Peter's Blog

Trust the Market, Not Government Stimulus

Some commentators are of the view that one cannot trust the market economy, which is seen as inherently unstable. If left free, the market economy could lead to self-destruction. Hence, there is the need for the government and the central bank to manage the economy. It is held, in this framework, that successful management could be achieved […]

The Working Americans’ Tax Cut Act Robs Peter to Pay Paul

If you listen to politicians in Washington, the Working Americans’ Tax Cut Act proposed by Virginia Representative Don Beyer sounds like a gift to the middle class. But by decreasing taxes for some by increasing them for others, it only robs Peter to pay Paul. A tax decrease that is financed by a simultaneous tax […]

This War Isn’t Affordable – It’s Debt-Funded

Unsurprisingly, the United States’ latest war is expensive and will almost certainly be financed via debt and inflation. While right- and left-wingers bicker about the costs of conflict in Iran, both sides have lost sight of the fact that the US can’t afford either of their preferred slates of government services– whether it be regime […]

The Fed’s “Self-Financing” Is a Dangerous Illusion

With Trump’s latest attack on Fed Chairman Jerome Powell in the news, mainstream pundits have jumped to defend Powell from what is obviously an attempt to make the Fed less hawkish on inflation. In these defenses, however, an absurd myth is often advanced– that the Fed is somehow “self-financing.” The following article was originally published […]

The Bread & Circus effect: The Danger of Public Stadium Funding

In 2016 when the measure C initiative to raise hotel taxes to benefit a new San Diego Chargers stadium failed, the Chargers left their hometown of many years to go to Los Angeles. A team expecting government aid as a prerequisite to be in a location is an exceedingly common story in the world of […]

Federal Budget: Government Deficit Exceeds $1.6T in 2025

Federal Budget The Federal Government publishes the spending and revenue numbers on a monthly basis. The charts and tables below give an in-depth review of the Federal Budget, showing where the money is coming from, where it is going to, and the surplus or deficit. The government fiscal year closes at the end of September, […]

Two Truths and a Lie From Trump’s 2025 Macro Policy

Trump’s tariff regime has led to an extremely unique economic situation. While inflation for some goods is high, many other goods have little inflation, and new job creation is lagging. Any Keynesian economist could weasel their way around this, but it gives compelling evidence against the assumptions of their most revered models. The Phillips curve […]

Herbert Hoover: The Forgotten Architect of Economic Intervention

In the literature on the Great Depression, interventionists claim that it was President Herbert Hoover’s “free market” policies that contributed to and even caused the economic crash that characterized the 1930s. But, under even the least scrutiny, this pernicious myth falls apart completely. The following article was originally published by the Mises Institute. The opinions […]

The Myth of Aggregate Demand: What Really Causes Recessions

As warnings flash about the state of the economy, the Keynesians are out in full force to declare that falling aggregate demand is what causes recessions. The Austrian school can set the record straight. The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff […]

We Still Haven’t Faced the Economic Madness of 2020

It has been more than 5 years since the federal government led a complete upheaval of American society in the name of public safety. Even after 5 years, America hasn’t fully realized the irreparable damage that the state did to social and economic life. The following article was originally published by the Mises Institute. The […]