Bottom line 1% of the population has 60% of the nations wealth, therefore they should pay 60% of the nations taxes. Period end of story, you can't tax someone what they do not have. The sad fact of the matter is that while the idea of making the rich richer to help society sounds good it doesn't work, because the money the rich get back from investments they don't create businesses with, it seems to me they just buy more stuff.
@MrGlobal88 Actually the only people who tend to agree with mr Schiff, are the people who understand economics, whether they are intelligent or not is not relevant.
Your comment however, is evidence for lack of economic understanding, proof for stupidity, and insulting to anyone with above average intelligence.
PEOPLE TALK THAT RON IS NOT DOING ANYHING TO MINE THE NON-WHITE VOTEBANK
BUT WAIT A SECOND, THAT WOULD BE A CHEAP GIMMICK AND BE SUCCUMBING TO DIVISIVE POLITICS. RON DOES HIS DUTY AS A TRUE AMERICAN AND HE WONT PLAY CHEAP TRICKS FOR POPULARITY, WHO WOULD NOT BE TEMPTED TO GET MORE VOTES? - NOT ♥ RON PAUL ♥ HE STICKS HIS GROUND AND WANTS TO SAVE AMERICA AS A WHOLE
HE WANTS EVERY AMERICAN TO HAVE FINANCIAL COMFORT AND FREEDOM, HIS POLICY IS DEEPER THAN BLACK-WHITE-HISPANIC ETC,
I dont agree with this guy`s logic at all. If you have millions of dollars of income for one individual, there is no way that a higher percentage of that money is going to be spent relative to the same amount of money dispersed among families to an average income of 60 thousand dollars per income earner. That kind of logic is destroying america`s middle class
If savings are used to create business and jobs then why the hell isn't there any jobs being created right now? The richest 1% have actually increased their income both during this recession; they are the only people who are actually doing better after the recession. And since the Bush tax cuts are in effect where are the new businesses and jobs that these rich and weal-er JOB CREATORS are creating?!
@wangsta25 Because the government stands in the way. Look at China; free market, capitalism, lower wages, growing economy. The US in a few years will be overtaken completely, Asian countries will have the largest economies and highest standard of living.
Free market/capitalism: Heritage foundation (ur favorite website) rated China's economic freedom as being 135 out of 179 countries
Lower wages: No minimum wage (free market!!!)
Growing economy: GDP growth rate is high, but GDP growth does not mean everyone's living standards r going up
Bottom line is China is experiencing massive social problems which deal with massive income inequality, class disparity, and the blowbacks of capitalism
@wangsta25 No no listen you're an idiot, you need to study history more since you have no clue about anything related to economy. Look at the experiments of communism & socialism and you'll quickly understand why it's a complete failure from the start. China is going in the right direction, USA is becoming more like China use to be. China has still a lot of problems, but its future will be better than that if US and European countries. This is because countries tend to become more socialist.
@TWSceptic "its future will be better than U.S. and Europe" Pal u need to stop getting ur stuff from the Cato Institute and Fox News. Actually start looking into China's social structure. Don't just skim the surifce and say "ohhh their economy's gonna get better than ours." The lower class in China is getting nowhere, people at the bottom of society's living standards hav actually gotten worse. The middle class is also VERY slowly growing. All u do is see if rich people r benefiting.
@TWSceptic "government stands in the way" lol even if there were zero taxes and no regulations market fundamentalists would still bitch about "argg i can't do anything! tooo much government!" The Heritage Foundation has rated the U.S's economic freedom as being the 9th freest out of 179 countries meaning if ur still bitching about regulations and government then u hav 2 admit it's ur own damn fault that ur not a successful businessman.
@wangsta25 Even when the 'rich' give 99% to big inefficient government you will still bitch and hate on them because you're a jealous failure. What you need to understand is people should get equal opportunities without government intervention. The US suffers from the same problems many other countries do, which is why countries like China, India etc are taking over. Like I said you have no clue about economics, history, or the fundamental growth factors for prosperity. I recommend more study.
@TWSceptic I recommend studying the period in between 1945-1973, otherwise known as the "golden era of American capitalism" a time when EVERYONE benefited from the market and not just the rich. Back in that period the highest tax bracket was a BIG GOVERNMENT SOCIALIST NAZI COMMUNIST rate of 70-91% and there were A LOT more regulations. This was when the middle class was growing at an accelerated pace.
Yes but the 9-9-9 plan would raise the effective taxes on the poor and lower middle class. Because most of them pay 0- very little in fed income taxes at the end of the year after all the deductions they get. So they would go from around 0 to 9% in fed income tax, but also now have to pay an additional 9% tax on top of the 6-8% state consumption taxes whenever the buy anything. BAD IDEA.
- End (and audit) the private bankers' “Federal” Reserve & the power for THEM to print OUR currency (Thomas Jefferson warned us)
- End the “Patriot” Act
- End the FEDERAL GOVERNMENTS' 40 year long UNSUCCESSFUL & COUNTERPRODUCTIVE war on our God given right to choose what we put in our bodies (The End of the War on Drugs)
- Cut 1 trillion dollars from the debt his 1st year & have the Budget Balanced in three
This is one time Peter is 10% wrong. Money that is "saved" actually ends up on the "reserves" of a bank which gives them "leverage" to loan 9 or 10 times more. When they loan 9 or 10 times more what "money" do they loan... and earn interest on? Answer: The money they create out of thin air... FUNNY MONEY. Any bank within the Fed System is given FREE money thanks to saved money and then they get filthy rich as a result, THANK TO CONGRESS and the Fed Reserve Act of 1913... read the book bleow...
Peter is right about 90% of the time. But he keeps saying gold somehow is money per the Constitution?? BS. Peter has gold on his brain. Get off it Peter... In the mean time, there is another guy who just published a book on what everyone who is being taken advantage of can do to get back in the game after having their clocks cleaned... "Money Slaves And Cool Aid"... Get - The - Book dot com (solve the riddle and learn what to do). Good luck pounding it through their thick skulls Peter.
@helm28469 you're right - cash will lose value if you keep it under you pillow but people do this (maybe not under their pillow). I knew someone that kept a couple thousand in an envelop hidden in the freezer. Anyway, I'm trying to understand what the economic impact would be if there was less money in circulation because people are hoarding it.
@lbaumy I like Peter Schiff but he is dead wrong on this issue. He is making up falsehoods about Herman Cains plan because Herman Cain is in the lead and Peter Schiff is a Ron Paul supporter. If you accually take the time to read the details of Herman Cain's plan, you will see that Peter Schiff is wrong. Btw, I think Herman Cain would know better than you. ;)
@TrueConservative123 Peter is simply saying that payroll taxes are factored in to the cost of employment, so they become part of the wage package. Employers could raise wages by the same amount [of payroll taxes] without raising labor costs. 9-9-9 does eliminate this tax, but the elimination of deductibility from corporate taxes in a sense replaces it with a 9% payroll tax. Hence 9-9-9-9; its deceiving, and this new plan will just make it easier for politicians to raise taxes in the future.
I understand what Peter says but he is still wrong. Employers factor in the cost of there portion (7.65%) of the payroll tax to the employee salary. The 9-9-9 plan eliminates the payroll tax so it is less expensive to hire that same employee, therefore they can pay the employee more or save the additional money for reinvestment into the comany.
@hunden8404 And yes, some employers do currently get tax deductions for payroll taxes (if they meet specific requirements) but 9-9-9 lowers corporate taxes from the current 35% down to 9% of Herman Cain's plan. For the small business companies (i.e. Sole Proprietorships, Partnerships and S-Corporations) that have to claim there business profits on there personal income tax forms, the rate goes from the current 35% - 25% (dependent upon income after deductions) down to 9% under the 9-9-9 plan.
@hunden8404 In addition to that, another part of the 9-9-9 plan eleminates the Capital Gains Tax which makes it much more appealing for investors to invest capital into businesses.
@TrueConservative123 Considering how he likes Alan Greenspan, think the Federal Reserve can be called up without a Federal Audit, and missed the Housing Bubble even in 2007; I would bet against him lol
The protesters should be protesting the White house, the federal reserve AS WELL AS WALL STREET. Schiff makes an excellent point but it is not as if Wall Street were just innocent people who were driven to commit acts of fraud, deception, and theft by an overbearing government. They lobbied and payed off the government to aid them in committing those crimes. They're all guilty. And as for the protesters, no one forced those college students to take out federal loans.
Schiff does a good job explaining how money unspent (sitting in banks) is actually useful to the economy because it's loaned back out by the banks into the economy. However, he doesn't say what would happen if the rich people kept their unspent money in cash under their pillows or put it in banks overseas and whether that is a real problem.
