record is pretty amazing, then it’s time you pay attention to his most recent forecast. Peter says the collapse of the U.S. Dollar will be the single largest event in all of human history. THAT is what lies ahead for the U.S. economy. Do you plan on listening to the expert who’s consistently been correct, and begin making arrangements, or do you plan to continue trusting all the same people who were wrong in the past? It’s not too late! Start preparing.
We just got another extremely disappointing GDP number. It was being projected that U.S. GDP would grow by 2.5 percent during the second quarter of 2016, but instead it only grew by just 1.2 percent. In addition, the Census Bureau announced that GDP growth for the first quarter of 2016 had been revised down from 1.1 percent to 0.8 percent. What this means is that the U.S. economy is just barely hanging on by its fingernails from falling into a recession. As Zero Hedge has pointed out, the “average annual growth rate during the current business cycle remains the weakest of any expansion since at least 1949″. This is not what a recovery looks like.
In addition, Barack Obama remains solidly on track to be the only president in all of U.S. history to never have a single year when the economy grew by at least 3 percent. Every other president in American history, even the really bad ones, had at least one year when U.S. GDP grew by at least 3 percent. But this has not happened under Obama even though he has had two terms in the White House.
The following are the yearly GDP growth numbers under Obama. They come directly from the official website of the World Bank…
2009: -2.8 percent
2010: 2.5 percent
2011: 1.6 percent
2012: 2.2 percent
2013: 1.5 percent
2014: 2.4 percent
2015: 2.4 percent
Does that look like a “recovery” to you?
Of course not.
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And many are anticipating that this latest extremely disappointing GDP number will discourage the Federal Reserve from raising interest rates any time in the near future…
The disappointing report could keep the Federal Reserve on hold longer as it considers another interest rate hike. The Fed lifted its key rate in December for the first time in nine years but has held it steady since.
According to the pundits in the mainstream media, this was supposed to be the year when the U.S. economy finally returned to “normal”, but that has not happened at all. In fact, in recent days we have gotten a spate of bad news about the economy. We just learned that the homeownership rate in the United States has hit the lowest level ever, and Gallup’s U.S. economic confidence index has fallen to the lowest level so far this year.
With the election coming up rapidly, this is the kind of news that Hillary Clinton definitely does not need. She needs to be able to sell the American people on the idea that the Obama years have been very good for the U.S. economy. If things take a sharp turn down in the coming months, that may be enough to cost her the election.
So far, Hillary Clinton’s economic agenda has not received that much scrutiny, but the truth is that she hopes to increase taxes in a whole bunch of ways which would be very harmful for the economy. The following comes from an excellent piece by John Kartch and Alexander Hendrie…
Hillary has endorsed several tax increases on middle income Americans, despite her pledge not to raise taxes on any American making less than $250,000. She has said she would be fine with a payroll tax hike on all Americans, she has endorsed a steep soda tax, endorsed a 25% national gun tax, and most recently, her campaign manager John Podesta said she would be open to a carbon tax. It’s no wonder that when asked by ABC’s George Stephanopoulos if her pledge was a “rock-solid” promise, she slipped and said the pledge was merely a “goal.” In other words, she’s going to raise taxes on middle income Americans.
Hillary’s formally proposed $1 trillion net tax increase consists of the following:
Income Tax Increase – $350 Billion: Clinton has proposed a $350 billion income tax hike in the form of a 28 percent cap on itemized deductions.
Business Tax Increase — $275 Billion: Clinton has called for a tax hike of at least $275 billion through undefined business tax reform, as described in a Clinton campaign document.
“Fairness” Tax Increase — $400 Billion: According to her published plan, Clinton has called for a tax increase of “between $400 and $500 billion” by “restoring basic fairness to our tax code.” These proposals include a “fair share surcharge,” the taxing of carried interest capital gains as ordinary income, and a hike in the Death Tax.
Taxes tend to be a pet peeve of mine, so looking at that list of proposed taxes definitely makes me cringe.
