Receive all Cointelegraph news immediately in Telegram.
Majority of Americans believe that US economy is unfair and recession is coming.
USA, Economy, Bitcoin
The majority of Americans think the economy is rigged in favor of certain sectors at the expense of others. Meanwhile, the economy could be on the verge of another recession. Time to switch to Bitcoin to protect your wealth.
According to a survey conducted in the US, a full 71% of responses indicated that they believe the economic system is skewed in favor of certain groups. In response to which came closer to their opinion on the US economy, three choices were presented:
The overwhelming majority picked the first option. This held true across demographics, showing no difference in responses from different races or political affiliation.
According to US Census data adjusted for inflation, the median household income has remained stagnant over the last 20 years. This means that the average American middle-class family makes about the same as they would have in the 1990s. Meanwhile, the cost of living has skyrocketed since then. What $20 could have bought in 1994 would now take $32, meaning the US middle class is worse off today than 20 years ago.
According to investment broker and economic pundit Peter Schiff, the US economy is facing another recession in the very near future, to be triggered by a rate hike by the Federal reserve.
“[US Federal Reserve chair] Janet Yellen keeps saying we're on the road to recovery; the rate hike is just around the corner; maybe it's a bigger corner than she used to think, but we're going to round that corner; we're going to end up with these rate hikes. And again, all of this is nonsense. I think if the Fed were going to raise rates they would have already done so.”
The stagnant American economy, and low confidence in the fairness of the US system, can be attributed to heavy-handed government management of the economy, which can be very difficult to move past, according to Schiff.
“The forces of big government are very hard to overcome these days, and of course nowhere is big government better exemplified than with the Federal Reserve, which is a combination of big government and central planning, or central banking.”
Meanwhile, Bitcoin has more than tripled in value over the last 1.5 years, and has joined gold as a hedge against times of economic uncertainty. Additionally, using cryptocurrency provides additional, streamlined options for wealth protection against regulations, including allowing users to keep more of what they earn.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details