TIP - Gold Bull Peter Schiff Warns US Q4 Growth Is Really 'A Credit Bubble' Amid $834B Surge In National Debt | Benzinga
Revised estimates released by the Bureau of Economic Analysis show that the U.S. economy grew at a robust pace in the fourth quarter. However, economist Peter Schiff remains skeptical about the quality of this growth.
What Happened: According to Schiff, citing data from the BEA, annualized nominal GDP rose by $334 billion year-over-year in the fourth quarter. Despite this apparent growth, Schiff pointed out that the national debt increased by over $834 billion during the same period, more than double the GDP growth.
Schiff emphasized that this debt doesn’t even include changes in consumer credit levels during the same period.
“This isn’t economic growth. It’s a credit bubble,” he said.
According to the Govt., U.S. #GDP "grew" by $334 billion ...