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…
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