Peter Schiff Warns 'Big, Beautiful Bill' of Trump Will Cause Economic Collapse, Erase the USD

Peter Schiff criticizes Trump’s grand, beautiful legislation as an economic suicide act, warning that it will wipe out the dollar, increase the deficit, and devastate the U.S. economy. Peter Schiff: Trump’s Bill Is A Financial Nuclear Bomb That Will Erase The USD Economist and gold advocate Peter Schiff shared his scathing assessment of President Donald Trump’s “Big, Beautiful Bill” in a few posts on the social media platform X this week, arguing that it represents a deeply misguided step in financial management. In a series of critical comments, Schiff accused the designers and supporters of this bill of maintaining unsustainable economic policies that would further put the United States at financial risk. He warned on May 24: This grand, beautiful bill not only fails to make America great again but also continues the destructive fiscal policies that have contributed to our loss of greatness. Ironically, it could be the last straw, triggering a long-overdue public debt and dollar crisis. Criticizing the legislative structure of the bill, Schiff drew attention to the absolute length of the bill and the lack of deficit reduction measures in another post on X: “This big, beautiful bill has 1,116 pages, yet not a single page reduces future deficits. In fact, they make the deficit larger. Only two Republican members in the House had the courage to vote against this monstrosity… This bill is a complete fraud and betrayal.” He also raised issues with the way the bill was touted by its main proponent: “Trump declared the Great, Beautiful Bill as ‘the most important piece of legislation signed in the history of our country.’ The only meaningful aspect of this bill is the increase in national debt that it will create. It is full of tricks to hide the additional costs of government.” Schiff also focused on the anticipated impact of the bill on the deficit and its misleading characteristics as a tax cut measure. “Claiming that the Big, Beautiful Bill is a tax cut is a lie. The actual cost to the government that taxpayers will bear is total spending,” he warned, noting: Because this bill increases spending, it is a tax increase rather than a tax cut. Americans will ultimately pay the price through inflation and higher interest rates. Gold supporters also oppose the bill’s handling of Medicaid cuts, which he stated are unlikely to come to fruition: "One other thing that really bothers me about the Big, Beautiful, reckless bill causing the already skyrocketing deficit is that the Democrats are accusing Trump of cutting Medicaid, even though they know full well that the Medicaid cuts, which are not set to take effect for five years, will never actually happen. "While Schiff continues to sound the alarm, proponents of the bill argue that it provides clarity on tax policy and addresses structural issues left unresolved by previous administrations, laying out what they believe is the path to economic stability.