It is not nearly as bad as the moral bankruptcy of the politicians that have caused all of the problems we have now.

in a democracy you have to give free things to get elected.. Also there are too many gov employees and teachers

Schiff is 100% correct.

I would think the same as you do if it weren't for Trump's economy, oil production, trade agreements and overall productivity racing ahead against the clock. At this level of spending, which changed very little if at all, 0bama's economy was sinking fast, losing the GNP and employment numbers while growing crowds of food stamp recipients and illegal invaders.
Is Trump going to pull out of the impending dive? No one knows for sure. He activated some great initiatives.
It is going to be easier to cut spending than it would be to restart a dead economy.
Doing nothing would be much worse.

Hasn't he been saying that since 2013?? Why does anyone even listen to him?

It is Herb Stein's judgement: "If something can't go on forever, eventually it will end." Many of us had no idea the 'fed' would 'monetize' almost 4 TRILLION of government debt with no complaint from anyone. They did that,,,, but can they, and will they, get away with doing it again?? (over the next four years???)

I'm not saying the U.S. situation is a great one. But, I also think that the U.S. is not at the breaking point yet. I would need to see some more signs, there are a few, of a weakening economic situation. Back in 2007-8, there were interest rate increases, rising defaults and weakening sub-prime lenders, plus the revelations in MBS (mortgage backed securities) or derivatives trading, though investors paid little heed to them. Another sign would be trouble in other countries around the world and their debts, which are in more precarious situations than the U.S., like those of Italy, Greece, Japan (and maybe, China, though there is little transparency there).

looking at the 'increase of the fed balance sheet'--- The fact that the 'fed' has counterfeited about 4 TRILLION $ since 2008 it seems clear to me that 'we' are headed in the direction of Zimbabwe, (which is uncontrolled inflation). The only question is: "how long can the US get away with total fiscal incompetence?" I don't think anyone is predicting calamity tomorrow, and unfortunately none of 'our' politicians give a damn about day after tomorrow. (It is the 'After me, the deluge' syndrome. Full speed ahead, and devil take the hindmost")

Well who the "L" was it that approved all the spend the eight years of the Obama regime? I know, the Dems say, It's Trumps fault"!
Poor try, it all belongs to the "DamDems"! So what are they doing now? Nothing, except trying to stop Donald Trump from cutting spending and boosting the economy. Dems said the stock market would tank if Trump was elected. Just set a new high at 26,000!
Lying thieves.

The price of gold must be reset to about $20,000 and then used to pay back the debt. That is the only way out. In 1933, gold was confiscated and then reset to $35. This time it is much worse. It is the reason why the price of gold has been suppressed for the past eight years. The central banks are buying the physical gold.

Peter Schiff, any relation to the schitt in the House of Representitives?

How will a recession help? When it's over, the politicians will go right back to overspending.

Still giving voice to this Economic Soothsayer I see. How many years has it been that he has spouted doom and gloom for the economy, well at least three that I know of, it's tiering. Personally, I have no intention of letting some idiot tell me my future, everything changes eventually, it always has and it always will, I'll know it when it happens.

let's see we had a ression for 16 years under bush and oboma , trump comes alone and the economy is booming , another fact , bush and oboma gave us 20 trillion in debt , and the democrats running for president are promissing 60 more trillion in debt with their free-bees , do you really want to go back to the stag-nation days of oboma, he made millions and yous got screwed

You should know the real spending is in the Trump administration.
All deficits are not created equal in calendar time.
In the cases of Clinton, “W” and “O” they either inherited recessionary economies or economies in the early stages of recovery.
So, they got tagged with a heavy cyclical component in the annual averages.
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DJT was sworn in during month No. 90 of the current recovery.
He should have been coasting for the next four years on the back of a cyclically expanding economy and commensurately shrinking deficit.
Instead DJT has allowed more spending...
There is no excuse for DJT's skyrocketing budget deficit; he capitulated to Democrat demands.

Don't forget the necessity of pre-election tactics. It wouldn't do much good to cut spending and lose the election.
Democrats would love to ruin America with their corrupt Socialist obsession full of pay-offs and bribes.
When the time comes, it is going to be easier to cut spending than it would be to restart a dead economy.

My novel has a potential solution. We'll see what actually happens. Not much will change until we're already in a crisis.

The federal government will not default on its debt since it can print money endlessly. The debt will be either inflated away or cancelled out somehow or maybe the Federal Reserve will buy it with a massive QE program.

Or the government will sell American raw materials at below market to off set any debt, like trees, coal, etc.

I would not expect a Socialist to say anything else. There must be enough Patriots in this country to save it from what the traitors hope is a bloodless coup, and all the economic ramifications that go with something like that. Too many have fought, bled, and died, for us to meekly turn over this great country to the Socialists/Communists.

Shiff is merely stating the fact the government is out of control spending money.
The record budget deficit and blame goes to BOTH parties in Congress and the DJT administration.