The Peter Schiff Show Podcast

Episode Title: Presidents’ Day Is a Lie (It’s Washington’s Birthday)
Host: Peter Schiff
Date: February 18, 2026

Episode Overview

In this episode, Peter Schiff uses Presidents’ Day as a springboard to discuss issues of historical memory, the dilution of George Washington’s legacy, and the unintended consequences of government intervention in the markets. Schiff explores why he believes only Washington deserves a federal holiday, how market subsidies distort prices (with a focus on SNAP/food stamps, housing, education, and healthcare), and closes with critical commentary on Bitcoin, government spending, and the economic ramifications of policy decisions.

Key Discussion Points & Insights

1. The Truth About Presidents’ Day and George Washington

• Presidents’ Day Misnomer: Schiff argues that the holiday in February is officially Washington’s Birthday, not “Presidents’ Day,” and laments the confusion and loss of focus on George Washington’s legacy.

  • Notable Quote:
    • “Legally it's not Presidents’ Day. It is George Washington's birthday, and I really wish that is how everybody referred to the holiday as opposed to Presidents’ Day.” (03:35)

• Origins of the Confusion: He traces the shift to the Uniform Holiday Act (1968, effective 1971), which moved several holidays—including Washington’s Birthday—to Mondays. Retailers promoted "Presidents’ Day" sales to broaden appeal.

  • "Stores... started calling them President’s Day sales... and so then the whole holiday became Presidents’ Day, and it lost all significance to Washington..." (04:45)

• Why Washington Deserves Unique Status:

  • Schiff emphasizes Washington’s historical importance as the "father of our country" and the only person (other than Martin Luther King Jr.) given a federal holiday. He argues that honoring all presidents equally dilutes the impact:
    • “No, I don’t want to honor all those presidents. I want to honor George Washington. I think he’s the only person who should have a federal holiday.” (06:08)

2. George Washington’s Life, Legacy, and Character

• Washington’s Heroism: Schiff gives a vivid account of Washington's near-miraculous survival during the French and Indian War, his leadership in the Revolution, and his character:

  • Memorable Moment:
    • “They shot two of his horses out from under him... When he gets back... he’s got four bullet holes in his coat... a complete miracle that he didn’t get killed.” (08:48)
  • Native American respect for Washington as someone “protected by the spirits.”

• Refusal of Power:

  • Washington could have become king but refused, ultimately stepping down voluntarily after two presidential terms—setting a democratic precedent.
  • Notable Quote:
    • “He turned it down. He did not want to be king. He didn’t believe in monarchy. He wanted America to be a republic, to be self governed." (14:01)
    • “Who would do something like that?” (14:18)

• Wealth and Humility:

  • Washington was the richest president (adjusted for inflation), but didn’t leverage power for personal gain.

• Leadership in Crisis:

  • Led troops personally to suppress the Whiskey Rebellion as president—contrasted with modern “chicken hawk” leaders.
  • “He wasn’t in the back... he was way out in the front, like he was going to be the first one to get shot.” (18:57)

• On Modern Critiques of Washington:

  • Schiff dismisses criticisms fixated on Washington’s slaveholding as ahistorical and contextually misplaced:
    • “Who cares? Everybody owned slaves back then... Look at what this man did for this country...” (22:25)

3. Government Subsidies and Market Distortions

Case Study: Pepsi, SNAP Benefits & Pricing

• Pepsi's Price Cut:
  • PepsiCo cut prices on snacks. Media framed it as consumer pushback; Schiff explains the real cause as policy changes preventing SNAP recipients from buying junk food.
  • "So what does that mean? Well, it means demand goes down for those foods because the government was subsidizing poor consumers to buy junk food..." (26:50)
• General Principle:
  • When government subsidizes any product (education, housing, healthcare), prices rise. When subsidies are reduced, prices fall.
  • Notable Quote:
    • “Everything the government subsidizes cost more as a direct result of the subsidy.” (29:30)
    • "[Trump] specifically said, yeah...I don't want housing prices to become more affordable ... I want them to continue to believe they're rich. And so we have to maintain the high price of their homes, even if nobody could actually afford to buy them..." (32:10)
• Housing, Education, Healthcare:
  • Schiff draws analogies to government-backed student loans, grants, housing subsidies, and healthcare—arguing these all artificially inflate prices and reduce true affordability.

