The U.S. economy will tumble off the fiscal cliff -- $600 billion in tax increases and spending cuts – unless Washington avoids it.
But with $16 trillion in debt, does this country need a shock like the cliff to finally adopt fiscal discipline?
Peter Schiff thinks so.
Schiff said canceling the tax hikes and spending cuts would just delay the inevitable fiscal strain this country is headed toward.
"Our economy is so screwed up from years and years and years of bad monetary and fiscal policy that it's going to be painful to correct that problem. But we have to do it," Schiff said. "We can't keep avoiding the pain and in the process making the problem worse, because then we're just going to have even more pain in the future to fix an even bigger problem."