Appearing Tuesday on the Fox Business Network, Stephen Schork, principal of The Schork Group, painted a bleak picture of the U.S. economy.
A transcript is as follows:
MARIA BARTIROMO: Your reaction to these moves in terms of gasoline pulling back? Do you see that as a positive for a longterm move?
STEPHEN SCHORK: At $4.96, absolutely not. We’re still at unprecedented levels at this point. It’s at levels that Americans simply cannot afford. When we look at the current rate of inflation, real disposable income, what we actually have to spend in this high priced environment, is now growing at the fastest pace in 10 years. Our savings rate is at the lowest point in 14 years, and credit card debt is