Peter Schiff Takes A Brutal Dig At Fed, Illustrates Real US Inflation Using Disney+ Price Hikes: 'Thanks, Powell'

Esteemed economist Peter Schiff on Tuesday used the latest price surge of Walt Disney Company’s DIS Disney+ and Hulu to criticize the Federal Reserve’s inflation management strategy.

What Happened: Schiff took to X, formerly Twitter, and sarcastically expressed gratitude towards Jerome Powell, the Federal Reserve chair, for bringing inflation “close enough to 2%” to initiate interest rate cuts in September.

He insinuated that if inflation were still hovering around 5%, Disney might have implemented a 50% price hike.

He ended the post by saying “Thanks Powell” which suggests he is mockingly criticizing the Fed chair for not taking adequate measures to control inflation.

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#Disney is raising prices on its basic Disney+ and Hulu plans by 25%. It's a good thing the #Fed has gotten #inflation close enough to 2% to start cutting interest rates in Sept. Maybe if inflation were still closer to 5%, Disney would have raised prices by 50%. Thanks, #Powell.

— Peter Schiff (@PeterSchiff) August 6, 2024

Starting Oct. 17, the prices for individual monthly and annual plans for Disney+, Hulu, and ESPN+ will increase. Disney+ with ads will now be priced at $9.99 per month, reflecting a 25% increase.

The ad-free version will go up by 14% to $15.99 per month, and the Disney+ and Hulu bundle with ads will see a 10% hike to $10.99 per month.

Why It Matters: Schiff’s criticism of the Federal Reserve’s handling of inflation is not new. Last month, he criticized the Fed’s role in inflation and advocated for a return to the gold standard as a solution to the inflation issue.

“Powell warned Congress that eliminating the #Fed risked high future #inflation. But inflation was much higher after the Fed was established than before,” he stated at the time.

During the same month, Schiff also warned of a potential market crash, highlighting the rise of safe-haven currencies and the fall of commodity currencies.

Photo Courtesy: Wikimedia Commons

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.