While much of the country is fed up with the Obama administration, the president still has many supporters willing to shell out tens of thousands of dollars at fundraiser dinners.
How does the president maintain support during these tough economic times? Peter Schiff says America needs to wise up already.
“These guys have got to wake up to reality,” said Schiff, the president of Euro Pacific Capital. “Obviously some people are able to make money off of the system. Unfortunately, not nearly enough. That’s the problem”
Schiff said that there still are a good number of Americans that make a decent wage and have enough saved up, and those fortunate enough to be grouped into that collective often end up being ignorant of what the rest of the country is experiencing. “There are people with money in this country that don’t understand what’s going on so they believe that Obama is actually going to help the country,” he said.
While some rest of America, said Schiff, doesn’t buy into it, others are left searching for answers and coming up hopeless. Unfortunately, they often don’t matter to those in Washington. The Obama administration continues to put money into programs which Schiff says make the rich richer and the poor poorer. “Many of those programs are responsible for impoverishing the majority of Americans but they enrich his contributors,” said Schiff. As a result, the American poor are being perpetuated into a further economic slump while financiers and other big bank big-wigs are benefiting from Obama’s “reckless policies.”
Schiff said that a lot of companies are beneficiaries of government programs, including pharmaceutical corporations and large brokerage firms. The small guy, however, is often disillusioned by what’s actually happening on Pennsylvania Avenue. Even in the state of economic disarray, those are the people whose vote matters and they might be casting it for Obama unsure of how to fix the problem.
“As the government is able to help ruin the economy and create dependency, people who become dependent on government checks are now more likely to vote for the people that are signing the checks,” said Schiff. “They don’t connect the dots. They don’t understand that the government is responsible for their plight. But they buy into the rhetoric that the government will solve their problem.”
To the government, said Schiff, that’s not a problem. “The government wants to perpetuate poverty because it’s easier to get the votes of the impoverished when you’re the ones that’s providing them with funds,” he added.
And what will become of this?
“It is going to get worse,” said Schiff.