Fake News Runs the Gamut – Ep. 386
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 6 September 2018
⏱️ 57 minutes
🧾️ Download transcript
Summary
The odds are that we are going to have another bear market and we're going to have another recession and the odds are that both are going to start before the next election. What are the odds that Trump can be re-elected if we are in a recession and in a bear market? The only thing that Trump's got going for himself is to talk about how great the economy is, and how high the stock market is. You take that out and what does he have left?
Trump Claims Most Accomplishments Than any other President in History
I was listening to a press conference with the President today, and one of the false claims he made is that he said, "I've accomplished more in the first two years of office than any President in history." Now, I don't know where he is getting this; what exactly has he accomplished as compared to other Presidents' accomplishments. I'll agree, most modern Presidents, to the extent that they accomplish, they accomplish larger government.
We Started with Perfect Government - Small!
We started from a perfect place. We started with limited government, and most of what Presidents have accomplished was to accomplish more government by allowing more legislation to be passed, making government bigger and restricting individual liberty. From that perspective, I like a President who accomplishes nothing. We started with maximum liberty and minimal government. What I want to accomplish is maintaining minimal government.
Shrink Government and Enable Private Sector to be Great Again
When Donald Trump talked about "Making America Great Again", if he actually wanted to do it, restoring our greatness means shrinking government and enabling the private sector to be great again by removing all the burdens that have been placed on it. Has Trump actually done more, good or bad, than any other President? I doubt it.
Who Saved Social Security?
But one of the things that Trump claimed credit for, is that he said he "saved Social Security and Medicare". He said the Democrats wanted to ruin it or get rid of it, and I saved it. What Democrat wants to get rid of Social Security? Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy
Transcript
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| 0:00.0 | The Painter's Shifts Show. |
| 0:08.8 | Today we got the numbers on the trade deficit for the month of July. |
| 0:14.2 | This is the unified trade deficit that combines both the deficit that we have in goods with |
| 0:21.0 | the surplus that we have in services. |
| 0:24.8 | The expectation was for a $50.2 billion deficit, which is a very big number. |
| 0:31.6 | We didn't quite hit that. |
| 0:32.8 | We got 50.1, but it was a big jump over the prior month, which was actually revised to |
| 0:40.3 | a smaller deficit than the one that was originally reported at $46.3. |
| 0:46.2 | They revised it to $45.7. |
| 0:48.6 | That means that the increase between June and July was what, 9.6% increase in the deficit. |
| 0:58.2 | That was the largest monthly jump since some time back in 2015. |
| 1:04.0 | So about three years since we've had that big a jump in one month in the trade deficit. |
| 1:10.0 | In fact, the trade deficit is on par right now to be the biggest trade deficit in 10 years. |
| 1:18.1 | And of course, the last time we had a trade deficit this big was 2008, which of course |
| 1:24.1 | was right before the financial crisis and great recession. |
| 1:28.3 | It probably is no coincidence that we're having such large trade deficits again, probably |
| 1:34.8 | on the eve of what will be an even greater economic recession than the one that we had in |
| 1:41.4 | 2008. |
| 1:42.5 | What I want to talk about is the coverage that CNBC was giving all day to the trade numbers. |
| 1:50.8 | And of course, it is a politically charged number because if you look at our trade deficits |
| 1:55.8 | with both Europe and China, they were both at records. |
| 2:00.8 | And of course, the Chinese deficit being much bigger than the European deficit. |
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