VTIP - Gold Bull Peter Schiff Slams Robust Q3 GDP As 'Phony Growth' Warns Of 'Lower Living Standards' For Americans | Benzinga
Economist and gold bull Peter Schiff doubled down on his negative outlook for the economy and inflation trajectory in a fresh post on X, formerly Twitter, late Thursday.
What Happened: The 4.9% third-quarter U.S. GDP growth may not be a healthy one, Schiff suggested in the wake of data released by the Bureau of Economic Statistics on Thursday.
The GDP, according to the economist, reflected “debt and under-reported #inflation, not actual economic growth.”
“Government and consumers spent a lot of borrowed money, so the nation is actually poorer as a result of this phony growth,” he said.
The gold bull also warned of deteriorating standards of living standards. “Lower living standards will be the consequences for most Americans,” he said.
4.9% Q3 ...