Influential personality Peter Schiff has taken to X, formerly Twitter, to challenge the perspective of Republican candidates, who participated in the third GOP debate, regarding the root cause of high inflation.
What Happened: Schiff posted on X, “All the #Republicans candidates in yesterday’s #debate agreed that high #oil prices caused today’s high #inflation. But oil is only $80, the same price it was in 2007. The #Fed and federal deficit spending caused today’s high inflation. The oil price still has a long way to rise.”
Why It Matters: This statement comes at a time when oil prices are on a downward trend. Recently, notable economist Mohamed El-Erian also highlighted this downturn, stating that the trend could be beneficial for the economy and most financial asset classes unless it predicts a significant economic slowdown.
Schiff’s tweet indicates his belief that inflation is not tied to the current oil price but rather to the actions of the Federal Reserve and federal deficit spending, presenting a contrasting perspective to the Republican candidates’ views.
Image via Wikimedia Commons
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