@Helm28469 Right now with the rates banks are paying for "high interest" savings accounts and C.D.'s it really makes no difference. However, they would be better off investing in established dividend paying stocks in the utility, energy, or reit sectors.
Herman still supports the Fed, being a former employee. So essentially he is okay with Ben Bernanke giving a trillion dollars to a European bank w/out Congressional approval. Which basically means he will devalue your wallet because a foreigner needs bailed out. Which means Herman also supports the Fed giving banking executives more money than Taiwan's entire GDP last year. He's a banker of the worst kind!! People are being fooled massively by this 9-9-9 nonsense.
If anyone knows what a crappy tax plan is, its Peter Schiff. The guy knows economics and business cycles. Herman's plan is going to screw my business, the middle class, and set the stage to crush all of us in the end as 999 becomes 37 37 37+
Adding any new taxes is a horrid idea! Even if its only 1 new tax.
@MyFunnyBrianShow You'd be insane to vote for Cain. Keep the Fed, end up dead. Before all of your wealth is gone, vote for Ron. Rhymes are a funny thing. Despite the common misconception, the voting public aren't kindergarteners and would most likely better respond to facts, but that's where Cain lacks.. better stick to Rhymes I guess.
shake head at merging the OWS with Tea Party, Schiff Tea Party is a JOKE, and you should know it! I agree with almost everything you said, but come on man.....TEA PARTY?
@Empurity Schiff's Tea Party consists of Ron Paul and his allies. Let's make that clear. Schiff has predicted every major move in this market in recent decades. Remember that.
@Empurity It's you who is the joke. Did you predict any of this years in advance in explicit detail? Shake head vigorously no. Did anyone in Washington other than Ron Paul point out that major banks and Freddie/Fannie were going to go bankrupt from as far back as 2003?
Austrian economists did to a man. Keynesian economics is the joke. Most of the OWS people are just confused. If they understood what was going on they would move up a few blocks to the N.Y. Federal Reserve branch.
Well done Peter. I think a competing currency system is needed. Hopefully it can be set up before the political crisis occurs. Continue to educate the masses about true free market capitalism. It's time for honest solutions from all sides of the political spectrum.
He's talking about the Zeitgeist group which, IMO, shouldn't be a group because that's egotistical in itself. I'll find my own GNR utopia, thank you.
I do not think Peter is clear about how 9-9-9 works. For example, he says that a business owner will pay himself dividends which are not taxed, instead of a salary which is taxed. This completely overlooks the fact that the corporate dividends come from earning, which are taxed. I also do not understand how he can suggest that lowering the income tax to 9% and eliminating FICA (15%)etc, is a increase in taxes on middle income wage earners. I usually find him right on point, but not on this.
Peter, I think that the more informed members of the OWS group understand what you are saying. They see the Wall Street elite (financiers mostly) and the government as one entity. That is the crux of the problem. The US Gov doesn't represent the 99%. As for forgiveness of student loans, that is not gonna happen.
What kind of retard has anything good to say about the 999 plan. You are so out of touch with the majority Schiff that it's almost funny. I wonder if the shame of your bullshit will haunt you in old age when someone digs up this clip and others like it and ask, "Grandpa, why were you such a cunt?"
@refuckulate420 the fact you have 420 you your name, pretty much explains your stance. You probably sent your comment from your i-phone in a tent from wall street. Geeze stop drinking the kool aid. . . . Capitalism is a GOOD THING , it’s an American Thing
So sad to see the ignorant comments. It is the people with money that create jobs. The problem right now, is that businesses, and those who would be starting a business, are sitting on their cash due to the uncertainty caused by this administration. Uncertainly in tax law, and the historic increase in regulations are choking business. Replace our oppressive tax code with something that makes sense, like the FairTax, and businesses will trip over themselves to set up shop here, creating JOBS!!
LOL this guy is full of shit. The rich have had more money in this country then they've ever had before....he claims that these "savings" go towards growing the economy and creating jobs...WELL WHERE ARE THEY? The rich have had tax cuts and wealth growth for years.
The rich don't magically create jobs when they have money, idiot. Economic growth is based on incentive, and incentive doesn't matter when the majority(i.e. the middle class) doesn't have money to spend on goods.
Herman Cain's idea 9-9-9 idea may have some issues, buthe website clearly states REMOVE the IRS! paraphrasing a little. That has my vote. Can you imagine what would happen if someone came up with a great idea that everyone liked? We'd sit back and watched it tore to shreads in the House and Senate? They would add so much $hit -pet projects and tweak it to look just like it does now. It'd look nothing like his 9-9-9 plan. No one "plan" will work. Why? Because they want it crashed!
Yeah but the rich do not necessarily need to spend all of their money while the lower classes have to spend their money in order to maintain any sort of livelihood. This money goes to electricity, water, food, childcare, gas, car payment, and insurance. If you are making less than 20$ an hour then you must have more than one income in a house hold to even pay off those bills. You, Schiff would be in the higher level so of course you don't want to pay a whole five percent more onthe your income.
First, isnt´it good for society as a whole, both in a long term and a short term view if the people get education ,healthcare and infrastructure? If the government get that money and spend them on this, then society as a whole would gain to pay more taxes right?
Second consumption can occure abroad and is therefore not a secure way to tax. Then you cant have a stable economy, which is important. Or?
Peter, rich people spend their money on expensive products. Rich people benefit rich people, not the middle class or poor. They don't always spend their money. Sometimes they give money to their friends and family or sometimes they just save their money. Over taxing is what kills jobs. We need to help small business, not the large businesses. When we tax the small businesses too hard, it hurts the middle class and the poor. The rich already have enough money, and they're not spending it.
@TheComputerEngineer But how did they create that purchasing power to be able to spend?
They get to enjoy there wealth when they consume. When the money is saved, it goes toward capital investment. It's delayed consumption.
We don't need to help or hurt anyone. We need a tax and legal code that treats everyone equally under the law.
Why would you want to punish market capitalists simply because they are large. There is a difference between a market capitalists and one in bed with govt.
@TheComputerEngineer It's not a matter of the "rich having enough money." If they got their wealth by offering products that met consumer preferences, you aren't out anything. We shouldn't try to punish those who got wealthy without favors from govt.
A market capitalist in a free market can only gain wealth by offering consumers what they want. He is creating new wealth. The profits insure that that socially beneficial behaviour continues. Losses insure that is soon ends in a free market.
Hey Schiff, why would they create jobs if demand is stagnant & business has no confidence demand will increase?
Nothing gives a bus. confidence like a fat order book, and if the middle & lower class are starved of purchasing power because the wealth is all going to the top, more are unemployed, & wages are stagnating - there are fewer orders for their products.
- a consumption tax, as opposed to an income tax, allows the rich to increase their wealth by the use of tax free profits. it increases the inequality of wealth dist & the rich/poor gap.
- to great a reliance on consumption tax distorts the system, eg: encourages a large black market
@megarational Sure, encouraging thrift in the middle classes might help them improve themselves. Cant have that. Keep them spending, in debt. Now THAT is the way to being richer, isnt it?
@SchiffReport, I am a customer and a FAIRTAX supporter. I would very much appreciate your response regarding Cain.Is your criticism of 999 making perfect the enemy of the good? In other words, 999 is an 1st step to FAIRTAX, and he argues it is the best way to gather support for Fairtax as it is politically unrealistic to jump there now from our current system. Also, payroll tax is down 15.3% to 9% (4th 9). Isn't that still better? What other GOP has a better (& politically realistic) tax plan?
Occupy Wall Street is a great opportunity to discuss what is rigtht an what is wrong about financial system from the mayority point of view. I agree true capitalism rules are not the problem but the misinterpretation from the 1% point of view. Bail outs shouldn't exist. And how dangerous is printing money without control?
I've seen some of these "protesters" at the university that I attend and the only thing that they are protesting is that they didn't receive a bailout.
@MysTerrier NOT! US inflation is almost SOLELY due to the unregulated printing by the privately owned FEDERAL RESERVE to issue loans backed by worthless paper debt but insured by the US government. In the past three years, over $70 TRILLION in unregulated printing, AND the use of $2000 TRILLION ($2 QUADRILLION) in worldwide paper debt based on NOTHING! This will cause inflation far greater than ANY other form of inflation created by wage increases.
@FreeinTX - Are you suggesting that because the fed prints money from thin air, that the hard working people do not deserve a doubling of their wages?
@MysTerrier There wages won't be doubled in any real sense. In purchasing power they lose out due to the Cantillon effects of inflation. Prices don't rise in unison when the banking systme emits credit money. They tend to flow in some areas first.
