Act I of America's economic tragedy by Robert Perez

Donald Trump has done it, with the flair of a reality TV host turned statesman, turned in a moment of fanfare, chest-thumping, and social media glory, President Trump has just signed what he proudly calls his “Big Beautiful Bill” into law, a sprawling economic package that promises prosperity, freedom, and the return of greatness.

But while the bill is being sold as a win for the American people, those with eyes on history and a basic grasp of economic reality see something else entirely. Behind the gilded veil of “stimulus” and “growth,” we may be witnessing the first act in a play that ends not in celebration, but in collapse and potentially, in the rise of something far darker.

Let’s call this what it is: a Trojan horse on wheels greased with tax cuts and nationalism, rolling straight into the center of a fragile economy.

At first glance, the bill looks like standard Trumpian excess, massive tax breaks for the ultra-wealthy, slashed regulations for industries already running rampant, and record-breaking federal spending under the guise of “infrastructure” and “job creation.” But underneath this bloated beast is a ticking economic time bomb. The national debt is now ballooning at such a pace that even Reagan would have blinked. We’re pouring lighter fluid on a pile of dry brush during a heatwave and cheering at how warm it feels.

The timing couldn’t be more suspect. With inflation already gnawing away at the average household's grocery list, and with interest rates forced to rise just to keep up with the burn, this bill pours gasoline on both ends of the fire. It’s as if the administration wants the economy to break—and maybe that’s not a bug, but a feature.

Because here’s the chilling part: economic collapse, as history shows us, is fertile soil for authoritarianism.

We’ve seen this film before. The crash of 1929 paved the way for the rise of strongmen around the world. Hitler didn’t rise from calm waters. Neither did Mussolini. Or even Putin. Trump, who has long flirted with dictatorial aesthetics, remember “I alone can fix it”? may see a major economic collapse not as a threat, but as an opportunity. A chaotic economy is a dictator’s dream. Breadlines and bankruptcies soften public resistance. Citizens turn to the strongman to make sense of the storm. Freedoms can be suspended “temporarily” in the name of “emergency powers.” Congress becomes a nuisance; courts, an obstacle.

And just like that, democracy dies to the sound of flag-waving and a booming reality TV soundtrack.

This Big Beautiful Bill is more than reckless economics. It’s the laying of rails. It’s the structural weakening of institutions through budgetary chaos. And it’s Trump positioning himself, yet again, as the only one who can save the nation from the very crisis he helped create.

To be clear, the economy is already teetering on the edge. Corporate debt is at record highs. The housing market is bloated beyond recognition. Wages remain stagnant while asset bubbles grow obese on speculative capital. All it takes is a single shock, a geopolitical conflict, a sharp rise in oil prices, a market correction and the house of cards starts falling. And when it does, Trump won’t be in the wreckage with us. He’ll be holding the megaphone, blaming the media, immigrants, and the “deep state,” while tightening the screws on dissent.

If this all sounds paranoid, remember: every dictatorship in history began with disbelief. People laughed, shrugged, and said, “It can’t happen here.”

But it can. And it may already be happening, under the guise of greatness, prosperity, and patriotism. Trump’s Big Beautiful Bill may be the economic iceberg. What’s coming next could be the authoritarian storm riding the waves.

So while Wall Street may cheer today, Main Street should prepare for the cold.