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.
h/t: Steadfast and Loyal
