President Biden has announced he will run for a second term in 2024. Peter Schiff recently appeared on the Ingraham Angle on Fox News to talk about what will happen if we keep going down the Biden road. In a nutshell, Peter said we can’t afford to let Biden “finish the job.”
Peter opened the interview by saying he couldn’t help but laugh as Laura Ingraham played clips of Biden administration shills touting all of the president’s “accomplishments.”
He hasn’t accomplished anything other than running up the debt, weakening the economy, and strengthening inflation.”
In fact, the Biden administration managed to run a budget deficit of over $1 trillion in just the first six months of fiscal 2023. Meanwhile, the GDP numbers for the first quarter of this year were extremely weak. Peter said the worst part of the GDP report was the inflation numbers that go into that calculation.
In Q1 of this year, inflation actually strengthened over the fourth quarter of last year. So, not only is the economy weakening, but inflation is strengthening. You have the worst of both worlds. This is stagflation and it’s going to get worse.”
Laura brought up the following quote by Paul Krugman.
The economy is in better shape than I suspect most pundits or even generally well-informed readers may realize… America has experienced remarkably fast and essentially complete job market recovery. … Inflation has subsided substantially. The overall situation is, well, not so bad.”
Peter said the problem is Paul Krugman still has a job.
If you look at the jobs that have been created, they’re low-paying service-sector jobs. So, what’s happened during the Biden presidency is people have lost good jobs, high-paying jobs with benefits, and they’ve been forced to replace them with two or three low-paying part-time jobs. That’s where all the jobs are coming from. That’s what the numbers show. The only reason we’re creating jobs is because we’re destroying so many good jobs, and you need to cobble together two or three part-time jobs to try to replace your lost income. That means we have more jobs, but they’re not good jobs. They’re bad jobs. People would rather have the jobs they lost than the crappy jobs that they’re forced to work.”
This originally appeared on SchiffGold.com.