Peter Schiff: Bidenomics Is A Disaster

Peter Schiff appeared recently on Real America, with Dan Hall, to discuss Bidenomics and inflation. Peter Schiff said that Bidenomics was a disaster, and the price inflation hasn't been stopped. Prices still appear to be increasing in real life. It's probably more accurate to estimate the rate by double the official rate. Peter explained that the reason why the official CPI dropped from 9% to just 3% is because the price of crude oil fell as President Biden emptied the strategic oil reserves. Dollars were bid up by speculators on Fed rate increases. The dollar rally has ended, and the oil reserves are not as large. I believe that is why oil prices have risen about 30% since their lows of a few months back -- and up around 15% in the past month. Rent is one example of a cost that keeps rising rapidly. Many people cannot afford to purchase a home because mortgages are above 7%. Meanwhile, President Biden's administration and its spokespeople tout the success of "Bidenomics." What else has Biden done besides increase government spending and add more regulations to the economy? This is not economic. Drivers will soon earn $170k per annum. It doesn't make any sense to borrow large amounts of money for four years of college for a starting salary of $50k when they can earn three times more right out of highschool driving trucks.

Most people would do better to skip college and get a job. You can learn a lot with the internet and AI. With all the technology available, you can learn by yourself. Dan believes that the only way to get out of this economic mess is by cutting government spending and unleashing capitalism. When you hear Biden talking about reduced inflation, remember that inflation is the difference between the taxes collected by the government and the money they spend. We don't have all this government for free. Joe Biden is lying when he says that we will have new government programs, but no one who earns over $400,000 a year will pay for them. Everyone who earns less than $400,000 a year or $100,000 per year pays the inflation tax. The Fed prints money when the government spends what it does not have. When money is printed, everyone's money loses value -- savings and paychecks for all. The value of your money is going down when prices go up. This increase is a form of tax. This is the inflation-tax. As long as the government does not cut spending, inflation taxes will continue to rise.