Americans are starting to save, so what happens to the idea that its citizens should spend more to stimulate the economy? Peter Schiff advocates saving and let failing companies go bankrupt. Some people advocate spending so that there will be more jobs. Which is right?
See what the speaker says at 5:07
I think the average American consumer understands, that we have to pull back, not borrow more, they’re saving, they want to de-leverage.
…and the government is borrowing more, and wants us to do it, no no no. The American consumer has the answer. They don’t want to do it. They understand that’s not the way to go.