Excerpt from the Peter Schiff Show 4-14-11 Peter Schiff Criticizes Obama's Budget Speech "The rich did not got rich because of society , Society benefits from the Rich " says Peter Schiff
Peter Schiff : yesterday president Obama gave his speech about his version on how we should reduce or tackle the deficit problem , first of all he is not tackling anything , according to Obama the government is going to borrow without his plan a 12 trillion dollars in the next ten years and if we do what the president wants and assuming all the economic assumptions are accurate which none of them are but assuming they are then the deficit is only going to increase by 8 trillion dollars over the next ten years so I do not think that solves the problem , I think growing the national debt by 8 trillion is an enormous problem ...it is not a victory saying hey we are only going to increase the national debt by 8 trillions over the next ten years
Is that tackling the deficit? That's like a household saying, "We're going to lower our spending so we only add $10,000 to our credit card balance instead of adding $15,000 to our credit card balance." See more on MoneyTV.
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