Peter Schiff : America has lost its fire

Peter Schiff on CNBC this 20 June 2011 Discussing whether the U.S. workforce has lost its competitive edge and what has to happen to stay competitive in a growing global economy, "absolutely. you have hundreds of Americans taking guaranteed loans with no skill set. if they could go into the workforce at a younger age. all these minimum wage laws, labor unions, we could transition our workforce and could have skilled laborers that could actually make stuff. instead we're running huge trade deficits importing things from china" says Peter Schiff "i don't want people to learn in school. i want them to learn on the job. want them to learn from people who know what they're doing, not just in the educational bureaucracy. that's there to serve the educational establishment and it is bankrupting the country. but we need to have fundamental change in our economy. we need a real restructuring. government is preventing that from happening. the longer they stimulate the economy with cheap money and as long as the government keeps regulating and micromanaging, we're never going to have a real economy. we're just going to keep blowing more air into the bubble until it just explodes." he added