Peter Schiff: Jobs Vanished, No Surprise

On Wednesday’s episode of The Peter Schiff Show, Peter lays out a stark picture of how official data, monetary policy, and political posturing are masking deep problems in the U.S. economy. He walks through massive retroactive job cuts in the government numbers, explains why markets were misled by a faulty birth-death model, and ties the dollar’s decline to a broader process of de-dollarization.

He starts by calling attention to the startling scale of the government’s revisions to employment data and what that says about the real health of the labor market:

Now what people are overlooking, of course, is the far more significant downward revisions that were made today — announced for prior years, not just months, but years of data was revised yet again… The total number of revisions was about two and a half million jobs going back to 2019. The government now basically erased those jobs: ‘Never mind, they were never created; we reported that these jobs were created but now two and a half million jobs that we claimed were there never actually existed.’

He explains why these phantom jobs showed up in the data for years — a methodological assumption that systematically overstated hiring and misled markets: