Obama 2012 Budget Proposal In: Peter Schiff Predicts Grim Economic Future

Katie Pavlich | February 14, 2011 10:24 AM

President Obama has just released his $3.73 trillion spending proposal for the 2012 budget year, calling for more spending on education, high speed rail and even calls for tax hikes on the richest Americans.

The biggest tax hike would come from a proposal to trim the deductions the wealthiest Americans can claim for charitable contributions, mortgage interest and state and local tax payments. The administration proposed this tax hike last year but it was a nonstarter in Congress.
Obama's budget would also raise $46 billion over 10 years by eliminating various tax breaks to oil, gas and coal companies.

Over the weekend I spoke with Peter Schiff, CEO of Euro Pacific Capital and the man who predicted the housing and financial crisis we are in now, about the grim economic outlook he foresees with a bloated and out of control federal government.