Peter Schiff take on US election outcome was recently put forward in his latest podcast, and as usual, his thought-provoking contrarian view is throwing the cat among the pigeons.
Peter Schiff is one of the few commentators who correctly forecast a Trump win in 2016 and what looks like a Biden win in 2020.
“Peter Schiff is one of the few commentators who correctly forecast a Trump win in 2016 and what looks like a Biden win in 2020”
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A Biden administration could spell a raft of new business regulations, which would be detrimental particularly for small business is one Peter Schiff take on US election outcome
“Businesses will have to be more efficient than ever, especially given all the new regulation they are going to have to comply with in a Biden administration” warned Peter Schiff.
Peter Schiff acknowledges that while the outcome of the election is somewhat in jeopardy, as Trump threatens legal war, at the time of writing this piece, he still believes that Biden will be the next US President.
“I don’t think that the challenge will succeed, and it does look very likely, as I have feared that Joe Biden will be the next president of the US” said Peter Schiff.
“Businesses will have to be more efficient than ever, especially given all the new regulation they are going to have to comply with in a Biden administration”
Peter Schiff take on the US election outcome is that there was no blue wave, where the Democrats take control of both the House and the Senate
“The Republican not only managed to retain control of US Senate but Republican also picked up some seats in the house” said Peter Schiff. So rather than a blue wave, there wasn’t even a splash” he said.
“Joe Biden barely squeaked in with the narrowest of margins” added Peter Schiff.
A lot of people who were voting for Biden were voting against Trump.
“They voted Biden for president to remove Trump, but then they voted for a republican in the Senate to restrain Biden from doing bad things” – Peter Schiff
Peter Schiff take on the US election outcome of a Biden narrow win, and a Republican senate is that the US electorate wanted to push back on the Biden agenda
“They voted Biden for president to remove Trump, but then they voted for a republican in the Senate to restrain Biden from doing bad things” said Peter Schiff.
Massive tax hikes and ballooning public spending are the bad things Biden could do that Peter Schiff is referring to. Biden is also likely to favor lockdowns.
“Wall Street handicapped this as worst-case scenario because they see Republicans in the Senate as an impediment to stimulus” said Peter Schiff.
“Anything that slowed down stimulus juggernaut would be bad news for the market. But I don’t think that is the case” he said.
“Republicans aren’t going to stop stimulus everyone agrees that people need help” he added.
“I do believe that with Republicans in control of the Senate the size of the spending plan would be somewhat smaller than what would otherwise be the case had the Republicans not maintained control of the Senate” explained Peter Schiff.
Peter Schiff take on the US election outcome is that the Republicans won’t stop the tax hikes and the stimulus, but they will mitigate the size
“I did think that corporations and upper-income taxpayers will be hit with higher taxes but not as bad if Democrats took control of Senate” he said.
But here is the caveat, Peter Schiff doesn’t think the economy will be spared.
As the economy heads deeper into a recession, there will be an overdose of stimulus, and that will be bad for the US dollar, stocks, and the wider economy, explained Peter Schiff