If Donald Trump wants to hit the Democrats really hard on the economy, all he has to do is point out the fact that Barack Obama is going to be the only president in American history to never see 3 percent economic growth for an entire year, and he had two entire terms in which to try to turn things in a positive direction.
Sadly, things are very likely going to be worse for the economy no matter who wins the election. Under Obama, our national debt, our trade deficit, and most of our other long-term economic problems have gotten much, much worse, and so the table is set for a major economic disaster during the next presidential administration.
And if what I have to share about the future of America in my new book is correct, we are definitely moving into a “perfect storm” that will not just be economic in nature. The things that are coming are going to shake this nation to the very core, and I believe that we will soon face the consequences for decades of exceedingly foolish decisions.
So in the end, we may look back and long for the days of 1.2 percent economic growth, because what is on the horizon is going to make that look like a Sunday picnic.
BE SURE TO CHECK THELASTGREATSTAND.COM FOR SURVIVAL GEAR!
FREE DETAILED GUIDE TO SURVIVING ECONOMIC COLLAPSE OR MARTIAL LAW HERE
IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:
Peter Schiff: Don’t Believe the Hype! The Real Economic Fallout From Brexit (Video)
How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold? (Video)
Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold? (Video)
What Exactly Does Global Economic Collapse Coming May 2016 Mean?
Dr. Willie and Peter Schiff Together: Total Currency Collapse and Reset Coming
Economic Implosion Will Lead to Stock Market at 5,000 by 2017 Forecaster Says
FOR MORE GREAT MATERIAL FROM JIM WILLIE:
Dr. Jim Willie: Obama’s Global Buffet of Economic and Geopolitical Buffoonery (Video)
Dr. Jim Willie and the Systematic Bankruptcy of Western Society (Video)
Dr. Jim Willie: New World Order Elites in Absolute Terror of Gold Standard (Audio)
Dr. Jim Willie: Deutsche Bank Valued at -$1 Trillion; Economic Chaos Ahead
Dr. Jim Willie: The Corruption Cannot Stop the Masses! 3 Part Interview (Videos)
Dr. Jim Willie: Brexit Result Could Detonate Deutsche Bank!
Dr. Jim Willie: We’ve Got “Educated People” That Are Stupid As Bedposts
Dr. Jim Willie: Death Sentence for Banks, Businesses, Families, and the US Dollar
Dr. Jim Willie: There Are No Prisoners Taken in The Global Money War
Dr. Jim Willie: 7 Signs U.S. Economy Collapses; Gold Will Soon Back US Dollar!
Dr. Jim Willie: Western Economic Markets Collapsing; Eurasian Markets Rise
Dr. Jim Willie: The Dollar is Dead! Even Mainstream Media Realizes it!
Dr. Jim Willie – Secret Meeting at the G20 to Take Down the US Dollar
Dr. Jim Willie: Financial Deals Happening Behind Closed Doors; US Not Invited
Jim Willie: U.S. Dollar is Now a Matter of National Security Due to Poor Decisions
FOR MORE GREAT MATERIAL FROM PETER SCHIFF:
Peter Schiff: Expect An Economic Crisis Infinitely Worse Than 2008 (Videos)
Dr. Jim Willie and Peter Schiff: The Morgue Is Next Stop for U.S. Economy
Peter Schiff: Don’t Believe the Hype! The Real Economic Fallout From Brexit (Video)
Peter Schiff and Jim Rogers on the U.S. Economy: Be Afraid… Be Very Afraid (Videos)
Peter Schiff: Are People Going to Wake Up? The Economy Is Out of Road! (Video)
Peter Schiff: “Trump’s Very Massive Recession May Have Already Begun”
Peter Schiff: Americans Fear Future With ‘Dead-End Economy, Crap Jobs, and Awful Wages’
Peter Schiff: “Can Donald Trump Really Make America Great Again?”
Peter Schiff: Dollar Collapse Will Be the Single Biggest Event In Human History
Peter Schiff: Obama “Peddling Fiction” As Unemployed Tops 100 Million People
Peter Schiff: Here Comes the Great, Great, Great, Great Recession!
Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”
Peter Schiff: Death of the US Dollar Is Imminent; Fed Out of Options
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