Peter Schiff (formerly served as Dr Ron Paul’s economic advisor) makes some important points on X (@PeterSchiff) that don’t seem to sink in with the MAGA sycophants. We will collect them on this post.
“Article I, Section 9 of the U.S. Constitution specifically reads: “No Tax or Duty shall be laid on Articles exported from any State.” Yet despite this clear prohibition, and his oath to preserve, protect, and defend the Constitution, Trump is unilaterally imposing export taxes.”
“A record high stock market in no way indicates a strong U.S. economy. Trump claimed that under Biden the U.S. had the worst economy in history. Yet the stock market repeatedly hit new record highs. So Trump can’t use a record high stock market to claim the economy is booming now.”
“Trump claims the U.S. economy is booming. But a booming economy results in lower, not higher, deficits. Deficits rise when the economy is weak. The truth is the U.S. economy is cooling fast, so deficits will keep rising and be much higher during the next official recession.”
“It looks like the Trump administration will pause the monthly jobs reports until they can get the numbers right. That’s a convenient excuse to hide bad data. Soon they may do the same with the CPI. Who needs data anyway? Trump can just tell everyone that the economy is booming.”