Peter Schiff Says US Saving Rate Fell to 4.1%, Predicts Democrats Will Win in November
JH Kim
Summary
- Peter Schiff said the U.S. personal saving rate fell to 4.1%, the lowest level since November 2022.
- He said U.S. personal income rose 0.2% in August from the previous month, while personal consumption expenditures increased 0.9%, leaving spending growth ahead of income growth.
- Schiff said those household financial conditions would lead to a Democratic victory in the November midterm elections.
Forecast Trend Report by Period
Peter Schiff predicted Democrats will win the November midterm elections, citing a decline in the U.S. personal saving rate and consumer spending that is rising faster than income.
Cointelegraph reported on October 30 that Schiff said the U.S. personal saving rate fell to 4.1%, the lowest level since November 2022. The U.S. personal saving rate for August was 4.1%.
U.S. personal income rose 0.2% in August from the previous month, while personal consumption expenditures increased 0.9%. That meant spending growth outpaced income growth.
Schiff said those household financial conditions would work in Democrats' favor in the November midterm elections.
JH Kim
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