{"id":20505,"date":"2023-05-03T00:18:40","date_gmt":"2023-05-03T00:18:40","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/economist-peter-schiff-warns-of-stagflation-in-us-economy-says-its-going-to-get-worse-economics-bitcoin-news\/"},"modified":"2023-05-03T00:18:40","modified_gmt":"2023-05-03T00:18:40","slug":"economist-peter-schiff-warns-of-stagflation-in-us-economy-says-its-going-to-get-worse-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/economist-peter-schiff-warns-of-stagflation-in-us-economy-says-its-going-to-get-worse-economics-bitcoin-news\/","title":{"rendered":"Economist Peter Schiff Warns of Stagflation in US Economy \u2014 Says ‘It’s Going to Get Worse’ \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Economist Peter Schiff has warned that the U.S. economy is facing stagflation and the situation is going to get worse. \u201cNot only is the economy weakening, but inflation is strengthening,\u201d he stressed, emphasizing: \u201cYou have the worst of both worlds.\u201d<\/strong><\/p>\n

U.S. Economy and Stagflation<\/h2>\n

Economist and gold bug Peter Schiff warned about the U.S. economy facing a period of stagflation, characterized by high inflation and high unemployment, in an interview with Fox News Thursday. Schiff explained:<\/p>\n

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In Q1 of this year, inflation actually strengthened over the fourth quarter of last year. So, not only is the economy weakening, but inflation is strengthening. You have the worst of both worlds. This is stagflation and it\u2019s going to get worse.<\/p>\n<\/blockquote>\n

Commenting on Nobel laureate Paul Krugman\u2019s opinion piece, published by the New York Times last week, stating that the U.S. economy is in better shape than most people realize and that \u201cAmerica has experienced a remarkably fast and essentially complete job market recovery,\u201d Schiff argued: \u201cIf you look at the jobs that have been created, they are low-paying service sector jobs.\u201d<\/p>\n

Schiff added: \u201cSo what\u2019s happened during the Biden presidency is people have lost good jobs \u2014 high-paying jobs with benefits \u2014 and they\u2019ve been forced to replace them with two or three low-paying part-time jobs. That\u2019s where all the jobs are coming from. That\u2019s what the numbers show. The only reason we\u2019re creating jobs is because we\u2019re destroying so many good jobs, and you need to cobble together two or three part-time jobs to try to replace your lost income.\u201d The gold bug also disagreed with Krugman\u2019s view that inflation has \u201csubsided substantially\u201d and the overall situation is \u201cnot so bad.\u201d<\/p>\n

Multiple people, besides Schiff, have warned about stagflation in the U.S. economy. Former U.S. Treasury Secretary Larry Summers told Bloomberg Saturday that \u201cWe\u2019ve got a bit of a stagflationary problem developing.\u201d Quincy Krosby, the chief global strategist for LPL Financial, said last week: \u201cFinancial markets continue to doubt Jerome Powell\u2019s resolve in restoring price stability despite his steadfast position that the Fed must not allow 1970s style stagflation take hold with pauses between rate hikes.\u201d<\/p>\n

Do you think the U.S. economy will face stagflation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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