Peter Schiff Warns: Trump's 'Big, Beautiful Bill' Is a Financial Nuclear Bomb That Threatens to Destroy the US Dollar

Veteran economist and gold advocate Peter Schiff has issued a stark warning about former President Donald Trump's "Big, Beautiful Bill," calling it "economic suicide" that could blow up the US dollar, exacerbate the debt crisis, and lead to a total collapse of the US financial system.

In a series of posts on the X platform (formerly Twitter), Schiff could not hide his anger when he said that the bill continues the chain of unsustainable fiscal policies that have caused the US to fall from global leadership. "The Big, Beautiful Bill will not make America great again — it is the last straw, opening the door to a dollar and debt crisis that has been brewing for far too long," Schiff emphasized on May 24.

“Long and hollow”
Schiff was particularly critical of the bill’s 1,116 pages, which he said “doesn’t have a single line about deficit reduction.” Instead, he accused it of blowing up future deficits without any meaningful spending controls. “Only two Republicans voted against it. Otherwise, this is a blatant fiscal betrayal,” he added.

He also pushed back against Trump’s claim that it was “the most important piece of legislation in American history,” calling it “a gimmick that masks a massive debt injection in the name of reform.”

Fake tax cuts, big spending
Schiff stressed that calling the bill a “tax cut” is misleading. “In fact, total government spending is the real tax. And when it goes up, it’s ultimately passed on to the people through inflation and higher interest rates,” he said. Schiff said any spending package that does not include budget cuts is a form of indirect tax increases.

He also doubts the promise of Medicaid cuts that would take effect after five years — something he called “a publicity stunt” that will almost certainly never be implemented.

Experts divided, worried about fiscal future
Despite Schiff’s scathing remarks, some supporters of the bill say it provides clarity and long-term direction for tax policy, while addressing lingering issues from previous administrations. But Schiff’s warnings reflect growing concerns about the United States’ ability to control its fiscal deficits amid record levels of deficits and debt.

Peter Schiff has long been a critic of loose monetary policy and the trend toward increased government spending in Washington. With the “Big, Beautiful Bill,” he sees it as the final warning sign of a financial crisis brewing — where the US dollar could lose its global standing without serious adjustments from policymakers.