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Love him or hate him, but stock broker and gold proponent Peter Schiff does make a very compelling observation: consumers are paying for huge government via the inflation tax, and the only way to slow down runaway consumer prices is to aggressively hike rates and strongly cut back on fiscal spending.Schiff took to his blog to express grievances with the state of the US economy, and the detrimental impact of soaring inflation on Americans’ incomes. “I think we’re not in recession, which was something that I had been predicting. So, inflation got stronger as the economy got weaker. And I think this recession is just getting started, and it’s going to last a long time,” he reiterated following an appearance on Rob Schmitt Tonight.According to Schiff, when it comes to the battle with inflation, it’s actually a battle with big government. “Inflation is a tax. It’s the way government finances deficit spending.” Put shortly, when the government doesn’t collect enough revenue from taxes, its deficits must be monetized by the Federal Reserve in the form of money printing. “They call it quantitative easing, but that’s inflation. Government is getting bigger and bigger, and families across America are going to have to bear that burden through higher prices.”
