Concept of the Day…

This today from Peter Schiff, one of the smarter people on X, maybe because he is almost as old as me.

For decades we as Americans have lived beyond our means by consuming far more than we produce. To make that possible, we outsourced our manufacturing, sold off assets, and went into debt. Foreign countries like China produced what we didn’t, bought our assets, and loaned us the money. The result was that we got lower consumer prices and interest rates, and higher stock prices. Trump describes this as foreigners ripping us off, and he wants to put a stop to it immediately. Fine, but understand what that means. We can no longer live beyond our means. We have to stop spending and start saving. We have to roll up our sleeves and go back to work. Consumer prices and interest rates will soar and our stock market will collapse. Welcome to Liberation.