Peter Schiff: Many Other Cliffs Await the US Economy - CNBC 12/05/2012

Peter Schiff, CEO, Euro Pacific Capital says the U.S. economy may need to go over this fiscal cliff and address some structural issues, or face other cliffs on multiple fronts if this imminent one is avoided.

December 5, 2012

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[captainjack77]

Nobody has an obligation to hire you. Mr. Schiff has over 150 American employees - how many Americans do you employ? How much do you think is "fair" to tax the wealthy? 75%? Would you work for 25 cents on the dollar? Or, if the tax only applies to what someone would make after, let's say, 2 million, why wouldn't the millionaire, after making his 2 million for the year, simply furlough his employee's, and say, "See you guys next year, I've made my limit already"? You greedy, envious liberals...

[9pt9]

people better start listening to this guy.

[Tim Vesely]

YES! A FIXED AND FAIR TAX ON EVERY ONE, AND NO Special tax breaks for the wealthiest Americans, Just a simple pay 6% of every 100 dollars earned, and this should include earned income from investments but not include retirement.. NO BS...

[Tim Vesely]

Agreed! BUT, the $35,000 consists of 14,800 dollars in medical costs for wounds that this families self inflicted by means of domestic violence in it's own house and the mother is a psychiatrist and father a medical doctor. They beat each other up and get paid for it...Get my point! then they blame their 5 year old (John Q Public) for not stopping the fight. The House and Senate have to take a long hard stare in the fiscal mirror and stop looking to the president to solve the needs of a child

[Tim Vesely]

What destroys world economies is false fear tactics and greed. War costs all of us. But America playing Police man for the World costs Americans and no one else.. Stop fear mongering the American with artificial terror threats and save Trillions of Tax dollars and the economy. my 2 cents.

[blythebaby777]

and starting losing all your money!

[David Eggers]

When you talk about tax percentages, you need to consider all state, local, sales, and federal taxes a person pays. When you do that, your 39% turns into something like 65%.

[xXxDANMANxXx]

He has more employees than that now I think, not sure. But I do know that he said he had to MOVE employees (of other businesses perhaps) to another/other countries because of all the regulations and taxes that he has to deal with here, it would make more economic sense to have to PUT in another country.

[xXxDANMANxXx]

no kidding, I've been learning a lot about this stuff, and I honestly feel kinda dumb because this is the same guy who warned about 07/08 and I didn't hear him at the time. Been listening to peter ever since, I agree he needs more publicity he's one of the few people who understands the whole system.

[jo ber]

Lets look at this from a more simple perspective. Lets drop some zeros and relate it to a family budget. This family earns in $24,000. It spent (last year) $35,000. So $11,000 went on their credit card, which now has a balance of $163,000. The tax increases on the rich, just passed, bring in an extra $38. You still think that is the solution? It boggles my mind why people can't see the real problem....SPENDING. Its not revenue...ITS SPENDING.