Imagine Sophie, a Parisian mother of two. She’s already dealing with the price of bread doubling and spiking energy costs. On top of that, she lives in constant fear that inflation is eating away her savings. Now picture that same policy advocate getting news that her counterpart has a similar policy proposal that gained serious momentum across the Atlantic. This policy might rattle the very underpinnings of her fiscal wellbeing. That's the human cost we need to consider when discussing Trump's latest economic pronouncements.
Growth Over Deficit? A Dangerous Game
Just yesterday, Trump called on Republicans to stop being so preoccupied with deficits and to start promoting growth. This call, amplified on Truth Social, has caused some to interpret it as bullish for Bitcoin. Analyst Will Clemente even went so far as to recommend replacing U.S. Treasuries with Bitcoin or gold, due to concerns over rising deficits and inflation. Yet, is this strategy really a winning one for the everyday American? Or is it really just another way for the rich and powerful to protect what’s theirs while everyone else carries on suffering in their wake.
On the surface, that promise of a “big, beautiful bill,” a tax-and-spending blueprint more than 900 pages long, seems marvelous. Permanent tax cuts! Increased defense and border security! If you look a little closer, the growing cracks begin to expose themselves. Who really benefits from these tax cuts? What are the fiscal and economic long-term effects of ballooning the national debt?
The reality, of course, is that these policies overwhelmingly benefit the wealthy. While the forgotten middle class worries about the cost of groceries, the elite are busy shielding their assets from inflation, perhaps even diversifying into Bitcoin, further driving up its price.
Bitcoin A Lifeline Or Another Problem?
Is Bitcoin a legitimate lifeline for the average citizen against reckless fiscal policy, or is it a speculative bubble waiting to burst, potentially hurting the very people it claims to protect?
Bitcoin defenders point to its decentralized nature and limited supply as the key characteristics that provide a hedge against inflation and government overreach. A recent 0.54% increase in Bitcoin, bringing it to $107,937 might serve as proof of this claim. Let's be realistic. Bitcoin is volatile. It's not a magic bullet. It’s not even a surefire route to financial security, particularly for low- and moderate-income Americans, who are the ones most able to lose their hard-earned savings.
Sophie, like many others, is lured by the siren song of easy money in a boom and bust market. This pursuit is a perilous gamble. They need stable, reliable solutions, not speculative assets that may be worthless tomorrow. No wonder Americans are anxious, as they see life savings evaporate before our eyes. We should be careful not to let the boogeyman be created by those who stand to benefit from our fear.
Europe's Lessons, America's Blind Spot
As a Paris-based European analyst, let me assure you that no part of the world has suffered economic crises more often than has Europe. We know all too well what happens when the federal government continues deficit spending with no accountability—financial chaos and suffering. Climate change has already illustrated the rampant social unrest that arises when national leaders choose wealth accumulation over climate stability.
Is America doomed to repeat these mistakes? Are we so entranced and mesmerized by the seduction of temporary economic development? Are we truly prepared to risk the financial security of generations to come in order to do so. After all, Trump’s economic philosophy—a long discredited strain of supply-side economics—holds that growth will pay for those deficit increases. But what if it doesn't? What if all this growth is just not equitably distributed—disadvantaging the most vulnerable in our communities.
The internal divisions within the Republican party over this bill – moderate Republicans wanting a higher SALT deduction cap, conservatives demanding deeper spending cuts – are a symptom of a deeper problem: a fundamental disagreement about the role of government and its responsibility to its citizens. Making the 2017 tax cuts permanent is a great way to demonstrate where the actual priorities are. What an obvious boon to the wealthy at the expense of the beleaguered middle class.
We need to ask ourselves: Are we building a sustainable future, or are we simply kicking the can down the road, creating a bigger mess for our children to clean up? This embrace of deficit spending is an extremely risky gamble, and the stakes are much too high to take them. Let’s insist on fiscal discipline, people! What we need is new policies that make improving the lives of all Americans — not just those at a higher income level — a priority. Now more than ever, we need to be thinking of Sophie, and the millions more like her, who are suffering in silence—paying the price for these choices.
