Peter Schiff on the Dismal Future of the U.S. Economy

"We have to cut $1.5 trillion out of this year's budget," says investment advisor, author, and radio host Peter Schiff.

Reason's Nick Gillespie sat down with Schiff at July's FreedomFest in Las Vegas.

Schiff, whose most recent book is How and Economy Grows and Why it Crashes, says that the economic downturn of 2008 is only a mild preview of what's in store for the U.S. economy in the future and predicts much higher unemployment and huge inflation over the next few years. The only way out of this mess, says Schiff, is for the government to get out of the way and let the inevitable market correction occur. "It would be painful to cut spending by that degree," he acknowledges, "but not nearly as painful as it's going to be if we don't cut spending by that degree."

Shot by Jim Epstein and Zach Weissmueller and edited by Zach Weissmueller.

About 5 minutes long.

Go to http://reason.tv for downloadable versions and subscribe to Reason.tv's YouTube Channel to receive automatic notifications when new material goes live.

Held every July in Las Vegas, FreedomFest is an annual gathering of about 2,000 free-market and libertarian enthusiasts. This year's speakers included Reason's Nick Gillespie and Matt Welch, Sen. Rand Paul, Judge Andrew Napolitano, and scores of others. Reason.tv conducted interviews with more than two dozen speakers, which we'll be releasing over the next several weeks. Our growing playlist can be watched online at http://www.youtube.com/user/ReasonTV#g/c/F99A865DEA9AB6CB

Category:

News & Politics

Tags:

• reason.tv
• reason.com
• reason.org
• reason magazine
• reason foundation
• peter schiff
• stimulus
• debt ceiling
• debt
• limit
• economy
• crisis
• austrian economics
• spending cuts
• freedom fest

[DEEPGNOSTIC]

@Cubology

I really hope you or your classmates didn't follow blindly & actually challenged your teacher. Your are very lucky to have resources that allow to research things much quicker. In my day we didn't have youtube and we listened to what teachers taught without question

[TWSceptic]

@Cubology Yeah it's incredible that same message is everywhere in schools and universities. Those people are clueless and just talk the keynesian nonsense told to them by keynesian nobel prize winners. THey think it's a credible source but instead it's all complete hogwash. Hopefully in the future things will change as more young people discover the truth.

[SmashActionRemix]

I've come to realize that America's future is much brighter than the rest of the world, including Europe and China.

[johnbarkand]

@mtgsean he is better looking than Gerald Celente

[KittenKoder]

This kind of video is why the politicians and certain corporations are so against internet freedoms. The mainstream media just blindly parrots what the politicians say, the politicians don't tell the truth ... so yeah, they hate the fact that we're learning and paying attention now.

[ScionAscendant]

@Robbob9933 There's also the fact that many people have given up on looking for work at this point, which also helps the numbers for politicians who want to spin things to look favorable to them.

[ScionAscendant]

@sarchisi You mispelled "cheaper" and "incompetent". You also completely fail to grasp the law of comparative advantage, which is a very basic economic concept. It's ironic that you're telling anyone to go back to school.

[SPQRImperator]

Schiff is the man.

[mtgsean]

Love this guy...

[piecharthosen]

Best reasontv ever!

[Zac6230]

nobody vote obama

[TWSceptic]

@Robbob9933 I never said they are? Perhaps Ron Paul if he would get the chance....