Peter Schiff Shares Election Outlook | Joe Rogan

Well, let's get into that. So you think that Biden has a very high likelihood of winning. Here we are. Let's just if people come upon this in the future. Today is the 14th, 14th of July. And we're a few months away from the election. You feel like it looks like Biden is moving into the direction of eventually winning. I think he's already moved in that direction. And so the question is, can Trump change that direction between now and election day? And I think it's going to be very challenging. Maybe his best opportunity is going to be the debates. We'll see. I don't think they're going to have them though. But the big problem for Trump, and you know, I voted for Trump the first time. And you know, I was initially going to vote libertarian, which is something I do. And by the way, there's a candidate, Joe Jorgensen, who you should have on your show. I don't know if you've thought about it, but there is a woman running for president. And she will be on the ballot in every state, Joe Jorgensen from the Libertarian Party. And so everybody who thinks there should be a woman president, I actually agree right now. And that's who we should elect. Is that who you voting for? Is that who you're going to vote for? Well, I can't vote for anybody. I live in Puerto Rico. But I thought Puerto Rico was a part of the United States. Sort of. It is. It is part of the United States. But you remember, you know, from the revolution, no taxation without representation. So what happens is when you move to Puerto Rico, you no longer have to pay the federal income tax or the Obamacare tax, which is great. But then you can't vote for the president and you don't have any member of Congress. You don't have a senator. So being in Puerto Rico, I have no representation in Congress and I can't vote for president. But the trade off is I don't have to pay the taxes. Wow. So, you know, that's a good trade off that I'm, you know, pretty much everybody is willing to make. So I can't vote. And normally I vote for the lesser of two evils anyway. And most of the time I vote for the loser. So as far as I'm concerned, giving up my right to vote for the loser is not much of a sacrifice. But you know, if I could vote, I would still be living in Connecticut and it would be a total waste of my vote to vote for Trump because he has no chance of winning Connecticut. So I would vote for Jorgensen. Even though I know she can't win, I would rather at least give her a vote of support because I wouldn't be wasting my vote because, you know, it doesn't matter. Connecticut is going to go for Biden in a big way. And so it's, you know, voting for anybody. It doesn't really matter who you vote for. This is one of the state like Connecticut. But as I was saying, the problem for Trump and I was one of the few people who was in the media saying that I thought Trump had a real good shot at winning. I didn't know it was in the bag, but I thought that he was more likely to win than lose, you know, even though everybody thought he was a long shot. And the reason that I thought that Trump could win is because Trump was telling the truth about how bad the economy was. He wasn't regurgitating the lies that the Obama administration had been telling or that Wall Street had been telling about how we had a real recovery. I knew that we had a bubble inflated by the Federal Reserve and that beneath that bubble, where, you know, you could see the stock market at record highs and these phony unemployment numbers, I knew laid a weak economy and Trump knew that too. And Trump spoke to the forgotten men and women of this bubble economy. And his message really resonated about how we were a shadow of our former self, that our industrial might had decayed. We had all these big trade deficits that the stock market was a bubble. All the numbers were fake. The real unemployment number rate wasn't 5 percent, but 20 percent, 30 percent, 40 percent. And that he was a non-politician. He was going to clean house. He was going to drain the swamp. He was going to put politics aside and bring a businessman's perspective to Washington, drain that swamp, eliminate the national debt, right, make America great again. And that message resonated with a lot of people. And a lot of those people were maybe afraid to be honest with the pollsters because they didn't want to admit that they were going to vote for this racist misogynist or whoever. The media was portraying him. So I thought he could win. And he did. But here's the problem. Now that he's been in office for three years, he didn't drain the swamp. He made the swamp deeper. Right. He didn't make get rid of the deficit. I mean, the deficit is bigger than ever. Even before COVID, all he did was, you know, nurture the bubble that he inherited from from Obama and help make it get bigger. He became a cheerleader for the stock market. He didn't care. It was a bubble. All of a sudden, all the government numbers that were fake under Obama were all of a sudden real like they just came down from from God on a tablet on my side. And he began talking about this low unemployment and this booming economy, the greatest economy in the history of the world, the greatest economy ever. And none of that was true. And so you have the same people who voted for Trump thinking that he would shake things up, thinking that he would throw a monkey wrench in the system and make their lives better and their lives aren't better. They're worse. People have more debt. You know, the bubble got bigger. The trade deficits that Donald Trump criticized are bigger now than they were before he was elected. And obviously, the deficits are much bigger even before COVID. So I just don't see how Trump convinces those swing voters, those blue collar Reagan Democrats in the Rust Belt who decided they had nothing to lose. And so to take a chance on Trump, why should they vote for him again? I mean, now they may take a chance on Biden, even though I mean, Biden doesn't represent any any change from the status quo. He's just more of the same. But you know, once you're the insider and Trump's now the insider, you know, he doesn't have that edge for reelection. What do you think went wrong? And why do you think Trump just made the swamp deeper? Do you think that he was deceptive when he was running? Or do you think the influences once he got into office were greater than he anticipated? What do you think happened? Well, I have no idea. I mean, I mean, even Ronald Reagan, right? Ronald Reagan, when he was elected, and he was a very principled conservative, right? Unlike Trump, you know, he was he really talked, walked the walk, not just talk to talk. And he was a big supporter of Barry Goldwater, who didn't make it, you know, when he ran against Lyndon Johnson. But when Reagan came in, he really wanted to shrink government. I mean, he campaigned about getting rid of the Department of Education, the Department of Energy, or I forget that he really wanted to shrink government and cut spending. But he was never able to do that. Right. He was able to