As President-elect Donald Trump prepares to take office, leading economist Peter Schiff is sounding the alarm about the economic challenges he will inherit from the Biden-Harris administration. In an interview with Newsmax, Schiff warns that the problems within the U.S. economy have been largely overlooked by investors, leading to Trump’s win. He predicts things will only get worse under Biden’s leadership.
“Unfortunately, [the economy] is going to be a bigger mess once Trump takes the helm,” Schiff said. “They’re going to get worse, and I think the markets could head lower.” According to Schiff, drastic measures will be necessary for Trump to tackle these challenges, including substantial cuts to government spending, entitlements, and defense.
But the media and the government have been hiding the true extent of the economic distress, says Schiff. “I think we’ve been in a recession for at least a year,” he revealed. “I think the media and the government were lying about it. It was all part of the big lie, but the voters didn’t buy it. They voted for Trump.” Schiff also points to the highest credit card delinquency rates since the 2008 financial crisis as evidence of the hidden economic turmoil.
Last week, Kentucky Sen. Rand Paul released a report exposing over $1 trillion in government waste in the last year alone. His 2024 “Festivus” report highlights frivolous spending, such as a Las Vegas pickleball complex and a cabaret show on ice. These excessive expenditures have been an ongoing issue, and according to former National Security Advisor, they are funneled towards Marxist ideals.
During Biden’s tenure, Americans have been burdened with escalating costs and inflation rates, reaching a high of 9.1% in June 2022. While inflation has slightly decreased since then, the latest report from the Bureau of Labor Statistics still shows a 2.7% year-over-year increase in November. Experts attribute this increase to the massive government spending under the Biden-Harris administration, which has pushed the national debt to a staggering $36.16 trillion, according to U.S. Treasury Fiscal Data.
The mainstream media has largely ignored these pressing economic issues, focusing instead on praising the Biden-Harris administration. But as Schiff warns, the American people will pay the price for their neglect. One thing is certain, the U.S. economy is in for a rough ride under Biden’s leadership, and it’s time to hold him accountable.