Peter Schiff

We ran massive deficits.

The Fed printed money like crazy.

We doubled the Fed's balance sheet for like $4 trillion to $8 trillion.

Everybody stayed home and got money to spend.

So we had all this money to spend, but we weren't making anything.

And so I knew that the consequence of that was going to be soaring prices.

Now, inflation, the expansion of my supply always acts with a lag.

If I create a bunch of money today, you're not going to see it tomorrow at the supermarket or at Walmart.

There's a little bit of time.

It could take six months.

It could take a year before you really start to see the effect of all that inflation.

in retail prices.

So what happened was, if you look at the CPI in the final year of the Trump presidency, the last three or four months, it really started to shoot up.

And it continued for the first few months of the Biden presidency, before Biden's policies had ever come into effect, before the first stimulus check was put in the mail.

And that inflation continued.

So the CPI was up 9.1%.

during Biden's first year, his first term.

That was all Trump and the Congress under Trump because all the money that was created that resulted in those price increases was created before Biden got into office.

Had Trump been reelected,

It would have been the same thing, right?