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Economist Peter Schiff explains that the inflation threat under President Donald Trump is not just due to his tariff policies and the Iran War, but larger macro issues.<\/p>\n
On Sunday, Schiff argued on X that tariffs and war are not the main reasons driving inflation more under Trump than under former President Joe Biden. Instead, he believes rising government deficits and the Federal Reserve\u2019s efforts to suppress long-term interest rates will be the main triggers of higher inflation.<\/p>\n
\u201cThe primary driver will be the surge in deficit spending and the Fed\u2019s efforts to limit the rise in long-term interest rates,\u201d wrote Schiff.<\/p>\n
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Rising Debt Fuels Economic Debate <\/p>\n
This statement comes in the wake of Schiff\u2019s previous criticism of Trump\u2019s economic policies. He questioned the President\u2019s intention to impose short-term financial burdens on Americans for war, while avoiding similar sacrifices to reduce government spending and the federal deficit.<\/p>\n
The U.S. is currently grappling with billions in war spending amid a $2 trillion deficit. At the same time, the latest data indicates headline inflation is at 3.8% year-over-year, the highest since 2023.<\/p>\n
Sen. Rand Paul (R-Ky.) argued that America\u2019s greatest threat is not foreign adversaries but its growing debt and weakening dollar. He criticized the rising costs of entitlement programs such as Medicare and Social Security and warned that excessive debt is undermining the nation\u2019s financial stability.<\/p>\n
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