Peter Schiff Torches Trump's Big, Beautiful Bill as Economic Suicide, Warning It Will Obliterate the Dollar

Economist and gold advocate Peter Schiff shared in a few posts on social media platform X this week his blistering assessment of President Donald Trump's “Big, Beautiful Bill,” arguing that it represents a profound misstep in fiscal governance.

Economist and gold advocate Peter Schiff took to X, the social media platform formerly known as Twitter, to share his scathing assessment of President Donald Trump's "Big, Beautiful Bill," also known as the Paycheck Protection Program and Small Business Administration (PPP) Economic Recovery Act of 2020.

The bill, a product of bipartisan cooperation in the midst of the COVID-19 pandemic, aimed to provide financial relief to individuals and businesses. However, Schiff argues that it represents a profound misstep in fiscal governance, perpetuating unsustainable economic policies that will push the U.S. further into financial peril.

"The Big, Beautiful Bill not only won't Make America Great Again, but it continues the destructive fiscal policies that contributed to our fall from greatness. Ironically, it may be the straw that breaks the camel's back, ushering in a long overdue dollar & sovereign debt crisis," Schiff warned on May 24.

Criticizing its legislative structure, Schiff drew attention to the bill's sheer length and lack of deficit reduction measures in another X post: "The Big, Beautiful Bill contains 1,116 pages, yet not a single page reduces future deficits. In fact, they make them larger. Only two House Republicans had the courage to vote against this monstrosity ... The bill is a total fraud and a betrayal."

He also took issue with how the bill is being touted by its main proponent: "Trump claims the Big, Beautiful Bill is 'the most significant piece of legislation signed in the history of our country.' The only thing significant about the bill is the increase in the national debt it will produce. It's full of gimmicks that hide the added cost of government."

Schiff further slammed the bill's projected impact on deficits and its misleading characterization as a tax-reducing measure. "The claim that the Big, Beautiful Bill cuts taxes is a lie. The real cost of government that taxpayers must bear is total spending," he stated.

"Since this bill increases spending, it's a tax hike, not a tax cut. Americans will ultimately pay the cost with higher inflation and interest rates."

The gold advocate additionally pushed back against the bill's treatment of Medicaid reductions, which he said are unlikely to materialize: "Another thing that really bothers me about the Big, Beautiful Bill, that recklessly runs up already soaring deficits, is that the Democrats are accusing Trump of gutting Medicaid, knowing full well the Medicaid cuts, which don't kick in for five years, will never actually happen."

While Schiff continues to sound the alarm, defenders of the bill argue it delivers clarity on tax policy and addresses structural issues left unresolved by past administrations, offering what they believe is a pathway to economic stability.