Peter Schiff Blasts Trump Policies for 36 Trillion Debt Surge

Economist and gold advocate Peter Schiff has intensified his criticism of former U.S. President Donald Trump’s economic policies, particularly focusing on tariffs, fiscal management, and cryptocurrency initiatives. Schiff acknowledges that Trump’s presidency may have been preferable to alternatives but argues that the administration’s economic missteps outweigh its accomplishments.

Schiff objects to the extension of the 2017 Tax Cuts and Jobs Act, asserting that it has led to a significant rise in U.S. debt, which is now exceeding $36 trillion. He criticized the Treasury Secretary for attributing the recent credit downgrade to the Biden administration, pointing out that the downgrade specifically cited the extension of Trump’s tax cuts as a contributing factor.

Schiff has been a vocal opponent of Trump’s tariff strategies, labeling them as detrimental to American consumers and businesses. He states that tariffs function as a tax on Americans, leading to higher prices and potential inflation. Schiff warns that if such measures persist, they could bring about a financial crisis worse than that of 2008.

Schiff’s critiques are shared with concerns from other economists and financial experts who caution that Trump’s economic policies may undermine the U.S. economy’s stability. They argue that the combination of tax cuts, increased spending, and aggressive trade policies could lead to long-term fiscal challenges. These would include inflation, reduced investor confidence, and the likelihood of a capital flight.

Schiff has also been critical of Trump’s foray into cryptocurrency, especially the proposal to establish a U.S. Strategic Bitcoin Reserve. A few months ago, he accused Trump of orchestrating a pump-and-dump scheme, alleging that the administration’s announcements led to artificial inflation of crypto markets and that they benefited insiders before a subsequent crash. In March, he called for a Congressional investigation into these actions, suggesting possible market manipulation. In a recent post, he once again mentioned that Trump’s family has exploited the presidency for personal gain.

Schiff’s warnings extend to the potential economic consequences of Trump’s policies. He argues that these policies could set the stage for a radical left presidency in 2028. Whatever the case, this likely won’t be the last time he will have something to say against Trump and his administration.