Friday, January 29, 2010

Peter Schiff: We are surely doomed to repeat our mistakes

Peter Schiff

Peter Schiff: We are surely doomed to repeat our mistakes

By Peter Schiff

January 29, 2010

The following is a weekly economic commentary from Peter Schiff, president of Euro Pacific Capital and author of Crash Proof 2.0 : How to Profit from the Economic Collapse.

In this week's much anticipated State of the Union address, President Obama again demonstrated his poor understanding of the fundamental problems that confront our nation. By following the advice of the same people who helped guide our economy to the precipice of total collapse, Obama now threatens to push it over the edge.

Notwithstanding his well crafted lip service regarding future spending restraint, the essence of his current program is for more government spending and larger deficits. For all his talk about job creation, his policies will further burden those who might otherwise create those jobs with higher taxes and more regulation. While he did call for tax cuts for the middle class and offered what amounts to bailouts for those struggling to repay student loans, such cuts do nothing to promote growth in the near term and will add to the deficits in the long term.

The President spoke optimistically about the future, but in reality there is little evidence to support such an upbeat outlook. He began his speech by assuring us that the worst of the storm had passed. General Custer may have said something similar when the first wave of Indian attacks ebbed at Little Big Horn.
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