The Megyn Kelly Show Dismal State of America's Economy, and Harry and Meghan's Narcissism, with Peter Schiff and Adam Carolla | Ep. 450
Dec 8, 2022
Peter Schiff, Chief Global Strategist and economic commentator, discusses the troubling state of the American economy, addressing inflation, job market declines, and soaring credit card debt. He also explores the challenges facing the housing market and the cryptocurrency sector. Adam Carolla, comedian and author, critiques Prince Harry and Meghan Markle's Netflix docuseries, highlighting their perceived victimhood and the media's obsession with them. The conversation extends to societal issues, including the complexities of racism in pop culture and public identities.
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Dismal Economic Reality
- The actual state of the U.S. economy is dire, despite President Biden's optimism.
- Real wages are declining, savings are dwindling, and credit card debt is soaring.
Misleading Job Numbers
- The reported job growth is misleading, as new jobs are going to already employed individuals taking second jobs.
- True unemployment is likely much higher due to discouraged workers not being counted.
Savings Rate vs. Credit Card Debt
- Claims of $1.5 trillion in excess savings are inaccurate, as evidenced by the low savings rate and high credit card debt.
- People are using credit cards for necessities, not luxuries, due to lack of savings.
