Peter Schiff tells Fox Business why the fiscal cliff scheduled for the new year is essential for real economic recovery. Not only that, but tax hikes need to be bigger if Obama wants to continue with his big government programs.
“Taxes are less damaging to the economy than the deficits that replace them. But the real problem is the spending…We’re going to pay the tax one way or another. Either we are going to pay it legitimately, or we are going to pay it through inflation…The increase in the price of everything you have to buy is simply going to be another tax in disguise.”