The economy is essentially the same as it was under President Obama. The big difference is how President Trump is spinning it.
During a recent interview, Joe Rogan interspersed Peter Schiff's comments with clips of Trump before and after the election. The resulting video vividly illustrates the difference between Trump the candidate and Trump the president. Peter said candidate Trump was telling the truth.
"That's what's really bothering me about Trump is the hypocrisy, because when Trump was a candidate and he got elected because by and large he told the truth about the phony nature of the recovery. Obama was out there talking about how great things were, and Trump was like BS, it's not that great."
Peter first focuses on jobs, pointing out how Trump rightly questioned low unemployment rates and positive jobs growth on the campaign trail.
"Obama got credit for all those extra jobs, right? As we were destroying full-time jobs and replacing them with two part-time jobs, we got all these jobs. So, Trump was honest as a candidate … When you look at the labor force participation rate, which he would talk about -- you know where labor force participation rate is collapsing is with young people. People in their 20s and 30s can't get jobs. Meanwhile, 70 and 80-year-olds are working in record percentages because they can't afford to retire, and their grandkids can't get a job … So, Trump was telling the truth about how bad the economy really was, and that resonated a lot. A lot of blue-collar guys, a lot of Democrats in the Midwest voted for Trump because he got it."
Then Peter turned to the stock market, which started its meteoric rise under Obama.
"When Trump was a candidate, he talked about the stock market, because, oh, the stock market was going up when Obama was president. And Trump said, 'Well it's a bubble. Who cares about the stock market. This is a big, fat ugly bubble. Wait till it pops.'"
Rogan underscored Peter's point by playing a clip of Trump speaking during one of the presidential debates.
"Believe me. We're in a bubble right now. And the only thing that looks good is the stock market, but if you raise interest rates even a little bit, that's going to come crashing down. We are in a big, fat, ugly bubble."
As Peter points out, Trump was absolutely right. The stock market is a giant bubble. Mainstream analysts have started to express concern about stock market valuations. Even some of the world's big bankers are worried. But now that he's president, Trump is taking credit for the surging market.
"Now he's president. What is he saying? Every time I see him. 'The stock market is a new record high! This is fantastic! You know, it's all because of me. This is great!' And when the job numbers come out … 'Look how low the unemployment rate is! This is the lowest it's been in 15 years. I'm doing a great job.'"
In fact, the president is essentially doing victory laps, bragging about how great the economy is. Rogan played a clip in which Trump basically claimed to be the best early-term president ever.
"We have made incredible progress. I don't think there's ever been a president elected, who in this short period of time has done what we've done."
As Peter points out, despite the post-election rhetoric flip-flop, nothing has changed.
"This is the exact same economy he inherited. It's the same crappy jobs. It's the same stock market bubble. The only difference is he's not a candidate any more. He's the president and now he's trying to market the same crappy economy that Obama had and pretending everything is good. And I wish he would stay true to the candidate and admit, you know what? The economy is still disaster, because nothing has changed, right? He was going to drain the swamp. Instead, he just poured more water in the same swamp."