Wage prices are the last to rise. For that whole period they get a real wage reduction in purchasing power terms.
Then the next wave of money printing comes. The worker never catches up.
Our debt-based monetary system helps banks and govt.
@MysTerrier No one should be in the position to demand that employers double wages for their employees, except the employer or the employee. Some employees deserve a tripling if their wages, others deserve to be fired immediately. Some deserve hardcore prison time for what they have done. But because the FED prints money from thin air, a doubling of wages won't even get us back to the year 2000 standard of living because of the inflation they have created!
Herman Cain was an Affirmative Action hire at the Federal Reserve. Before it became non-PC to point these things out, his IQ qualified him as "functionally retarded". The 9-9-9 plan was lifted from the video game SimCity. This guy is a phony and a tool of the jewish bankers.
Why is Mr. Schiff not talking about interest lavery?
Why doesn't he talk about the exponential function of interest?
Because Austrian school is not against interest slavery - in fact it is one card the international high finance plays, if the Keynesian card is getting weaker.
Money as debt and interest slavery is the root of the problem.
I agree with you 95% of the time, Peter, but here, you're wrong. It is not good to put such a tax increase on low income and poor people. Right now, 10 cents of every dollar we spend is going to many of these major cities in the form of a sales tax and you're asking that another 10 cents goes to the feds. The last thing the feds need before they make substantial cuts and reduce waste is another source of revenue. Government is too big and wasteful as it is.
@JamesGotALeg so why doesn't the useless crappy government do its job? Because wall street is their biggest donor.It is the government that makes the tax rules and the loopholesThe universities combined with government are causing the high cost of student loans It's the boneheads occupying wall street that think there is a perfect world out there somewhere.They get to vote so to work and find these honest people that you expect to fix everything.Thats what the tea party is trying to do.
Schiff. Your corporate world needs to accept responsibility for your own actions. I am surprised that you don't understand the interrelationships between corporations and the government. It seems like half the video was trying to place blame and deflect corporate ownership for getting their hands dirty in the economic mess that we are in.
We already have someone in power implementing Nein, Nein, Nein, his name is John Boehner. Everytime we put a bill in front of him that favours the 99% and create jobs, Boehner goes:
"Nine, Nine, Nine" (Like Hitler in "Glorious Bastards") :-)
Your first defense of consumption taxation is specious. Rich people can afford to go spend their money in other countries where they pay no American tax while poor people cannot. Furthermore, such a plan still *increases* taxes on the poor, who currently pay not too much. We should be lowering everyone's tax, not increasing tax on some and decreasing on others.
Awesome video Peter. I agree with 90% of it. You do paint the elite as overly helpful to the economy and that they use ALL of their money to create jobs and improve the economy. Peter you know better than that. The elite use companies such as yours to use their plentiful dispossable income and savings to invest oversees to escape taxation here in America. So, I ask you to please be more none bias about your assertion as to what the elite do with their money. It all does not go to help usa.
@Beethovens7th He does not have any additional access. His extensive knowledge of the tax code system allows him to arrive at common sense answers. It's quite simple once you think about it. If a corporation makes 1 million. It will pay 9 percent of 1 million. Keep in mind out of that one million that company paid employees. Under the current system the company would pay a much higher percentage let's say 40% but not of 1 mill. 40% of what is left after plenty deductions and some loopholes.
@TubeChilling Yeah, I since figured that out. I was thrown off when he said there was a "hidden 9," as I thought he meant that there was actually an additional tax hidden in Cain's plan. But now I understand that he just means it is part of the 9% corporate tax. Thanks for the very clear explanation, though!
re: @7:20. i could be wrong, but doesn't cain's tax plan allow for businesses to deduct wages? from the tax policy center's website:
"The flat tax is a subtraction method value-added tax, similar to the [business transfer tax], with the exception that businesses may deduct wages paid and workers must report and pay taxes on their wages. With a single rate, however, it makes no difference whether the worker or the business remits the tax."
Holy shit, I know the Freedom of Speech is good and all, but people should be held liable for the stupid things they say.
Things you didn't address. You DID NOT address the fact that the ratio of money out for middle America is higher than the top %. You, LIKE MOST PEOPLE, fail to realize that we are not in a Dictatorship, no 1 man can make the difference.
You're a fucking moron for attacking the protest. You don't get it because you're too fucking raped by Wall St to understand.
I disagree with Peter here. the problem is he is blind to his view, the problem in the greed and the government did cause the problems by taking away the laws, the problem is that Peter wants less rules, but the problem is they need to be thrown in jail, we need to protest both, they do understand what they are protesting both.The have no problem with the ''free'' market, they have a problem with the greed and they are outraged about that, the 600 trillion of funny money was because of no laws.
Don't you see they are now aiming at our Social Security and trying to put them on their gambling machines? We have a hijacked capitalism. RUS/PRC have their hijacked socialism/communism when capital resources aren't carefully monitored and fairly distributed.
When we can't produce then we have to save. We can produce but our productivity are suppressed, cornered and hijacked hence we can't benefit from our own efforts. We aren't sovereign anymore. We don't have power to keep our savings. If you have savings and it would actually attract attackers.
I have finally realized Peter Schiff is totally full of shit. He's a reactionary Republican, money grubbing corporatist, and pro-war. Some combination!
I can't stand to listen to his whining Wall St apologies and endless yammering. And is anyone even listening!
"He's a reactionary Republican, money grubbing corporatist, and pro-war." <--- None of these statements accurately describe Peter Schiff.
Let me help you fix this statement: "He's a radical Libertarian, free-market capitalist, and adherent to the principal of non-aggression."
No amount of evidence to these facts will, of course, change your mind, but you're free to find it yourself. You may now continue lumping all non-redistributionists into the corporatist, warmonger labels.
@TrentKM Interestingly, he was in strong support of Obama's troop "surge" in Afghanistan, apparently believing
that the US mission was not only justified, but insufficient. So much for "non-aggression". If you research his
European family background, you'll discover Schiff bankiing interests are connected with Rothschild and Illuminati. There's more to this clown than meets the eye, and there's nothing "radical" about him. Also, people
who know him have said he's arrogant and obnoxious--I agree.
@99jonny100 You'll have to provide some sources on the troop surge quote as I couldn't find anything, but things tend to get buried on the internet sometimes. And while Irwin Schiff's father's name was Jacob, it's not the Jacob you are thinking of. The Jacob you're thinking of had two children: Mortimer and Frieda.
9-9-9 is a gimmick....Ron Paul has a real plan to RESTORE AMERICA and the media is blacking it out. Please do your part ronpaul2012(com) ---black out money bomb today
People must prepare, Wall St tycoons are able to make govt to wash down your anger and demands. On top of that, they can even twist things into punishment. You must have determination and crack the possibility that they will manufacture crisis to humiliate you into retreat. Bankers and politicians may play their blaming games and push you off the cliff. Don't join them but stand your ground in all cities for your demands of reform. Use your intelligence and diversity of communities.
@cjyost I know what you mean. Its like when Buffet says rich people pay less than plumbers. Hedge fund managers pay more dollars, but plumbers pay a higher percentage. Both sides are playing games with words to fool the uninformed voting masses to vote for their side. I'm basically reiterating ideas that Peter has talked about over the months and that I agree with. So if you disagree with me, you probably disagree with Peter as well. More understanding doesn't always mean more agreement.
@GaryVolts Sorry, I don't agree with Peter. Because Wall St is holding the crisis button and they are extremely unstable group of insiders. They may have internal struggles or trade wars and they can repeat 2008 crisis anytime. People must occupy the site and penetrate the system temporarily and make sure they can't touch those buttons again and again. Not a lot of local small businesses can survive those tsunamis they triggered. You must determine not to let them repeating bad histories on you.
@beancube2010 I don't negotiate with terrorists. It was the bad banks that were going to go BK 2008. The system needed that, and the government prevented it. Main street can live without wall street. And business that lives on credit isn't a viable business in the first place.
Its more about expendable income. The wealthy could take on a 16 to 17% sales tax regardless of the expensive items they buy and still have hordes of expendable income left. Families living paycheck to paycheck can hardly afford to buy goods as is, let along have a 7% sales tax plus a 9% national sales tax. The thing to analyze here is whether or not the amount of potential savings when take dip for lower income families.
@cjyost But it keeps increasing. Every extra hour I work, the government takes a bigger piece. At a certain level, a rational person will realize it doesn't make sense to work more. At that point they'll idle their time and do something else. Unless you have a PHd in math, I've got more math than you my friend. Most of the super high incomes you see are the unintended consequence of government intervention. Forcing lay people into the market by way of the 401k tax policy, etc.
