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Peter Schiff on America’s middle-class crisis: ‘We used to be the envy of the world’

The Pew Research Center, a nonprofit think-tank in Washington, D.C., released a major report Monday on America’s shrinking middle class. Peter Schiff, the chief executive of Euro Pacific Capital, and a market pundit who often espouses what critics describe as a bearish outlook for the equity market, says the middle class has been gutted by over-regulation, an escalating cost of living and stagnant wages. This interview has been condensed for space:

MarketWatch: You’re not exactly optimistic. Is that a fair assessment?

Peter Schiff: The American middle class used to be envy of the world. It was a byproduct of economic freedom.

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