One of the top economists in the world is blowing the horn on Joe Biden’s lies about the economy, and it’s not good news.
During an interview with Tucker Carlson, economist Peter Schiff predicted that inflation will essentially become a “Biden Tax” that every American will feel because of Biden’s out of control spending.
Schiff said the federal government is printing so much cash to pass these “recovery bills” that it will eventually create an increase in prices that will be felt far and wide.
In other words: Schiff says the price of goods that Americans use every single day will continue to get more expensive.
Carlson began by saying: “inflation is rising much faster than virtually any economist in the country predicted… the year-over-year gain in the consumer price index is up 4.2 percent … the fastest jump in 13 years, since the 2008 meltdown.”
“The rise in what’s called the core consumer price index, that excludes food and energy, is the highest in 40 years — since 1981,” Carlson added.
Schiff warned that families will feel the burden of all that printed money.
“This is a tax. It is the inflation tax. And if you look at how much the cost of living went up, measured by the [consumer price index] in the first four months of this year, it’s 2 percent. So, if you triple that to annualized it, we have consumer prices rising at 6 percent annually,” the economist warned.
“But if you look at the monthly numbers, every month it accelerates. So, if you extrapolate the trend of the first four months of this year for the entire year, you’re going to get a 20 percent increase in consumer prices in 2021,” Schiff warned.
“The real problem is the surplus of money. Whenever you print a lot of money, it’s always a goods shortage because the Federal Reserve can print all the money they want, but they don’t print products to buy with the money. So, we have all this money being printed. We’re not producing a lot. People are sitting at home cashing unemployment checks,” said Schiff.
“This is a tax. It is an inflation tax, a Biden tax, whatever you want to call it. But when Joe Biden says, ‘Don’t worry! Only people that make over $400,000 a year are going to have to pay higher taxes to fund all these programs,’ he’s lying,” he added. “Because every American is going to pay the inflation tax. And it’s going to hit the middle class and the poor the hardest.”
Carlson went on to point out that “when you print a ton of money, the value of that money falls.”
“Remember early on [during the 2008 housing bust and financial crisis], [former Federal Reserve chair Ben Bernanke] said, ‘Don’t worry about [subprime mortgage defaults]. It’s contained.’ Well, now they’re saying don’t worry about inflation. It’s transitory,” Schiff said.
“Inflation is as transitory now as the subprime market was contained. And this inflation crisis is not only going to be worse than the financial crisis, it’s going to be worse than the pandemic. Because the government’s cure is what’s going to kill the economy, not the disease itself.”
What a disaster, and the media continues to peddle the lies of the Biden administration.