It's going to get worse before it gets better

Leading economist predicts turmoil ahead as Trump inherits Biden's economy

As President-elect Donald Trump prepares to take office, leading economist Peter Schiff warned Tuesday on Newsmax of the impending economic challenges he will inherit.

During an appearance on "Newsmax New Year's Eve With Shaun Kraisman," Schiff said the problems within the U.S. economy have been largely overlooked by investors, which contributed to Trump's electoral win. The economist suggested drastic measures as Trump faces these turmoils, including substantial cuts to government spending, entitlements, and defense.

"I think we've been in a recession for at least a year. I think the media and the government were lying about it. I mean, that's why Trump won. If you look at the news, just the other day, we found out that credit card delinquencies are the highest they've been since the 2008 financial crisis," Schiff said. "It was all part of the big lie, but the voters didn't buy it. They voted for Trump."

Last week, Kentucky Sen. Rand Paul released a report that identifies more than $1 trillion in government waste over the last year.

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