Recession Is Already Here And Is Far Worse Than First Thought

America is currently in a tailspin thanks to Joe Biden and his policies that have done nothing but wreck the United States from the minute he took office.

Inflation is at its highest levels in over forty years and doesn’t look to be slowing down any time soon, as the Democrats have decided that somehow spending billions of taxpayer dollars, adding to an already bloated debt, will somehow get America out of the hole that has been dug.

The White House is currently attempting to gaslight the entire country into believing that there is no recession, changing the meaning of recession – defined as happening after two concurrent quarters of negative growth – to something else, but Americans are not buying the lies.

Fifty-seven percent of small business owners say that a recession has already begun and Peter Schiff, from Schiff Gold agrees, but says it is far worse than anyone could imagine.

During an interview with Fox News host Laura Ingraham, Peter Schiff said that the recession is already worse than most people think, while they were discussing government spending, taxation, inflation and household debt.

Over the weekend, Congress passed the “Inflation Reduction Act” in a limp attempt to “curb” inflation, when in reality, it will only make it far worse. The vote came in at a 50/50 split between Democrats and Republicans – Vice President Kamala Harris tipping it to the Democrats with the deciding vote.

Schiff said that Americans need to remember that every dollar that is spent by the government, means there will be a tax to pay for it – ironic when you take into account that it was taxpayer money that was spent in the first place, then the debt has to be paid for (again) by the taxpayer.

“Spending is taxation because all of that spending has to be paid for.” Schiff said, pointing out that recent reports show that household debt has reached a whopping $16.15 trillion and credit card debt continues to expand at least 13 percent year over year.

“You know, American families have taken on $2 trillion of debt just since the pandemic. But worse, the national debt has increased by $8 trillion during the same time period. American households are responsible for paying that debt, but they’re already drowning in their own debt. Credit card debt just rose by the most in 20 years, and that’s because Americans are having to put their groceries on their credit cards because they’re taking unprecedented pay cuts [in real terms] in a very weak labor market.”

Schiff also noted that America simply cannot afford to spend more money.

We need cuts in government spending. That’s why we have so much inflation. Because we’re spending so much money, and the Federal Reserve is printing money because Congressmen don’t have the integrity to actually ask the American public to pay for all the spending. So, they make them pay secretly through inflation. But now, the inflation is so great that it’s already pushed us into recession. And so now, Americans are going to be suffering the worst of both worlds. We’re going to have high inflation and recession at the same time. And the policies of the Biden administration are going to make inflation and the recession worse.”