It would be a very helpful development if we cut 1.5 trillion dollars from the budget. The economy would be in great shape, especially if we accompanied those cuts with a big reduction in government rules and regulation that inhibit the hiring process. Then we could hire all the people who get laid off from government jobs, and get those who aren’t currently working into productive employment. All that would happen if we could chop 1.5 trillion dollars from government spending, because that spending is inhibiting the economy from growing right now.
But there’s always going to be some transitionary pain when you move away from a bubble economy to a real economy. But the bubble’s going to burst eventually anyway, so if we pop it ourselves, it’s better than if we wait for it to happen on its own. - in index universe
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Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.