Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Peter Schiff says the US government could be forced to cut Social Security and Medicare
YouTube ^ | May 10 | Peter Schiff

Posted on 05/10/2022 9:57:12 PM PDT by RandFan

Partial transcript:

“So this time we have a worse financial crisis than last time and nobody gets a bailout, nobody gets a government check there is no TARP there is nothing and what does that mean that means the US government instead of sending stimulus checks to Americans who were struggling, who are unemployed the US government is actually going to send Americans a bill because the government is going to be forced to raise taxes on the people who still have jobs because that's the only way it can pay its bills but you know what else they're going to do they're going to cut Social Security, they're going to cut Medicare not for future recipients but for the people who are getting checks right now.

The government is going to have to tell people who are on Social Security and who vote you know what we don't have enough already the Fed is fighting inflation right now and so we don't have any extra money and the cost of paying the national debt has skyrocketed and you know we have to pay a lot of money to Japan and China and Saudi Arabia and we don't have any money left over to make Social Security payments so we're going to have to cut your payments. Now maybe they won't say that maybe we're going to say you know what we're just going to tell a Japanese to pound sand and we're going to tell the Saudis and the Chinese we don't have any money we're defaulting on US treasury’s because the only way we can pay Social Security is not to pay you and the people who get Social Security vote and you guys don't. I mean it's going to be some combination of this but can you imagine what would be happening in the US economy if we were doing that if we were defaulting on treasury’s and cutting Social Security raising taxes on the middle class this is all what has to happen if the markets are correct that Powell is committed to fighting inflation and doing whatever it takes but I know that's a fantasy there's no way Powell is going to do any of that at the first sign of real trouble the Fed is going to pivot, the Fed is going to call off these rate hikes in fact any rate hikes that have been delivered will be reversed.”


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: cutcutcut; default; enditall; finally; good; handouts; schiff; schiffforbrains; welfare
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-105 last
To: Beowulf9

The problem with that is that the more you cut taxes on the wealthy the more they vote Democrat. Just look at the media and Wall Street as well as upper class suburbs and urban areas and you will see that they are now the problem.


101 posted on 05/11/2022 8:16:47 AM PDT by amnestynone (We are asked by people who do not tolerate us to tolerate the intolerable in the name of tolerance.)
[ Post Reply | Private Reply | To 29 | View Replies]

To: RandFan

OR -

We can take control of Congress and pass a law charging all NGOs a transaction tax of 10% to supplement Social Security Trust Fund, AFTER it is segregated from federal funds.


102 posted on 05/11/2022 8:38:49 AM PDT by RideForever (Oh damn! Another dangling par ...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: napscoordinator

The Trustees have been writing in the annual report for many yeas about the exhaustion of the Medicare (HI) Trust Fund. Totally predictable. Nothing to do with Trump.


103 posted on 05/11/2022 8:41:13 AM PDT by kabar
[ Post Reply | Private Reply | To 83 | View Replies]

To: realcleanguy
In other words, Congress has destroyed the United States be spending the shit out of everything. Russia will conquer us without firing a shot our war due to the actions of Congress.

It was never Russia we had to worry about. It has always been China and the muzzie countries. Russia has been made to be the boogieman but the real one is behind an entirely different curtain safely hidden from view. Think globalists, the Davos group, Soros, Vanguard, and their puppets in the GOPe and dem party.

104 posted on 05/11/2022 8:53:41 AM PDT by Boomer (Piss On A Commie For Mommy!)
[ Post Reply | Private Reply | To 48 | View Replies]

To: Georgia Girl 2
After two or three rate hikes all Hells going to break loose and they will have to lower.

Since when has Congress ever worried about deficit spending?

105 posted on 05/11/2022 3:13:26 PM PDT by DoodleDawg
[ Post Reply | Private Reply | To 20 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-105 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson