Economist Peter Schiff has a message for anyone touting the strength of the U.S. economy: Americans are more worried about their money than at any point in 75 years, and that's not a vibe you can spin away.

In a post on X on Monday, Schiff wrote, "In 75 years of this survey, Americans lived through Korea, Vietnam, gas lines, stagflation, 9/11, 2008 and COVID. They were never as worried about their own finances as they are right now, in October 2026. The great economy is pure fiction."

Schiff shared the post alongside a video from his podcast 'Worse Than 2008. Worse Than COVID. And They Call It a Boom', released Saturday.

In the video, Schiff cited President Donald Trump's claim that the economy has never been better in history and called that assertion incompatible with consumers' concerns about their financial circumstances.

Schiff Calls Strong-Economy Claim 'Pure Fiction'

Schiff also recalled the 2008 financial crisis, pointing to the housing market crash and failures at major financial institutions. "Housing market crashes. Lehman goes bankrupt. Bear Stearns goes bankrupt. Fannie and Freddie go bankrupt. We have a great recession," he said. He also referenced the dot-com bubble and the 2022 Russia-Ukraine conflict, arguing that consumers were less worried during those periods than they are now.

"But this is all a figment of Donald Trump's imagination. The public is not buying what he is selling," said Schiff.

Consumer Conditions Hit a Record Low

The preliminary October University of Michigan survey showed the Consumer Sentiment Index fell to 46.3 from 48.1 in September. The Current Economic Conditions Index, which measures consumers' views of their finances and buying conditions, dropped to a record low of 44.7. Year-ahead inflation expectations rose to 4.7% from 4.6%.

Schiff cited earlier crises, including the Korean and Vietnam wars, 1970s gas shortages and stagflation, the 2008 financial crisis and the COVID-19 pandemic, arguing that consumers were less worried during those periods.

A separate Gallup survey found that 55% of Americans said their financial situation was worsening, while only 46% rated their finances as excellent or good. Inflation and high prices were the leading financial concern, cited by 31% of respondents.

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