Gold bug and economist Peter Schiff slammed President Joe Biden’s economic policy, known as Bidenomics, in a series of posts on social media platform X this week.

“If Americans think the economy is bad now, just wait until they see what’s coming. Once the dollar cracks, both inflation and interest rates will rise sharply. This will send the economy deeper into recession, causing many people to lose their jobs. That’s the real Bidenomics,” Schiff detailed on Wednesday.

“August consumer confidence and July job openings fell sharply, with both measures coming in substantially below even the most pessimistic forecasts,” the economist stressed. He warned:

Bidenomics will soon be exposed for the fraud that it is, as inflation and unemployment heat up while the economy cools down.

In a recent interview with Real America, Schiff called Bidenomics a complete disaster, emphasizing that price inflation will keep increasing as long as the government continues to borrow and spend. Commenting on President Biden’s economic policy, he said: “What has Biden done other than increase government spending and add extra regulations into the economy? There’s nothing economic about that. It’s just a complete disaster.”

Many others have similarly criticized Bidenomics. Economist Steve Hanke has stated several times that Bidenomics means “reckless spending” and “higher prices.”

Congressman William Timmons (R-SC) opined last week: “‘Bidenomics’ is crushing the American dream.” Rep. Tom Emmer (R-MN) recently described: “President Biden’s ‘Bidenomics’ spin is either an outright lie or total ignorance to the struggles everyday Americans are facing.” He additionally said: “House Republicans are taking our country’s perilous financial situation seriously as Democrats double down on Bidenomics and ignore the fallout it brings for everyday Americans. Fitch’s U.S. credit downgrade should come as a wake-up call to Democrats.”

The Financial Services GOP posted on X earlier this month: “As Biden touts the success of his economic ‘plan,’ the numbers tell a different story. Inflation rose 3.2% in July, and prices are a staggering 16% higher today than when Biden took office. It’s no secret: Bidenomics is failing America.”

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