Peter Schiff: US Economy Living On Borrowed Time - CNBC 12/31/2012

Discussing the state of the "fiscal cliff" negotiations and how to play the markets amid policy concerns, with Michael Cuggino, Permanent Portfolio Funds and Peter Schiff, Euro Pacific Capital CEO.

December 31, 2012

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  News & Politics

[BecauseIAmABoy]

I currently live in "the rest of the world" and laugh every time I hear that "US economy is in better shape than the rest of the world". Complete nonsense. Whole SE Asia is booming like never before.

[picshiw]

"Its new years eve! there are reasons to be optimistic!" hahaha Its like being on the Titanic before the end and decide to dance along with the band that is playing. What are the reasons?? that you are getting drunk later on? ABSURD! Listen to Peter and protect yourself asap!

[mike smith]

WHATS THE USE OF HAVING ALL THEM DEGREES AND THEY CANT FIX THE ECONOMY !

[zaxx19]

ions, onsite gym access and longer lunch allowances for those who exercise.

(its been proven these allowances actually RAISE overall productivity by the way...Porsche uses them right now and has record profits)

Huge scholarships for poor and straight middle class kids to go into STEM course plans.

A phasing out of FA for coursework in less marketable areas.

You want to study anthropology, pay for it.

Public sector earning hard caps.

[zaxx19]

Non-Military discretionary caps/growth hard caps at around 1% yr going into effect in 2015.

Military spending DRASTICALLY lowered over a 8 yr plan...to 80% or less of where it is now. A moratorium on new weapons systems unless voted on as urgent is yay or no straght votes by congress.

And end to the AMA monopoly on educating doctors in this country.

Expansion on spending on preventative medicine.

Incentives for EFFECTIVE corporate wellness programs that include MORE TIME OFF, better food opt

[zaxx19]

Some real cuts to Medicare starting with the precription drug giveaway...but allow reimportation of medication off patent, etc.

Cap some Medicare spending for in house care; people are going to have to enter homes or rely on family more. Their decision.

Cap fed employee income growth at 1%/yr for the next decade.

Cap tuition rate growth for schools wanting federal money.

Cap public sector pensions at 80k/household.

Clawback some extreme pension plans if states want federal bailouts.

[zaxx19]

Means testing for SS and Medicare.

Lifting the nonsensical cap for earnings past 110k/yr vis a vis payroll tax.

Raise the retirement age one yr...with another built in 15 yrs down the road.

Stop corporate welfare.

Bring in a common sense living wage floor at somewhere around 10/hr...with some differences based on region.

Lower modestly corporate tax rates and incentivize domestic hiring with two yr tax credits.

Have a tax deduction for capital expenditures inside the US.

Fast track drill

[zaxx19]

You want a real solution to our fiscal woes...here it is:

Real tax reform where investment income and earned income is treated identically after 40k in investment income with a one time allowance for selling a business.

Raising taxes on people making more than 250k yr back to Clintonian levels until 600k/yr.

Create a super earner bracker for income PAST 600k and tax it at 46^%

Cap deductions to limit the games that wealthy people play.

No 5 million allowance for inheritance taxes.

[abdullahmalik026]

Honestly who cares about the new year, means absolutely nothing in real terms other than we are getting closer to the next financial crisis, and where more and more people struggle to pay bills. YAY queue fireworks!!!