Peter Schiff recommends higher taxes on the middle class for “demand destruction” to fight inflation
To lower consumer prices raised by food and fuel shortages, government should take more of your money so you can’t afford things, TV guy tells the gullible (Updated 6/11/22)
Peter Schiff says if the US government won’t reduce its spending by “big cuts in middle class entitlements” like Medicare and Social Security, then inflation must be fought through “demand destruction” by higher taxes on the middle class.
Instead of suggesting lowering prices by fixing supply disruptions of goods and services — by ending lockdowns, vaccine mandates, food factory fires and explosions, sanctions on Russia, and mass vaccination during a pandemic with leaky spike protein vaccines having horrid design flaws — Schiff wants to reduce middle class demand through taxation: if government takes more of the money you earn, you’ll have less to spend, so prices will decrease.
Voilà!
Schiff in the video above, starting around 2:20:
The government needs to dramatically reduce government spending.
We need to see big cuts in middle class entitlements or we need major tax increases, not on the rich because that will reduce investment.
We don't want to do that. We need more supply.
We need less demand, so they have to increase taxes on the middle class.
Either raise the payroll tax or maybe introduce a national value added tax or a sales tax.
I would prefer spending cuts, but if they don't do one of those two things, inflation is not going to go away.
Inflation is gonna get much worse. We're nowhere near peak inflation.
This inflation is just getting started. I mean, we've had it for a long time in financial assets, but now it's finally moved into consumer goods and it's got a long way to go.
The logical end of this reasoning is for the middle class to sink into poverty.
With the masses close to starving and not putting gas in cars, falling prices will then become attractive again for people who can still afford food and energy.
In Schiff’s view, apparently, a terrific way to reduce food prices is to make it so more poors line up for food rations.
Like virtually all leaders in the media, Schiff won’t mention helping the economy by ending the current mass vaccination campaign — headed for disaster through selection of more lethal viral variants — or abolishing enslaving vaccine passports and mandates.
Dear Mr. Shitt/sorry I mean Shiff: BITE ME.
Ah, this is Peter Schiff? Really? The great Austrian economic thinker wants to raise taxes on the middle? He's always been wrong on many issues but this is wacky thinking?