Peter Schiff appeared on Fox Business last night to discuss the impracticality of solving the US debt crisis with taxation. Everyone agreed – the government needs to cut spending if there is any hope of restructuring the economy.
“You’ve got the government trying to run these giant Ponzi schemes like social security. It’s not about tinkering with it. It can’t work. It is impossible to reform these programs in a way that is going to work. We have to acknowledge that. We’re never going to get the type of economic growth you’re talking about – 4 or 5 percent a year – unless we let the economy restructure. That means the Fed has to stop printing money. They have to let interest rates go up, because they’re much too low to encourage savings and investment.”