cut taxes. But he wasn't able to cut spending. Trump never really campaigned on cutting spending. He didn't want to talk about that because he didn't want to alienate any voters. So he just talked about cutting taxes. And he did, you know, officially cut taxes. But he actually raised taxes. That is the important thing that you have to recognize, is that government spending is taxation. And what happened in government spending under Trump, even before it went through the moon with COVID-19, and we'll get to all the COVID stuff. But even before then, Trump signed on to all kinds of increases in government spending, more spending on the military, more spending, welfare, huge increases in government spending. Those are tax hikes. Now, Trump cut income taxes, but the income tax is just one way the government pays for spending because all government spending has to be paid for by the public one way or another. We don't get any government for free. Everything the government does costs us money. So every dime they spend represents taxation in some form. And what they've been doing is they've been printing money, right? The Federal Reserve prints money. And in fact, right now, the Federal Reserve is printing about 55 cents out of every federal dollar that's spent. So more money is being printed and spent than collected in taxation. But all that printing, all that spending that is being paid for by a printing pass, we don't get that for free. There is a cost. See, when the government takes our money through an income tax, they take my money that I earned and they give it to somebody else who didn't earn it. And now that person spends the money. But because I don't have it, I can't spend it. I can't invest it or save it. I don't have it anymore. The government took it from me in taxes. But if the government doesn't take it from me, they just print money and they hand it to somebody else who didn't earn it and didn't do any work and produce any goods or provide any services. They just got money from the government. That still costs me because what happens is when that money is spent in a circulation, it bids up prices. And so prices are now higher than they would have been had that new money not been printed. And so now everything that I want to buy costs more than it otherwise would have cost. Either the prices went up or it prevented prices from going down. And so now my purchasing power has been diminished. And so either the government takes your money through an income tax or a sales tax or something, or they take your purchasing power through an inflation tax. And so that's what Trump decided to do. To pay for government through inflation rather than taxation. But what we know from history is that is the most expensive way to pay for government. And in fact, it hits hardest the middle class and the poor. Because the rich have a lot of assets. They have a lot of debt where they not consumer debt, like on a credit card, but where they borrow money to accumulate income producing property, to buy companies, stocks, things like that. And so inflation helps those people. If you have debt to buy assets, inflation wipes out your debt. But if you're just saving money and working for a living and getting a paycheck, the inflation tax is very heavy on you. And that inflation tax is going to get much, much higher under Biden. For all the talk about all these big government programs, and we'll talk about that, that he wants to pay for by taxing the rich, the rich aren't going to pay those taxes. Most of the money is going to come from the poor and the middle class through the inflation tax. And we'll talk back to where I think Trump went wrong. So Trump gets into office and he had promised to make America great again. And the reason that America is not great is because government is too big. When America was great, we had very, very small government. Government was an afterthought. On all levels, maybe state, federal and local, maybe it was 5% of GDP. We didn't have an income tax, corporate or personal. We didn't have social security. We didn't have minimum wage or any of these laws. We had a very, very tiny government. Because government was tiny, the economy got very big. We had all kinds of freedom. And because we were free, we were very productive and the living standards were rising and we were eradicating poverty. We were making all kinds of strides. The greatest economy in the history of the world was produced from the freest people in the history of the world, which was the United States. Well, Trump wanted to make America great again. The only way to do that would be to shrink government, cut government spending and free up all those resources back into the private sector so that they can be used efficiently again. But the problem is, how do you cut government spending when every single program has its own constituency that benefits from it? And so once you're there, you can't cut anything unless you're willing to stand up to all the politicians and the special interest groups. And apparently Trump wasn't willing to do that. I mean, Trump, when he got into office, became a politician. Or maybe he was one when he ran for office, but he was more concerned about getting reelected, which is a shame because he probably won't. He should have used the bully pulpit and used his office right away to level with the American public, to look them square in the eye and tell them that government is too big and spending needs to be cut, including things like Social Security and Medicare and all these sacred cows that nobody would gore. Trump should have been the guy to do it. He should have said, the buck stops with me. I don't care if I don't have a second term. And he should have vetoed all of those bills that he signed. He never should have agreed to allow the allowing the debt ceiling to go up. He should have enforced that debt. So we now have 26 and a half trillion of debt. Right. When he came into office, it was just under 20 trillion. So we've already added six and a half trillion since he became president. I would not have allowed the debt ceiling to go up at all. Not one nickel. And I would have forced the government to cut government spending. And that's what Trump should have done. And you know, but he didn't want to do it because he was more concerned about the politics of it. When you say I would, are you running for president? Are you ready to do this? I'm just saying what I would have done. I've been to this, Peter. Are you ready to do this? I'm running. But we need someone who I can be the first Puerto Rican president. I'd be. Did you ever watch the sweat hogs? Yes, sure. Yeah, I'm on Epstein. I'm a Puerto Rican Jew. Epstein played my brother in an episode of News Radio. Really? Yes. He played my older brother, who is a priest, to beat us up. Gabriel Kaplan show that was the 1970s. Yeah, I can be a Puerto Rican Jew. Yes. I can't vote. I can't vote for the president, but I can run. In fact, I can be the only person elected president who couldn't vote for himself. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes.