Does Weak Box Office Reflect Weak Economy? – Ep. 252

The Peter Schiff Show Podcast

Summary: Box office revenues for this holiday weekend were the weakest since 1999. Why is that? Some say the movies were not very good, but I think it's more likely that this is just another piece of evidence that supports the fact that the consumer is in much worse shape than is generally perceived. Hopefully everybody had a happy Memorial Day weekend; I spent my holiday weekend up in Vancouver at the International Metal Writers Conference And when I came home, I came back to my home in Connecticut This was the first year I spent the winter in Puerto Rico, from January 1 until just a few days ago I bought a condo in Puerto Rico a few years ago, I moved my Euro Pacific Asset Management Company there from California at about that time, but I'd never moved there myself until this year I like snow, it's pretty, but the next time I see snow it's because I'm skiing on it I'm a snowbird now But this time I'm not only flying out of bad weather, I'm flying out of high taxes It's not just the high taxes in Connecticut; it's the high taxes in the U.S. By the way, Connecticut is basically broke, if you read a lot of the articles now The tax revenue is collapsing I'm moving from a bankrupt state to a bankrupt territory Puerto Rico has already declared bankruptcy; Connecticut hasn't actually done that Connecticut is admitting that they can't raise taxes on the rich anymore, because the rich are leaving I moved down to Puerto Rico with my wife and two young children, and I love it I live in a nice community, Dorado Beach; great neighborhood, many in the same situation as me I read this article about box office - holiday weekends are usually a good time for Hollywood Memorial weekend is a big weekend to kick off the summer movie season The article I read stated that box office revenues for this holiday weekend were the weakest since 1999 Why is that?