U.S. Economy: Spending Dropping, Inflation Picking up

So, what do we got? We got the consumer not earning as much as we thought, spending dropping, inflation picking up...

How is this going to lead to this big surge in the second quarter GDP?

Seventy percent of the GDP number is consumer spending and consumers spent less in the first month of spring than they did in the last month of winter? Where is the bounce back?


Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.