The Peter Schiff Show Podcast
Government Hiring Spree Means Higher Taxes and Inflation - Ep 982
Oct 5, 2024
The latest jobs report reveals a surprising uptick in government hiring, and Peter questions its authenticity amidst the election. He highlights the troubling dominance of the service sector over manufacturing jobs. Inflation's toll on employment is discussed, as people juggle multiple jobs out of necessity. Additionally, Peter warns about the implications of rising wages and automation on the future workforce. He also advocates for investing in gold and silver, contrasting their resilience with Bitcoin’s recent struggles in the market.
55:14
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Quick takeaways
- The surprising creation of 785,000 government jobs indicates political motivations ahead of the elections, raising concerns about economic reality versus perception.
- Sustainability issues in newly created jobs are highlighted by a shift towards part-time, lower-paying service roles, primarily in leisure and hospitality.
Deep dives
Overview of Jobs Report Dynamics
The jobs report for September showed an unexpectedly high creation of 254,000 jobs, which was significantly above the consensus forecast of 132,500. This report is particularly critical as it comes just weeks before the upcoming election, and it is expected that the political pressure on the Labor Department to report favorable numbers will rise. Historically, positive job reports have often faced revisions downward in subsequent months, leading to skepticism about their initial accuracy. The reliance on these reports for political narratives highlights the tension between economic reality and the perception of job growth wielded by politicians.
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