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.