In under two years, Biden took the economy that President Trump gifted him and posted record-high inflation numbers and two-quarters of negative GPD growth, which everyone (except liberals) is calling a recession.
While Biden and his apologists are busy denying that we are in a recession, some of America’s top economists are predicting that the current inflationary spiral is going to get far worse.
Peter Schiff, the founder of Euro Pacific Capital, predicts that we will be in an “inflationary depression” for a decade.
He said that the current economic downturn will prove to be worse and longer than the 2008 recession that crippled the United States and the world economy.
He also said that inflation would be worse than it was in the 1970’s when one-term President Jimmy Carter was ousted in large part due to the poor state of the economy.
The Epoch Times Reports–
Following a 0.9 percent contraction in the second-quarter GDP, experts are debating if the U.S. economy has officially slipped into a technical recession.
Economists at the National Bureau of Economic Research (NBER), the arbiters of what defines a recession, have yet to make their formal declaration. Until then, Wall Street and Washington will be debating whether the current situation counts as a recession.
While the opinions and analyses surrounding the state of the U.S. economy are mixed, famous economist and investor Peter Schiff who is the founder of Euro Pacific Capital, has a different perspective: The U.S. is slumping into an “inflationary depression.”
“I think that the economic weakness is going to be so pronounced and over such a long period of time that it would not even do it justice to call a recession,” he told The Epoch Times. “I think depression is going to be a more accurate description of what we’re going to go through.”