Speaking with Kitco News on August 9, 2022, Ron Paul, a former Texas Congressman, shared his skepticism about the ‘inevitable collapse’ of the US economy as he discussed the nation’s efforts to manage its debt. Painting a bleak picture for the US economy, Paul stated: He added:
Economic collapse
Notably, Paul was unable to specify when exactly we could expect the economic collapse to occur. Nevertheless, he remarked that he would like to see the US government cut spending, balance the budget, and take steps to dig its way out of debt instead of piling on more. When asked what the collapse would mean for the average US citizen, the first thing Paul mentioned was prices going up while living standards going down. On a final note, he shared his pessimistic predictions on inflation and its impact on the living standards of the middle class:
The anti-inflation bill will have little impact on inflation
With a 51-50 vote, on August 7 the “Inflation Reduction Act” was passed on Capitol Hill and its announcement to the media was accompanied by enthusiastic applause. However, despite this legislation being an “anti-inflation” bill, Paul predicts that its authorization and actions will have little to no impact on ongoing inflation. He stated: Ultimately, while Ron Paul’s forecasts for the future of the US economy can seem hopeless at the surface, only time will tell if they will become a reality. Watch the interview: Former US congressman Ron Pauls warns US economy’s ‘inevitable collapse’