I liked Schiff until he started talking about student loans.
If student loans were cut prices would go down, but supply would go down as well. Professors would get laid off, and the country would become less educated overall.
I guess it would open up the college market to more competition, but the worst professors would be laid off and form the new colleges. Only the rich would be able to afford the best education. It would just add to more stratification in society.
@Nightmonkey17 only rich would afford the best education? it is like you completely missed what was said. If the worst did get laid off and start new colleges (it doesn't happen like that) then the better colleges would still have to compete with the crappy ones financially...which would force the stupid professors who started the crappy colleges to close, which pretty much renders your point moot.
What about senior citizens on Social Security? They don't pay any tax on it now. With the 9-9-9 plan, they lose 9% with the sales tax.
What about tax-deferred 401K's? No capital gains tax with 999. No tax when they earned the money they put into the 401K, and now only 9% tax when they spend it with 999.
This is not empirically/economically driven. Schiff's message is deceiving and ideologically driven; some of the economical phenomenons he describes is just flat out lies. Now, I only watched the first half about 9,9,9 taxation; but I doubt it's any more a precise analysis on the OWS movement
@vic4rp Dude long time ago i gave up to believe in super-man, spider-man and good politician. the change have to come from the bottom no from the top. i dont know if you realize but each for years presidents come presidents go around the world and the shit still the same. i hope Ron Paul make the magic that you are expecting but honestly i can bet all what i have that nothing gonna change and you know why? president is the small power in one country.
So much mindless crap spud from @nightpotato, I can tell you are young and have absolutely no life experience at all. Get a real job and rise a family .. only then will you see what life is really about. And quit listening to the stupid college professors. Fool, no government = anarchy.... Anarchy definition Most often, the term "anarchy" describes the simple absence of publicly recognized government or enforced political authority. Have you been tought that word yet? get a clue!
can someone explain why it wouldn't be a housing bubble if it was capitalism, thats just wrong by shiff. Almost everyone seem to takes a house loan in usa.
Economies collapse, not because people have taken on more debt than they can afford, but because they have not been paid what they are worth for far too long. When corps are allowed to freeze wages for 30-50 years (or barely raise them) while costs of everything else (including CEO's salaries) are doubling and tripling, it hollows out the bottom end of the economy.
@MysTerrier A firm will hire an individual if his contribution to revenue exceeds the wage cost. This determines labor demand and, along with labor supply, determines market wage rates, not companies. Wages have been relatively "frozen" because of an increase in labor supply (such as women entering the work force). If the government forced companies to pay higher wages (raise min. wage) unemployment would skyrocket. People with low paying jobs can't expect to be entitled to a luxury lifestyle.
@GTE555 - So Australia where the minimum wage is at $18 an hour, with half the rent as that here in Vancouver, is an illusion? Ausies seem to be doing well. It is , mere hogwash to suggest corporations cannot pay a worker better. The only reason wages are so low is because greed is so high. It is the wealthy who need to take a cut in pay, like everyone else has had to do.
I disagree with this, Ron Paul Ownd you!
Youtube - Ron Paul 'Herman Cain's 999 Plan Is Dangerous'
qing333 1 week ago
Bottom line 1% of the population has 60% of the nations wealth, therefore they should pay 60% of the nations taxes. Period end of story, you can't tax someone what they do not have. The sad fact of the matter is that while the idea of making the rich richer to help society sounds good it doesn't work, because the money the rich get back from investments they don't create businesses with, it seems to me they just buy more stuff.
philosophizer149 1 month ago
@philosophizer149 ohh fuck off
Zac6230 4 days ago
If we replace the income taxe by an consumption taxe, it will be an taxe increase for the poors, no ?
sebholding 2 months ago
133 have never studied economics.
TWSceptic 2 months ago 2
This guy is insulting the intelligence of anyone who agrees with him
MrGlobal88 2 months ago
@MrGlobal88 Actually the only people who tend to agree with mr Schiff, are the people who understand economics, whether they are intelligent or not is not relevant.
Your comment however, is evidence for lack of economic understanding, proof for stupidity, and insulting to anyone with above average intelligence.
TWSceptic 2 months ago
THE RACE CARD:
PEOPLE TALK THAT RON IS NOT DOING ANYHING TO MINE THE NON-WHITE VOTEBANK
BUT WAIT A SECOND, THAT WOULD BE A CHEAP GIMMICK AND BE SUCCUMBING TO DIVISIVE POLITICS. RON DOES HIS DUTY AS A TRUE AMERICAN AND HE WONT PLAY CHEAP TRICKS FOR POPULARITY, WHO WOULD NOT BE TEMPTED TO GET MORE VOTES? - NOT ♥ RON PAUL ♥ HE STICKS HIS GROUND AND WANTS TO SAVE AMERICA AS A WHOLE
HE WANTS EVERY AMERICAN TO HAVE FINANCIAL COMFORT AND FREEDOM, HIS POLICY IS DEEPER THAN BLACK-WHITE-HISPANIC ETC,
ashwadhwani 2 months ago
I dont agree with this guy`s logic at all. If you have millions of dollars of income for one individual, there is no way that a higher percentage of that money is going to be spent relative to the same amount of money dispersed among families to an average income of 60 thousand dollars per income earner. That kind of logic is destroying america`s middle class
scot460 2 months ago
If savings are used to create business and jobs then why the hell isn't there any jobs being created right now? The richest 1% have actually increased their income both during this recession; they are the only people who are actually doing better after the recession. And since the Bush tax cuts are in effect where are the new businesses and jobs that these rich and weal-er JOB CREATORS are creating?!
wangsta25 2 months ago
@wangsta25 Because the government stands in the way. Look at China; free market, capitalism, lower wages, growing economy. The US in a few years will be overtaken completely, Asian countries will have the largest economies and highest standard of living.
TWSceptic 2 months ago
@TWSceptic U hav no idea of wat ur talking about
Free market/capitalism: Heritage foundation (ur favorite website) rated China's economic freedom as being 135 out of 179 countries
Lower wages: No minimum wage (free market!!!)
Growing economy: GDP growth rate is high, but GDP growth does not mean everyone's living standards r going up
Bottom line is China is experiencing massive social problems which deal with massive income inequality, class disparity, and the blowbacks of capitalism
wangsta25 2 months ago
@wangsta25 No no listen you're an idiot, you need to study history more since you have no clue about anything related to economy. Look at the experiments of communism & socialism and you'll quickly understand why it's a complete failure from the start. China is going in the right direction, USA is becoming more like China use to be. China has still a lot of problems, but its future will be better than that if US and European countries. This is because countries tend to become more socialist.
TWSceptic 2 months ago
@TWSceptic "its future will be better than U.S. and Europe" Pal u need to stop getting ur stuff from the Cato Institute and Fox News. Actually start looking into China's social structure. Don't just skim the surifce and say "ohhh their economy's gonna get better than ours." The lower class in China is getting nowhere, people at the bottom of society's living standards hav actually gotten worse. The middle class is also VERY slowly growing. All u do is see if rich people r benefiting.
wangsta25 2 months ago
@TWSceptic "government stands in the way" lol even if there were zero taxes and no regulations market fundamentalists would still bitch about "argg i can't do anything! tooo much government!" The Heritage Foundation has rated the U.S's economic freedom as being the 9th freest out of 179 countries meaning if ur still bitching about regulations and government then u hav 2 admit it's ur own damn fault that ur not a successful businessman.
wangsta25 2 months ago
@wangsta25 Even when the 'rich' give 99% to big inefficient government you will still bitch and hate on them because you're a jealous failure. What you need to understand is people should get equal opportunities without government intervention. The US suffers from the same problems many other countries do, which is why countries like China, India etc are taking over. Like I said you have no clue about economics, history, or the fundamental growth factors for prosperity. I recommend more study.
TWSceptic 2 months ago
@TWSceptic I recommend studying the period in between 1945-1973, otherwise known as the "golden era of American capitalism" a time when EVERYONE benefited from the market and not just the rich. Back in that period the highest tax bracket was a BIG GOVERNMENT SOCIALIST NAZI COMMUNIST rate of 70-91% and there were A LOT more regulations. This was when the middle class was growing at an accelerated pace.
wangsta25 2 months ago
Herman Cain is a shill for the FED and the communist jew bankers, plus he's a pervert.
