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IPFS News Link • Economy - Recession-Depression

Peter Schiff: We'd Be Lucky to Escape With Just a Recession


Peter kicked off the interview with a startling statement when Dan said whether it's oil, de-dollarization, or President Biden's horrible economic policies, everything is pointing toward a recession this year.

"We'd be very lucky to escape with just a recession. I think this is a depression. We're probably already in it. It's just going to get worse."

As far as the March jobs report, Peter pointed out that one of the reasons the numbers weren't worse is governments created around 50,000 jobs, while private sector job creation was well below estimates. And the problem with government jobs is the taxpayers get the bill.

"Most of these bureaucrats aren't producing anything. In fact, they're making the rest of us less productive. We need private sector jobs to pay for themselves and that add to our productivity, not more government jobs that require taxpayer funding and diminish our collective productivity."

Peter said the real threat is foreigners pulling the rug out from under the US economy. By abandoning the dollar.

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