• Peter Schiff criticized the May jobs report, warning about poor quality job growth.
• He advocates for rate hikes and spending cuts to boost the manufacturing sector.
• His advice contrasts with a new US policy to create a Strategic Bitcoin Reserve.

The U.S. economy added 139,000 jobs in May, a figure that beat market expectations but drew sharp criticism from economist Peter Schiff, who warned the growth is occurring in the wrong sectors. As Schiff advocates for a return to traditional economic principles, his views now stand in stark contrast to a new government strategy that embraces Bitcoin as a national strategic asset. 

Schiff pointed to Bureau of Labor Statistics data showing that job gains were concentrated in non-productive sectors, with healthcare adding 62,000 jobs and hospitality adding 48,000. Meanwhile, the domestic manufacturing sector shed 8,000 jobs, its largest decline this year.

Related: Elon Musk Warns U.S. Debt Interest Imperils Spending; Bitcoin Solutions Proposed

Schiff argues this dynamic, where service-sector workers spend their wages on goods the nation no longer produces, fuels inflation, worsens trade deficits, and weakens th…

The post Peter Schiff’s Call for Traditional Economics Clashes with US Bitcoin Reserve Policy appeared first on Coin Edition.

• Peter Schiff criticized the May jobs report, warning about poor quality job growth.
• He advocates for rate hikes and spending cuts to boost the manufacturing sector.
• His advice contrasts with a new US policy to create a Strategic Bitcoin Reserve.

The U.S. economy added 139,000 jobs in May, a figure that beat market expectations but drew sharp criticism from economist Peter Schiff, who warned the growth is occurring in the wrong sectors. As Schiff advocates for a return to traditional economic principles, his views now stand in stark contrast to a new government strategy that embraces Bitcoin as a national strategic asset. 

Schiff pointed to Bureau of Labor Statistics data showing that job gains were concentrated in non-productive sectors, with healthcare adding 62,000 jobs and hospitality adding 48,000. Meanwhile, the domestic manufacturing sector shed 8,000 jobs, its largest decline this year.

Related: Elon Musk Warns U.S. Debt Interest Imperils Spending; Bitcoin Solutions Proposed

Schiff argues this dynamic, where service-sector workers spend their wages on goods the nation no longer produces, fuels inflation, worsens trade deficits, and weakens th…

The post Peter Schiff’s Call for Traditional Economics Clashes with US Bitcoin Reserve Policy appeared first on Coin Edition.