US economy 'worse' off than when Biden departed, Peter Schiff says, warning of 2028 Dem socialist 'threat'

The U.S. economy is currently "worse" than when former President Joe Biden departed office last year, economic and political commentator Peter Schiff asserted, warning that the nation faces the "threat" of a Democratic socialist winning the White House during the 2028 presidential election.

President Donald Trump is "unpopular because the economy is worse now than it was when Biden left office," Schiff, chief economist and global strategist of Euro Pacific Asset Management and host of "The Peter Schiff Show" podcast, told Fox News Digital during an interview on Wednesday. 

"So Trump ran promising to fix what Biden broke," but then "broke it more," Schiff asserted. 

"He said that prices will come down on day one as soon as I become president," Schiff said, adding "inflation is a bigger problem now than it was when Trump was elected."

Fox News Digital reached out to the White House on Thursday.

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While Republicans currently hold majorities in both chambers of Congress, Schiff said that he thinks the GOP will lose many House seats in the midterm elections this year and that they "have a real chance of losing the Senate too."

Schiff said he expects the party to lose control of the Senate in 2028 if they haven't lost their majority in the chamber before then and that he thinks the GOP will lose the presidency in 2028 as well. He warned that "the real threat" looming over the 2028 White House contest is the possibility of "a real Democratic socialist" getting elected as president.

Schiff, who is involved in selling precious metals through SchiffGold, made a case for people buying gold and silver. "Buy real money that will preserve its purchasing power," he said.

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He argued that investors should be "diversifying into stocks in international markets" to protect against "a weak U.S. dollar."

Schiff said "stagflation" will "be a big problem for the U.S. economy for years to come," warning of a "crisis" pertaining to "sovereign debt" as well as "currency."

"But I want people to understand that this is not about a failure of capitalism. It's about a failure to have capitalism. It's a failure of central planning, central government, central banking. It's big government that interfered with the free market that created the problem. And the solutions that are gonna be proposed by government to increase the size of government, to have even more regulation, to have even more taxes, they will just make all the problems worse," Schiff said.

The U.S. national debt has surpassed $40 trillion, according to the U.S. Treasury.

"We need to rein in government. We need massive cuts to government spending, deregulation, we need free market forces," he said.

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Schiff said, "Republicans are in a predicament because doing the right thing economically is probably political suicide, which is why they won't do it."