IsraeliteMessenger 3 months ago
Yes but the 9-9-9 plan would raise the effective taxes on the poor and lower middle class. Because most of them pay 0- very little in fed income taxes at the end of the year after all the deductions they get. So they would go from around 0 to 9% in fed income tax, but also now have to pay an additional 9% tax on top of the 6-8% state consumption taxes whenever the buy anything. BAD IDEA.
astrosntexans 3 months ago 16
Ron Paul
- Bring home ALL the TROOPS Day 1
- End (and audit) the private bankers' “Federal” Reserve & the power for THEM to print OUR currency (Thomas Jefferson warned us)
- End the “Patriot” Act
- End the FEDERAL GOVERNMENTS' 40 year long UNSUCCESSFUL & COUNTERPRODUCTIVE war on our God given right to choose what we put in our bodies (The End of the War on Drugs)
- Cut 1 trillion dollars from the debt his 1st year & have the Budget Balanced in three
- End the IRS & Income Tax
Vs
Cain
-999 Tax.
psillyguava 3 months ago 35
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Ron Paul 2012
mixfight12 3 months ago
This is one time Peter is 10% wrong. Money that is "saved" actually ends up on the "reserves" of a bank which gives them "leverage" to loan 9 or 10 times more. When they loan 9 or 10 times more what "money" do they loan... and earn interest on? Answer: The money they create out of thin air... FUNNY MONEY. Any bank within the Fed System is given FREE money thanks to saved money and then they get filthy rich as a result, THANK TO CONGRESS and the Fed Reserve Act of 1913... read the book bleow...
TMIAmerica 3 months ago
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Peter is right about 90% of the time. But he keeps saying gold somehow is money per the Constitution?? BS. Peter has gold on his brain. Get off it Peter... In the mean time, there is another guy who just published a book on what everyone who is being taken advantage of can do to get back in the game after having their clocks cleaned... "Money Slaves And Cool Aid"... Get - The - Book dot com (solve the riddle and learn what to do). Good luck pounding it through their thick skulls Peter.
TMIAmerica 3 months ago
@helm28469 you're right - cash will lose value if you keep it under you pillow but people do this (maybe not under their pillow). I knew someone that kept a couple thousand in an envelop hidden in the freezer. Anyway, I'm trying to understand what the economic impact would be if there was less money in circulation because people are hoarding it.
2tolerant 3 months ago
There is NO payrolls tax with the 9-9-9 plan. Peter Schiff I would suggest you read the entire plan before you comment on it.
TrueConservative123 3 months ago
@TrueConservative123 I'm pretty sure Peter Schiff would know better than you.
lbaumy 3 months ago
@lbaumy I like Peter Schiff but he is dead wrong on this issue. He is making up falsehoods about Herman Cains plan because Herman Cain is in the lead and Peter Schiff is a Ron Paul supporter. If you accually take the time to read the details of Herman Cain's plan, you will see that Peter Schiff is wrong. Btw, I think Herman Cain would know better than you. ;)
TrueConservative123 3 months ago
@TrueConservative123 Peter is simply saying that payroll taxes are factored in to the cost of employment, so they become part of the wage package. Employers could raise wages by the same amount [of payroll taxes] without raising labor costs. 9-9-9 does eliminate this tax, but the elimination of deductibility from corporate taxes in a sense replaces it with a 9% payroll tax. Hence 9-9-9-9; its deceiving, and this new plan will just make it easier for politicians to raise taxes in the future.
hunden8404 3 months ago
I understand what Peter says but he is still wrong. Employers factor in the cost of there portion (7.65%) of the payroll tax to the employee salary. The 9-9-9 plan eliminates the payroll tax so it is less expensive to hire that same employee, therefore they can pay the employee more or save the additional money for reinvestment into the comany.
TrueConservative123 3 months ago
@hunden8404 And yes, some employers do currently get tax deductions for payroll taxes (if they meet specific requirements) but 9-9-9 lowers corporate taxes from the current 35% down to 9% of Herman Cain's plan. For the small business companies (i.e. Sole Proprietorships, Partnerships and S-Corporations) that have to claim there business profits on there personal income tax forms, the rate goes from the current 35% - 25% (dependent upon income after deductions) down to 9% under the 9-9-9 plan.
TrueConservative123 3 months ago
@hunden8404 In addition to that, another part of the 9-9-9 plan eleminates the Capital Gains Tax which makes it much more appealing for investors to invest capital into businesses.
TrueConservative123 3 months ago
@TrueConservative123 Considering how he likes Alan Greenspan, think the Federal Reserve can be called up without a Federal Audit, and missed the Housing Bubble even in 2007; I would bet against him lol
YaHuWaHservant 2 months ago
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Who will the elite select for there next PIMP? Herman Cain, a genital man who wants a job and has a real stimulus package to offer?
Obama the war monger Anti American terrorist?
Roper room Romney the Feds backup?
Just who is going to be SELECTED to mange the prostituted war monger Americans?
GovernMentalFreedom 3 months ago
if the OWS ppl actually knew anything ,they would be in the tea party .
woodenmajor 3 months ago
The protesters should be protesting the White house, the federal reserve AS WELL AS WALL STREET. Schiff makes an excellent point but it is not as if Wall Street were just innocent people who were driven to commit acts of fraud, deception, and theft by an overbearing government. They lobbied and payed off the government to aid them in committing those crimes. They're all guilty. And as for the protesters, no one forced those college students to take out federal loans.
Jshect 3 months ago
Peter Schiff, always Right !!
brabus8317 3 months ago
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coming November 2012.
92680BOYD 3 months ago
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Help Save America Vote Herman Cain for President.
erininokeechobee 3 months ago
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eliasmouawad 3 months ago
Schiff does a good job explaining how money unspent (sitting in banks) is actually useful to the economy because it's loaned back out by the banks into the economy. However, he doesn't say what would happen if the rich people kept their unspent money in cash under their pillows or put it in banks overseas and whether that is a real problem.
2tolerant 3 months ago
@2tolerant
Why would you put money under a pillow so it could lose 2-3% a year to inflation, when a bank earns you interest on your money?
Helm28469 3 months ago
@Helm28469 Right now with the rates banks are paying for "high interest" savings accounts and C.D.'s it really makes no difference. However, they would be better off investing in established dividend paying stocks in the utility, energy, or reit sectors.
TrueConservative123 3 months ago
@learnsomethingnew5
I agree with you.
TheBlizzardcat 3 months ago
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Herman"Uncle Ruckus"Cain 2012!
ARMAGEDDON AINT GONNA START ITSELF!
megamogx 3 months ago
You look like the the guy who went to Wall street that day,You are part of the problem.Good try.
tedmon11 3 months ago
what a bag of horseshit
docdudetheman 3 months ago
Herman still supports the Fed, being a former employee. So essentially he is okay with Ben Bernanke giving a trillion dollars to a European bank w/out Congressional approval. Which basically means he will devalue your wallet because a foreigner needs bailed out. Which means Herman also supports the Fed giving banking executives more money than Taiwan's entire GDP last year. He's a banker of the worst kind!! People are being fooled massively by this 9-9-9 nonsense.
brown55061 3 months ago
If anyone knows what a crappy tax plan is, its Peter Schiff. The guy knows economics and business cycles. Herman's plan is going to screw my business, the middle class, and set the stage to crush all of us in the end as 999 becomes 37 37 37+
Adding any new taxes is a horrid idea! Even if its only 1 new tax.
Amartson55 3 months ago
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mustangx218 3 months ago
Don't be insane....Vote For Herman Cain!
MyFunnyBrianShow 3 months ago
@MyFunnyBrianShow You'd be insane to vote for Cain. Keep the Fed, end up dead. Before all of your wealth is gone, vote for Ron. Rhymes are a funny thing. Despite the common misconception, the voting public aren't kindergarteners and would most likely better respond to facts, but that's where Cain lacks.. better stick to Rhymes I guess.
jcwhite1288 3 months ago
@MyFunnyBrianShow Ties to Koch Bros .. worked for the Fed. Res. >> no thanks!
Stinkpoppa 3 months ago
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@Stinkpoppa Racism is wrong. Why do you hate African Americans?
XMansv 3 months ago
shake head at merging the OWS with Tea Party, Schiff Tea Party is a JOKE, and you should know it! I agree with almost everything you said, but come on man.....TEA PARTY?
Empurity 3 months ago
@Empurity Schiff's Tea Party consists of Ron Paul and his allies. Let's make that clear. Schiff has predicted every major move in this market in recent decades. Remember that.
stormholloway 3 months ago
@Empurity It's you who is the joke. Did you predict any of this years in advance in explicit detail? Shake head vigorously no. Did anyone in Washington other than Ron Paul point out that major banks and Freddie/Fannie were going to go bankrupt from as far back as 2003?
