As President-elect Donald Trump prepares to take office, leading economist Peter Schiff warned of the impending economic challenges he will inherit. During an appearance on “Newsmax New Year’s Eve With Shaun Kraisman,” Schiff said the problems within the U.S. economy have been largely overlooked by the liberal media.
Schiff suggested drastic measures for Trump to address the economic challenges, including substantial cuts to government spending, entitlements, and defense. He stated, “We need much higher interest rates … and that means we need a much lower stock market. We need a severe recession in order to correct these imbalances.”
Schiff also criticized the media for underreporting the economic distress, stating, “I think we’ve been in a recession for at least a year. I think the media and the government were lying about it. I mean, that’s why Trump won.”
Last week, Kentucky Sen. Rand Paul released a report identifying over $1 trillion in government waste over the last year. This includes frivolous expenditures such as a Las Vegas pickleball complex and a cabaret show on ice, revealing the excessive spending during the Biden-Harris administration. And experts link this surge in spending to the substantial inflation rates the country has been facing.
While inflation has somewhat subsided since its peak in 2022, the consumer price index still showed a 2.7% year-over-year increase in November. The national debt also continues to rise, reaching $36.16 trillion. This is a consequence of the excessive spending during the Biden-Harris tenure.
The truth is, the liberal media has been hiding the reality of the U.S. economy in an attempt to discredit Trump and his policies. But the voters saw through their lies and elected Trump because of the state of the economy.
Just to sum up my thoughts- This guy might be a so-called expert but Trump’s record speaks for itself. The people aren’t idiots (most of them anyway). I have no doubts Trump will prove him wrong.
The coming economic crash is going to destroy Trump’s MAGA agenda and probably destroy the Trump administration, and it will destroy the USA entirely.
I think Musk and Ramaswami will clear out enough know-nothings, and do-nothings to keep the Dems from ruining Trump’s plans this time around. World leaders are already falling in line, and federal judges have stopped Sniffy Joe from selling the border wall materials. Even Mexico and Honduras are ready to take their ‘immigrants’ back.
remember obuthead asking ” what magic wand does he have to fix this?”
ya its that same one he will use! even thou the economy is way worse than what oblowme left us as fjb is still doing everything he can to fuck us but good.
america has a problem with economists and experts, they always ask people who really don’t know shit!
They put on a serious face and act like they know it all but are actually idiots who have yet to get it right.
Recession or Depression ahead
Where was this schiff guy when this Biden administration told us we were not in a recession, when the indicators pointed to a recession. This economy can turn around, as long as the democrats do not block what needs to be done. Cut government spending immediately and harshly by all means necessary, get out of the way of businesses by deregulating immediately end any tax money to all illegals, end all money sent to other countries etc.
Hey, what’s new? The Democrat party always leaves the country in worse shape than it was when they took over & immediately began their tax & spend crapola! This should be no different except it will be much worse than normal.
“We need much higher interest rates … and that means we need a much lower stock market. We need a severe recession in order to correct these imbalances.”
This is the same BS we heard 8 years ago.
Did Trump wave his “Magic Wand”?
Then he can do it again.
Only difference this time is we need to get actual major spending cuts with a few exceptions like spending more money reversing illegal immigration which will net huge savings.
I AGREE!!!!