But with major changes to the IRA now sealed into law under the banner of Trump's "Big, Beautiful Bill" (BBB), what Americans are left with is an expansion of the money supply. That's good news for gold, but terrible for American savers.

The updated bill guts some of the green subsidies and introduces new tax incentives, infrastructure spending, and targeted manufacturing credits. It's been sold to the American people as economic stimulus, but it's actually just deficit spending dressed up as nationalism.

Trump's BBB increases federal spending without corresponding cuts. It's paid for not by taxation or productive growth, but by borrowing. And that borrowing is increasingly being monetized, whether directly or indirectly. That means more Fed balance sheet expansion, and ultimately, more dollars in circulation.

The BBB means more deficit spending, which means more inflation. When the government spends money it doesn't have, and the Fed accommodates it with rate suppression or asset purchases. The end result of Fed policy, on a long enough timeline, is always larger money supply. A larger money supply is the textbook definition of inflation, and higher prices for consumers are the result.

More borrowing, through Treasury issuance, expands the money supply. When the Federal Reserve purchases these securities or banks lend against them, more dollars enter circulation. An influx of dollars chasing the same or fewer goods leads to higher prices. 

The 2017 Tax Cuts and Jobs Act added nearly two trillion to the debt over a decade, and the BBB is even broader. This will amplify the effect, driving inflation higher.

Despite the rhetoric of "bringing manufacturing back" or "rebuilding America," this bill isn't about genuine economic growth. It's about short-term political gain funded by long-term monetary erosion. Average Americans and savers are the ones who will pay the price.