Austrian economists did to a man. Keynesian economics is the joke. Most of the OWS people are just confused. If they understood what was going on they would move up a few blocks to the N.Y. Federal Reserve branch.
joepeeler34 3 months ago
IMPEACH OBAMA before he O BOMB's US.
Herman Cain with his 999 nonsense BS .
The list goes on.
It's time to to uphold the constitution like
: HR 459 and S 202, the Federal Reserve Transparency Act
Audit the Fed
red12345678999 4 months ago
Well done Peter. I think a competing currency system is needed. Hopefully it can be set up before the political crisis occurs. Continue to educate the masses about true free market capitalism. It's time for honest solutions from all sides of the political spectrum.
rgcap12 4 months ago
I support Herman Cain and I want him to consider this video, please tweet it to him.
happykillmore88 4 months ago
No, no, no. The wealthy aren't paying taxes and so much finishes off-shore or in tax-havens.
elsoultero 4 months ago
CAPITALISM = MONETARY SLAVERY
Corporations and Capitalism both need to go.
It's time for a humanitarian approach to the world and switch to a resource based economy.
The monetary system is archaic and a means to keep people in slavery.
For what should be shared amongst humanity.
Not claimed with some personal egotistical and imperialistic perspective.
It's time for people to evolve beyond what they already know.
reasontorecord 4 months ago
@reasontorecord What? Did you just zone out when you watched this?
chrispepplerchicago 4 months ago
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stokepogue 3 months ago
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He's talking about the Zeitgeist group which, IMO, shouldn't be a group because that's egotistical in itself. I'll find my own GNR utopia, thank you.
stokepogue 3 months ago
@reasontorecord lets move to a world ruled by Jesus Christ.
Bravesfan4500 3 months ago
@Bravesfan4500 HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA.
tedmon11 3 months ago
Damn right Mr. Schiff. Damn right.
jpgohard 4 months ago
PLEASE CONTINUE TO EDUCATE YOUNG AMERICANS!!! Those "occupying" Wall Street do not understand economics or government.
learnsomethingnew5 4 months ago
I do not think Peter is clear about how 9-9-9 works. For example, he says that a business owner will pay himself dividends which are not taxed, instead of a salary which is taxed. This completely overlooks the fact that the corporate dividends come from earning, which are taxed. I also do not understand how he can suggest that lowering the income tax to 9% and eliminating FICA (15%)etc, is a increase in taxes on middle income wage earners. I usually find him right on point, but not on this.
iammilam 4 months ago
Peter, I think that the more informed members of the OWS group understand what you are saying. They see the Wall Street elite (financiers mostly) and the government as one entity. That is the crux of the problem. The US Gov doesn't represent the 99%. As for forgiveness of student loans, that is not gonna happen.
thruid3 4 months ago
What kind of retard has anything good to say about the 999 plan. You are so out of touch with the majority Schiff that it's almost funny. I wonder if the shame of your bullshit will haunt you in old age when someone digs up this clip and others like it and ask, "Grandpa, why were you such a cunt?"
LizTaylorsGhost 4 months ago
Tea Party Occupiers! Exactly!
ironclad452 4 months ago
@refuckulate420 the fact you have 420 you your name, pretty much explains your stance. You probably sent your comment from your i-phone in a tent from wall street. Geeze stop drinking the kool aid. . . . Capitalism is a GOOD THING , it’s an American Thing
CajunMojo222 4 months ago
So sad to see the ignorant comments. It is the people with money that create jobs. The problem right now, is that businesses, and those who would be starting a business, are sitting on their cash due to the uncertainty caused by this administration. Uncertainly in tax law, and the historic increase in regulations are choking business. Replace our oppressive tax code with something that makes sense, like the FairTax, and businesses will trip over themselves to set up shop here, creating JOBS!!
Parvstella 4 months ago
You sir are an inspiration, run for president please! Lol we need someone who understands the free market!
gunmetalspecter 4 months ago
LOL this guy is full of shit. The rich have had more money in this country then they've ever had before....he claims that these "savings" go towards growing the economy and creating jobs...WELL WHERE ARE THEY? The rich have had tax cuts and wealth growth for years.
The rich don't magically create jobs when they have money, idiot. Economic growth is based on incentive, and incentive doesn't matter when the majority(i.e. the middle class) doesn't have money to spend on goods.
refuckulate420 4 months ago
@refuckulate420 blah blah blah like you have any credibility to speak of.. this guy called the 07 stock crash. youtube him, ignoramus.
spyletu 4 months ago
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@spyletu
"blah blah blah like you have any credibility to speak of"
Attack the argument, not the person. You are currently irrelevant.
refuckulate420 4 months ago
I would vote for you if you ran for president.
jesskazen 4 months ago
Herman Cain's idea 9-9-9 idea may have some issues, buthe website clearly states REMOVE the IRS! paraphrasing a little. That has my vote. Can you imagine what would happen if someone came up with a great idea that everyone liked? We'd sit back and watched it tore to shreads in the House and Senate? They would add so much $hit -pet projects and tweak it to look just like it does now. It'd look nothing like his 9-9-9 plan. No one "plan" will work. Why? Because they want it crashed!
repomandan07 4 months ago
Yeah but the rich do not necessarily need to spend all of their money while the lower classes have to spend their money in order to maintain any sort of livelihood. This money goes to electricity, water, food, childcare, gas, car payment, and insurance. If you are making less than 20$ an hour then you must have more than one income in a house hold to even pay off those bills. You, Schiff would be in the higher level so of course you don't want to pay a whole five percent more onthe your income.
vincentkrieg 4 months ago
very good video thanks
RYANMOW 4 months ago
First, isnt´it good for society as a whole, both in a long term and a short term view if the people get education ,healthcare and infrastructure? If the government get that money and spend them on this, then society as a whole would gain to pay more taxes right?
Second consumption can occure abroad and is therefore not a secure way to tax. Then you cant have a stable economy, which is important. Or?
zlataninho85 4 months ago
@zlataninho85 47% of Americans don't pay income tax, so when you say "society as a whole would gain to pay more taxes" it doesn't make much sense.
jscarter79 4 months ago
Peter, rich people spend their money on expensive products. Rich people benefit rich people, not the middle class or poor. They don't always spend their money. Sometimes they give money to their friends and family or sometimes they just save their money. Over taxing is what kills jobs. We need to help small business, not the large businesses. When we tax the small businesses too hard, it hurts the middle class and the poor. The rich already have enough money, and they're not spending it.
TheComputerEngineer 4 months ago
@TheComputerEngineer But how did they create that purchasing power to be able to spend?
They get to enjoy there wealth when they consume. When the money is saved, it goes toward capital investment. It's delayed consumption.
We don't need to help or hurt anyone. We need a tax and legal code that treats everyone equally under the law.
Why would you want to punish market capitalists simply because they are large. There is a difference between a market capitalists and one in bed with govt.
joepeeler34 4 months ago
@TheComputerEngineer It's not a matter of the "rich having enough money." If they got their wealth by offering products that met consumer preferences, you aren't out anything. We shouldn't try to punish those who got wealthy without favors from govt.
A market capitalist in a free market can only gain wealth by offering consumers what they want. He is creating new wealth. The profits insure that that socially beneficial behaviour continues. Losses insure that is soon ends in a free market.
joepeeler34 4 months ago
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8bitRicky 4 months ago
Capitalism creates prosperity for all. You can't have capitalism without savings. You can't have savings with big government.
But you can have big government with ignorant people...
JimbobOMG 4 months ago
what a fucking fraud this guy is.
this whole explanation he gives about the rich is pure bullshit.
and you need to be a total idiot to believe it
JadeTomZ 4 months ago
@JadeTomZ
Very convincing argument against Peter's explanation. Respect.
TheMaximumLikelihood 4 months ago
@JadeTomZ wow. you sound quite educated, very convincing argument you put forth!
keltingr 4 months ago
Hey Schiff, why would they create jobs if demand is stagnant & business has no confidence demand will increase?
Nothing gives a bus. confidence like a fat order book, and if the middle & lower class are starved of purchasing power because the wealth is all going to the top, more are unemployed, & wages are stagnating - there are fewer orders for their products.
megarational 4 months ago
As but 2 problems with the Schiff shit:
- a consumption tax, as opposed to an income tax, allows the rich to increase their wealth by the use of tax free profits. it increases the inequality of wealth dist & the rich/poor gap.
- to great a reliance on consumption tax distorts the system, eg: encourages a large black market
megarational 4 months ago
@megarational Sure, encouraging thrift in the middle classes might help them improve themselves. Cant have that. Keep them spending, in debt. Now THAT is the way to being richer, isnt it?
luvcheney1 4 months ago
There are so many deceptions and lies in this assholes ideological dogma it's hard to know where to start. So many sentences to shred.
