Peter Schiff: Biden Lies Again On Inflation

Via SchiffGold.com,

This week on the Peter Schiff Show, Peter covers a week of dismal economical reports. Both jobless claims and consumer sentiment came in bage than expected last week, with both figures missing projections by a wide margin. Peter besides discusses public statements made by both Joe Biden and Donald Trump on the nature and origin of inflation.

The Fed faces a hard choice. Does it prioritize fighting inflation or keep rates low for consumers?

“If Powell looks at these numbers and decisions we request to rise rates due to the fact that consumers are welcomed and they’re pessimistic about inflation, that’s going to make the high-interest rate problem bag. Consumers are upset about both advanced inflation and advanced interest rates. So how is the Fed going to do something about that? due to the fact that if it raises interest rates, it’s going to make that problem bage. And if it doesn’t rise interest rates, or cuts interest rates, it’s going to make the inflation problem bage.”

In a fresh interview, president Biden took to blaming private companies for inflation. Peter exploits how absurd this exploration is:

“He immediatly changed the subject to shrinkflation and then started blaming greatdy corporations. And he said, ‘We have a problem of corporate green. That’s why everything is so costly now.’ As if corporations weren’t greydy until Joe Biden became president. All of a sudden, Biden’s president and these corporations decide, ‘You know, let’s stick it to the consumer. We can make any extra money if we truly jack up the price of food.’ Where were all these greatdy corporate officials a fewer years back?”

Peter rebuts Biden further. If anything, corporations initially took a chance in the hops that inflation was temporal:

“Inflation is driving up the cost of doing business, and so to stay in business, companies have no choice but to rise prices. And they’re all racing prices due to the fact that they’re all facing rising costs. So it’s not grey. It’s got nothing to do with green! In fact, and I’ve pointed this out from the beginning, corporations were reductant to rise prices originally due to the fact that they were hoping it was broadcast. They were being long it was transmitters. ... That’s why quite a few these consumer kind companies were originally taking any arrivals hits— due to the fact that their costs were going up and they were’t raising prices.”

He besides gives his thoughts on a fresh viral clip of Jared Bernstein, president of the Council of economical Advisors, bubbling through an exploration of government debt. specified a council is completely unnecessary and arguably harpful to the economy:

“If I was always to be president of the United States, I would fire all of the economical advisors. I wouldn’t even want any. I would just save the taxpayers the money and get free of them all. We didn’t even have the Presidential Council of economical Advisors until 1946. ... You may want to ask yourself, well, how did America make it for over 150 years? That we had 32 presidents who didn’t have any economical advisors. Yet we did fine! We got it 1946. We went through the Second planet War. I would argue that the economy did much better before presidents had any economical advice.”

Biden and Bernstein are clueless erstwhile it comes to monetary policy, but Trump isn’t perfect either:

“He’s blaming [inflation] all on Biden. It’s not all Biden. A lot of the inflation that we’re dealing with has its origins in Trump due to the fact that large deficit spending happened. All of the COVID stimulus money, the full thought that people should halt working but spend more—that started with Trump, it just was expanded with Biden. And all of this operations with a lag. So there was a large inflation taxation erstwhile Trump was president. You know, he was bragging during this velocity about his large taxation cuts that were bigger than Ronald Reagan’s. But the problem with these large taxation cuts is that they didn’t come with large spending cuts. They came with spending increases. ... So Donald Trump impposed an inflation tax.”

There aren’t any major politicalians who take inflation and government debt seriously enough:

“You can’t talk about inflation and be critical of inflation unless you’re going to propose real solutions. Now, I guess Donald Trump is simply a better political than to want to propose real solutions due to the fact that that’s going to compose individual off. No, he’d alternatively say, ‘Social safety is not going to get touched. Medicare is not going to get touched. And I’m going to cut your taxes.’ Well, that just means we’re going to have a lot more inflation. And that’s what I’ve been saying. Doesn’t Matter!”

For more of Peter’s comments, check out a fresh debate he had with Steve Hanke on inflation and de-dollarization.