On July 4, 2025, President Donald Trump signed into law what he hailed as the "One, Big, Beautiful Bill"—a sweeping piece of legislation that has since become a lightning rod for praise and criticism across the United States. While supporters tout the bill's expanded tax credits and cuts as a much-needed boost for families and small businesses, detractors warn of unintended consequences, including budget shortfalls, cuts to essential programs, and an accelerated depletion of Social Security funds. As debate rages from Iowa to Colorado and beyond, the true impact of the bill is coming into sharper focus, revealing deep divisions over the nation’s fiscal priorities and social safety net.
In Aberdeen, South Dakota, the bill’s ripple effects are being felt alongside local debates about infrastructure spending. Ron Bolduan, a lifelong resident, recently voiced his opposition to a costly plan to convert Main Street into a two-way road, arguing that the $1 million price tag would be better spent on property tax reductions. "Businesses in the 500 block will lose parking. Traffic flow will be crippled by trucks unloading on Main Street – alley unloading is not an answer, especially during winter," Bolduan wrote in a letter published on August 16, 2025. His concerns about fiscal responsibility echo the larger national conversation sparked by the "Big, Beautiful Bill."
Not everyone in South Dakota is wary of Washington’s latest moves. Norman Woods, director of South Dakota Family Voice Action, praised the bill as “one of the most important pro-family wins to come out of Washington in years.” In his view, the centerpiece is the expansion of the child tax credit from $2,000 to $2,200 per child. "This increase means real money back in the pockets of parents — money that can help cover childcare, medical bills or simply provide some breathing room in the family budget," Woods wrote. He also highlighted provisions removing federal funding for abortion providers and launching a new school choice scholarship program, calling it "tangible, meaningful support for families." Woods expressed gratitude to South Dakota’s congressional delegation for their support, underscoring the bill’s appeal among some working families juggling rising costs.
Yet, as the celebrations continued, skepticism was brewing in the heartland. At a round table event in Cedar Rapids, Iowa, on August 12, 2025, politicians including U.S. Senator Joni Ernst and Representative Ashley Hinson gathered with selected business owners to champion the bill as a boon for small businesses. But Shawn Gallagher, President of Adcraft Printing Company and a Main Street Alliance member, saw things differently. “I see this law for what it really is: a bad deal dressed up in campaign-season talking points,” Gallagher remarked in a published commentary. While acknowledging that he personally benefits from certain tax provisions, he voiced concern that the bill “locks in tax cuts that overwhelmingly benefit the biggest corporations and the wealthiest ‘small’ business owners, while delivering crumbs—and in some cases, outright harm—to the rest of us.”
Gallagher also raised alarms about the loss of federal revenue resulting from the bill’s tax cuts, warning that the shortfall would either have to be offset by cuts to other federal programs or by adding to the budget deficit. “Is it more important to society as a whole to provide tax cuts to the top 10 percent, whose wealth is already at an all-time high? Or should our priority be to ensure that our children receive a quality education, adequate nutrition, and health care?” Gallagher asked, questioning the long-term sustainability of such fiscal policies. He concluded with a call for policies that genuinely strengthen Main Street rather than Wall Street, emphasizing the need for affordable health care and fair tax policy.
Concerns about the fiscal impact of the "Big, Beautiful Bill" are not limited to small business owners. Federal analysts have weighed in, providing hard numbers that paint a sobering picture. On August 5, 2025, Karen Glenn, Chief Actuary for the Social Security Administration, responded to a request from Senator Ron Wyden for an estimate of the bill’s financial effects on Social Security trust funds. Glenn’s findings confirmed the fears of many opponents: the law will reduce revenue flowing into Social Security starting this year, costing the retirement program $168.6 billion between 2025 and 2034. As a result, the Old-Age and Survivors Insurance (OASI) Trust Fund is now projected to run out of money in late 2032, several months earlier than previously forecast. The combined Social Security trust funds are expected to be exhausted in the first quarter of 2034, instead of the third quarter.
While some experts urge retirees not to panic—pointing out that Congress is unlikely to allow steep benefit cuts to take effect—there is no denying that the bill has intensified the urgency of Social Security reform. The debate over how to shore up the program is likely to become even more heated as the depletion date draws near, with proposals ranging from raising payroll taxes to trimming benefits for future retirees.
Nowhere is the fallout from the "Big, Beautiful Bill" more politically charged than in Colorado, where state Democrats have launched what they call the “Big Bill Fallout Tour.” At the kickoff event in Gypsum on August 14, 2025, Colorado Democratic Party Chair Shad Murib laid blame for the state’s budget shortfall squarely at the feet of Republicans in Congress. “Jeff Hurd, you betrayed Colorado,” Murib declared, singling out the representative for voting in favor of the $4.5 trillion tax break and spending cut package. According to the Colorado Democrats, the bill’s passage eliminated more than a billion in federal funds headed for Colorado, with cuts "hitting hardest in rural communities," threatening hospitals, infrastructure, and programs for working families.
Other Democratic lawmakers echoed Murib’s concerns. Speaker of the House Julie McCluskie and Senator Dylan Roberts both stressed that the legislature was being forced into a special session to address the budget crisis, with education funding and health care at risk. Representative Elizabeth Velasco pointed to federal agencies like OSHA, NOAA, FEMA, and the Education Department as being "defunded, gutted, or going away." Governor Jared Polis, who attended the event, warned that "a lot of the health care cuts are still ahead of us; they occur in the second year, or the third year." The Democrats plan to continue their tour, targeting Republican-controlled districts and challenging their opponents to face constituents and explain their votes.
In the midst of these passionate debates, one thing is clear: the "One, Big, Beautiful Bill" has touched off a national reckoning over how America balances tax relief, government spending, and the future of its social safety net. As lawmakers and citizens grapple with the consequences, the choices made today will shape the country’s fiscal landscape for years to come.