Sorry, Schff, you might be able to bullshit your average Fox Fiction fan, not anyone more knowledgeable. .
megarational 4 months ago
Totally agree Peter
cobra60six 4 months ago
Can you be Ron Paul's economist please?
GodDamnit7711 4 months ago
Peter, your old format looked better/ more professional. Been a listener for a long time. Just a thought.
Tonymontanaooo 4 months ago
@SchiffReport, I am a customer and a FAIRTAX supporter. I would very much appreciate your response regarding Cain.Is your criticism of 999 making perfect the enemy of the good? In other words, 999 is an 1st step to FAIRTAX, and he argues it is the best way to gather support for Fairtax as it is politically unrealistic to jump there now from our current system. Also, payroll tax is down 15.3% to 9% (4th 9). Isn't that still better? What other GOP has a better (& politically realistic) tax plan?
ggschwei 4 months ago
Occupy Wall Street is a great opportunity to discuss what is rigtht an what is wrong about financial system from the mayority point of view. I agree true capitalism rules are not the problem but the misinterpretation from the 1% point of view. Bail outs shouldn't exist. And how dangerous is printing money without control?
aspasiarose1 4 months ago
9-9-9 is for protecting Millionaires and Wall Street Investors
Bailout the middle-class!
AccessDenied55 4 months ago
I've seen some of these "protesters" at the university that I attend and the only thing that they are protesting is that they didn't receive a bailout.
NastyChuck 4 months ago
Google Murray Rothbard on Consumption Tax. Ron Paul is spot on. Peter Schiff has a flawed analysis of 999
truevoice08 4 months ago
At some point, capped wages slow the increase of inflation.
MysTerrier 4 months ago
@MysTerrier NOT! US inflation is almost SOLELY due to the unregulated printing by the privately owned FEDERAL RESERVE to issue loans backed by worthless paper debt but insured by the US government. In the past three years, over $70 TRILLION in unregulated printing, AND the use of $2000 TRILLION ($2 QUADRILLION) in worldwide paper debt based on NOTHING! This will cause inflation far greater than ANY other form of inflation created by wage increases.
FreeinTX 4 months ago
@FreeinTX - Are you suggesting that because the fed prints money from thin air, that the hard working people do not deserve a doubling of their wages?
MysTerrier 4 months ago
@MysTerrier There wages won't be doubled in any real sense. In purchasing power they lose out due to the Cantillon effects of inflation. Prices don't rise in unison when the banking systme emits credit money. They tend to flow in some areas first.
Wage prices are the last to rise. For that whole period they get a real wage reduction in purchasing power terms.
Then the next wave of money printing comes. The worker never catches up.
Our debt-based monetary system helps banks and govt.
joepeeler34 4 months ago
@joepeeler34 Yada YadA Yada
MysTerrier 3 months ago
@MysTerrier No one should be in the position to demand that employers double wages for their employees, except the employer or the employee. Some employees deserve a tripling if their wages, others deserve to be fired immediately. Some deserve hardcore prison time for what they have done. But because the FED prints money from thin air, a doubling of wages won't even get us back to the year 2000 standard of living because of the inflation they have created!
FreeinTX 3 months ago
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WANT MORE PAIN??? VOTE FOR HERMAN CAIN!
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lebanesebl0nde 4 months ago
All this investment talk is ridiculous. They "invest" there money overseas. The wealthy "invest" against the livelihoods of Americans.
starguy9 4 months ago
Herman Cain was an Affirmative Action hire at the Federal Reserve. Before it became non-PC to point these things out, his IQ qualified him as "functionally retarded". The 9-9-9 plan was lifted from the video game SimCity. This guy is a phony and a tool of the jewish bankers.
Hiltraud1 4 months ago
If anyone is interested in buying metals at wholesale without any mark-up.....let me know!
kylextown24 4 months ago
Austrian school VS Keynesian school of economics.
Right VS Left.
Divide et impera.
Why is Mr. Schiff not talking about interest lavery?
Why doesn't he talk about the exponential function of interest?
Because Austrian school is not against interest slavery - in fact it is one card the international high finance plays, if the Keynesian card is getting weaker.
Money as debt and interest slavery is the root of the problem.
Don't let they fool you.
Gegendieluege 4 months ago
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daboxer181 4 months ago
I agree with you 95% of the time, Peter, but here, you're wrong. It is not good to put such a tax increase on low income and poor people. Right now, 10 cents of every dollar we spend is going to many of these major cities in the form of a sales tax and you're asking that another 10 cents goes to the feds. The last thing the feds need before they make substantial cuts and reduce waste is another source of revenue. Government is too big and wasteful as it is.
lewisstretch 4 months ago
wall street and congress
gonobdotcom 4 months ago
its a vlog
gonobdotcom 4 months ago
@JamesGotALeg so why doesn't the useless crappy government do its job? Because wall street is their biggest donor.It is the government that makes the tax rules and the loopholesThe universities combined with government are causing the high cost of student loans It's the boneheads occupying wall street that think there is a perfect world out there somewhere.They get to vote so to work and find these honest people that you expect to fix everything.Thats what the tea party is trying to do.
bushbarnes 4 months ago 4
Fuck this Sheep.
RoonGang09 4 months ago
And Dave NWO Ramsey called this guy and idiot...
CrankMyCat 4 months ago
Schiff. Your corporate world needs to accept responsibility for your own actions. I am surprised that you don't understand the interrelationships between corporations and the government. It seems like half the video was trying to place blame and deflect corporate ownership for getting their hands dirty in the economic mess that we are in.
Cerulean0987 4 months ago
lol 9 percent payroll tax. What is your source on that. You just made that up.
mcbain434444 4 months ago
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We already have someone in power implementing Nein, Nein, Nein, his name is John Boehner. Everytime we put a bill in front of him that favours the 99% and create jobs, Boehner goes:
"Nine, Nine, Nine" (Like Hitler in "Glorious Bastards") :-)
Kold2market 4 months ago
Your first defense of consumption taxation is specious. Rich people can afford to go spend their money in other countries where they pay no American tax while poor people cannot. Furthermore, such a plan still *increases* taxes on the poor, who currently pay not too much. We should be lowering everyone's tax, not increasing tax on some and decreasing on others.
knielsen50 4 months ago
Awesome video Peter. I agree with 90% of it. You do paint the elite as overly helpful to the economy and that they use ALL of their money to create jobs and improve the economy. Peter you know better than that. The elite use companies such as yours to use their plentiful dispossable income and savings to invest oversees to escape taxation here in America. So, I ask you to please be more none bias about your assertion as to what the elite do with their money. It all does not go to help usa.
TubeChilling 4 months ago
@Beethovens7th He does not have any additional access. His extensive knowledge of the tax code system allows him to arrive at common sense answers. It's quite simple once you think about it. If a corporation makes 1 million. It will pay 9 percent of 1 million. Keep in mind out of that one million that company paid employees. Under the current system the company would pay a much higher percentage let's say 40% but not of 1 mill. 40% of what is left after plenty deductions and some loopholes.
TubeChilling 4 months ago
@TubeChilling Yeah, I since figured that out. I was thrown off when he said there was a "hidden 9," as I thought he meant that there was actually an additional tax hidden in Cain's plan. But now I understand that he just means it is part of the 9% corporate tax. Thanks for the very clear explanation, though!
Beethovens7th 4 months ago
re: @7:20. i could be wrong, but doesn't cain's tax plan allow for businesses to deduct wages? from the tax policy center's website:
"The flat tax is a subtraction method value-added tax, similar to the [business transfer tax], with the exception that businesses may deduct wages paid and workers must report and pay taxes on their wages. With a single rate, however, it makes no difference whether the worker or the business remits the tax."
cristoballs 4 months ago
As usual, Schiff is right on the money.
billiongenius 4 months ago
You are correct. Good way of putting it. Less government more freedom. Learned all this in highschool. People tend forget what makes an economy run.
Truckerontheroad 4 months ago
Holy shit, I know the Freedom of Speech is good and all, but people should be held liable for the stupid things they say.
Things you didn't address. You DID NOT address the fact that the ratio of money out for middle America is higher than the top %. You, LIKE MOST PEOPLE, fail to realize that we are not in a Dictatorship, no 1 man can make the difference.
