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IPFS News Link • Economy - Recession-Depression

Peter Schiff: The Economy May Already Be in Recession


The recipe for GDP growth is a recipe for disaster

"The big factor driving the GDP was the increase in government spending. Well, where's the government getting this money? It's borrowing it! That's not a recipe for economic growth — that's a recipe for disaster!"

Spending increases caused massive increases in national debt and liabilities.

The US national debt currently stands at $34.1 trillion. Total unfunded liabilities tower in the hundreds of trillions, mostly from Social Security and Medicare.

Peter states that this used to be a priority, but is no longer:

"Back in the 1980s, 1990s we were still pretending we were going to do something about entitlements —about Social Security, about Medicare, that there was going to be some effort to fix the problem before it blew up… Nobody at this point believes that we're going to do anything about stopping the bomb from going off. In fact, it's already gone off. We've already passed the point."

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