Peter Schiff Says U.S. Savings Rate Fell to 4.1%, Predicts Democratic Win in November Midterms
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%.
- Schiff said those household financial conditions could lead to a Democratic victory in the November midterm elections.
Forecast Trend Report by Period
Peter Schiff said Democrats are poised to win the November midterm elections, citing a decline in the U.S. personal saving rate and consumer spending that outpaced income growth.
Cointelegraph reported on October 30 that Schiff said the U.S. personal saving rate fell to 4.1%, its 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 means spending growth exceeded income growth.
Schiff said those household financial conditions could work in Democrats' favor in the November midterm elections.
JH Kim
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