You're a fucking moron for attacking the protest. You don't get it because you're too fucking raped by Wall St to understand.
valakin 4 months ago
I disagree with Peter here. the problem is he is blind to his view, the problem in the greed and the government did cause the problems by taking away the laws, the problem is that Peter wants less rules, but the problem is they need to be thrown in jail, we need to protest both, they do understand what they are protesting both.The have no problem with the ''free'' market, they have a problem with the greed and they are outraged about that, the 600 trillion of funny money was because of no laws.
RussMaxable 4 months ago
Don't you see they are now aiming at our Social Security and trying to put them on their gambling machines? We have a hijacked capitalism. RUS/PRC have their hijacked socialism/communism when capital resources aren't carefully monitored and fairly distributed.
beancube2010 4 months ago
When we can't produce then we have to save. We can produce but our productivity are suppressed, cornered and hijacked hence we can't benefit from our own efforts. We aren't sovereign anymore. We don't have power to keep our savings. If you have savings and it would actually attract attackers.
beancube2010 4 months ago
I have finally realized Peter Schiff is totally full of shit. He's a reactionary Republican, money grubbing corporatist, and pro-war. Some combination!
I can't stand to listen to his whining Wall St apologies and endless yammering. And is anyone even listening!
99jonny100 4 months ago
@99jonny100
"He's a reactionary Republican, money grubbing corporatist, and pro-war." <--- None of these statements accurately describe Peter Schiff.
Let me help you fix this statement: "He's a radical Libertarian, free-market capitalist, and adherent to the principal of non-aggression."
No amount of evidence to these facts will, of course, change your mind, but you're free to find it yourself. You may now continue lumping all non-redistributionists into the corporatist, warmonger labels.
TrentKM 4 months ago
@TrentKM Interestingly, he was in strong support of Obama's troop "surge" in Afghanistan, apparently believing
that the US mission was not only justified, but insufficient. So much for "non-aggression". If you research his
European family background, you'll discover Schiff bankiing interests are connected with Rothschild and Illuminati. There's more to this clown than meets the eye, and there's nothing "radical" about him. Also, people
who know him have said he's arrogant and obnoxious--I agree.
99jonny100 4 months ago
@99jonny100 You'll have to provide some sources on the troop surge quote as I couldn't find anything, but things tend to get buried on the internet sometimes. And while Irwin Schiff's father's name was Jacob, it's not the Jacob you are thinking of. The Jacob you're thinking of had two children: Mortimer and Frieda.
TrentKM 4 months ago
9-9-9 is a gimmick....Ron Paul has a real plan to RESTORE AMERICA and the media is blacking it out. Please do your part ronpaul2012(com) ---black out money bomb today
AmericanValues321 4 months ago 25
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kopellhinex 4 months ago
People must prepare, Wall St tycoons are able to make govt to wash down your anger and demands. On top of that, they can even twist things into punishment. You must have determination and crack the possibility that they will manufacture crisis to humiliate you into retreat. Bankers and politicians may play their blaming games and push you off the cliff. Don't join them but stand your ground in all cities for your demands of reform. Use your intelligence and diversity of communities.
beancube2010 4 months ago
@cjyost I know what you mean. Its like when Buffet says rich people pay less than plumbers. Hedge fund managers pay more dollars, but plumbers pay a higher percentage. Both sides are playing games with words to fool the uninformed voting masses to vote for their side. I'm basically reiterating ideas that Peter has talked about over the months and that I agree with. So if you disagree with me, you probably disagree with Peter as well. More understanding doesn't always mean more agreement.
GaryVolts 4 months ago
@GaryVolts Sorry, I don't agree with Peter. Because Wall St is holding the crisis button and they are extremely unstable group of insiders. They may have internal struggles or trade wars and they can repeat 2008 crisis anytime. People must occupy the site and penetrate the system temporarily and make sure they can't touch those buttons again and again. Not a lot of local small businesses can survive those tsunamis they triggered. You must determine not to let them repeating bad histories on you.
beancube2010 4 months ago
@beancube2010 I don't negotiate with terrorists. It was the bad banks that were going to go BK 2008. The system needed that, and the government prevented it. Main street can live without wall street. And business that lives on credit isn't a viable business in the first place.
GaryVolts 4 months ago
Its more about expendable income. The wealthy could take on a 16 to 17% sales tax regardless of the expensive items they buy and still have hordes of expendable income left. Families living paycheck to paycheck can hardly afford to buy goods as is, let along have a 7% sales tax plus a 9% national sales tax. The thing to analyze here is whether or not the amount of potential savings when take dip for lower income families.
raventakayama 4 months ago
Thank you for responding to the comments Peter. I wish more big name people took the time to respond to the little people.
Mariner169 4 months ago
@cjyost But it keeps increasing. Every extra hour I work, the government takes a bigger piece. At a certain level, a rational person will realize it doesn't make sense to work more. At that point they'll idle their time and do something else. Unless you have a PHd in math, I've got more math than you my friend. Most of the super high incomes you see are the unintended consequence of government intervention. Forcing lay people into the market by way of the 401k tax policy, etc.
GaryVolts 4 months ago
I liked Schiff until he started talking about student loans.
If student loans were cut prices would go down, but supply would go down as well. Professors would get laid off, and the country would become less educated overall.
I guess it would open up the college market to more competition, but the worst professors would be laid off and form the new colleges. Only the rich would be able to afford the best education. It would just add to more stratification in society.
Nightmonkey17 4 months ago
@Nightmonkey17 only rich would afford the best education? it is like you completely missed what was said. If the worst did get laid off and start new colleges (it doesn't happen like that) then the better colleges would still have to compete with the crappy ones financially...which would force the stupid professors who started the crappy colleges to close, which pretty much renders your point moot.
Follower172 4 months ago
What about senior citizens on Social Security? They don't pay any tax on it now. With the 9-9-9 plan, they lose 9% with the sales tax.
What about tax-deferred 401K's? No capital gains tax with 999. No tax when they earned the money they put into the 401K, and now only 9% tax when they spend it with 999.
TheOhioCountryboy 4 months ago
upside down 666
theredpillxxx 4 months ago
Banks lobby the gov't, and the gov't listens to money, so banks are the problem.
supersupersocco 4 months ago
RON PAUL
UpYoUrBeAvEr 4 months ago
This is not empirically/economically driven. Schiff's message is deceiving and ideologically driven; some of the economical phenomenons he describes is just flat out lies. Now, I only watched the first half about 9,9,9 taxation; but I doubt it's any more a precise analysis on the OWS movement
HanSomKan1 4 months ago
@vic4rp Dude long time ago i gave up to believe in super-man, spider-man and good politician. the change have to come from the bottom no from the top. i dont know if you realize but each for years presidents come presidents go around the world and the shit still the same. i hope Ron Paul make the magic that you are expecting but honestly i can bet all what i have that nothing gonna change and you know why? president is the small power in one country.
Paul0Massarde 4 months ago
So much mindless crap spud from @nightpotato, I can tell you are young and have absolutely no life experience at all. Get a real job and rise a family .. only then will you see what life is really about. And quit listening to the stupid college professors. Fool, no government = anarchy.... Anarchy definition Most often, the term "anarchy" describes the simple absence of publicly recognized government or enforced political authority. Have you been tought that word yet? get a clue!
Tomigun101 4 months ago
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can someone explain why it wouldn't be a housing bubble if it was capitalism, thats just wrong by shiff. Almost everyone seem to takes a house loan in usa.
axeI87 4 months ago
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RON PAUL 2012. SHAKE THE ESTABLISHMENT!!!!!
rockingout1018 4 months ago
Economies collapse, not because people have taken on more debt than they can afford, but because they have not been paid what they are worth for far too long. When corps are allowed to freeze wages for 30-50 years (or barely raise them) while costs of everything else (including CEO's salaries) are doubling and tripling, it hollows out the bottom end of the economy.
MysTerrier 4 months ago
@MysTerrier A firm will hire an individual if his contribution to revenue exceeds the wage cost. This determines labor demand and, along with labor supply, determines market wage rates, not companies. Wages have been relatively "frozen" because of an increase in labor supply (such as women entering the work force). If the government forced companies to pay higher wages (raise min. wage) unemployment would skyrocket. People with low paying jobs can't expect to be entitled to a luxury lifestyle.
GTE555 4 months ago
@GTE555 - So Australia where the minimum wage is at $18 an hour, with half the rent as that here in Vancouver, is an illusion? Ausies seem to be doing well. It is , mere hogwash to suggest corporations cannot pay a worker better. The only reason wages are so low is because greed is so high. It is the wealthy who need to take a cut in pay, like everyone else has had to do.
MysTerrier 4 months ago
@GTE555 - If the government forced companies to pay higher wages (raise min. wage), the wage earner would be paying more in taxes. Duh!
MysTerrier 4 months ago