4. The Problem with Food Stamps/SNAP

• SNAP as Inflation Driver:

  • Schiff insists SNAP/food stamps should count as part of the money supply—recipients can allocate dollars elsewhere when food is subsidized, raising overall demand and inflation.
  • "The fact that it can be spent on anything means it's money and it's contributing to the inflation problem." (34:13)

• On Policy ‘Workarounds’:

  • He explains how attempts to restrict SNAP purchases (e.g., banning junk food) are easily circumvented in practice.

• Agricultural Subsidies Paradox:

  • Government interventions designed to keep food prices high mean people need more help to afford food, creating a cycle of dependency.
    • “...the goal of our agricultural programs is higher food prices. That is the stated purpose of all the programs is to make sure that food is more expensive than it otherwise would be in a free market.” (36:52)
    • “With the right hand that causes a problem... with their left hand... [they] try to throw more money at solving the problem that they created.” (39:00)

• Result:

  • Bigger agricultural companies, destruction of small farms, and policies that contradict—like subsidizing tobacco while campaigning against smoking.

5. Critique of Modern Asset Markets and Bitcoin

• Bitcoin and MicroStrategy:
  • Schiff criticizes Michael Saylor’s public defenses of MicroStrategy’s Bitcoin purchases, focusing on the misleading analogy between Bitcoin and Manhattan real estate.
  • Memorable Segment:
    • “If you own Manhattan real estate, you'd be collecting a lot of rental income. You don't get any rental income on your bitcoin. Bitcoin is nothing like being a landlord and having an income stream.” (49:14)
• Analysis of Bitcoin’s Performance:
  • Schiff stresses that Bitcoin has drastically underperformed stocks, gold, and even cash over recent years—contrary to Saylor’s claims.
  • “Bitcoin has lost... It hasn't kept pace with inflation. It hasn't kept pace with a bank account, let alone money market or the S&P or gold or silver.” (51:03)
  • Warns that Saylor’s dividend scheme is unsustainable: “This whole thing is like a legal Ponzi scheme.” (49:53)

6. Trump, Branding, and Contrast with Washington

• Naming Rights and Civic Honor:
  • Peter highlights the move to possibly rename the Palm Beach airport after Trump, who swiftly moved to patent his name for airports so he could potentially charge for the honor.
  • “If an airport is named after you, it's an honor, right? You shouldn't be expecting the town to pay you to name the airport after you ... George Washington would have never done that." (55:01)
• Broader Point:
  • Schiff uses this as a final contrast between Washington’s humility and modern self-serving political culture.

Notable Quotes & Memorable Moments

| Timestamp | Quote | Context | |---|---|---| | 03:35 | "Legally it's not Presidents’ Day... It is George Washington's birthday." | Opening argument for re-focusing holiday on Washington | | 06:08 | "No, I don’t want to honor all those presidents. I want to honor George Washington." | On why he opposes the idea of ‘Presidents’ Day’ | | 08:48 | "[Washington] got shot by four bullets inside his coat, but not a single bullet actually hit him." | Anecdote about Washington’s “invincibility” | | 14:01 | "He turned it down. He did not want to be king..." | On Washington refusing power | | 18:57 | "He was way out in the front, like he was going to be the first one to get shot." | Washington leading troops during the Whiskey Rebellion | | 22:25 | "Who cares? Everybody owned slaves back then." | Addressing modern critiques of Washington | | 26:50 | "...The government was subsidizing poor consumers to buy junk food..." | On effect of SNAP policy | | 29:30 | “Everything the government subsidizes cost more as a direct result of the subsidy.” | Key summary of government intervention argument | | 32:10 | "[Trump]...I want them to continue to believe they're rich." | Trump’s stated aim to prop up home prices | | 36:52 | "The goal of our agricultural programs is higher food prices. That is the stated purpose..." | On farm/stimulus policies | | 39:00 | "They do something with the right hand that causes a problem... with their left hand... to try to throw more money at solving the problem..." | Explaining government ‘fixes’ | | 49:14 | "Bitcoin is nothing like being a landlord and having an income stream." | Critiquing Saylor’s analogy | | 51:03 | "Bitcoin has lost... It hasn't kept pace with inflation." | On Bitcoin underperformance | | 55:01 | "If an airport is named after you, it's an honor, right? You shouldn't be expecting the town to pay..." | On differences between Trump and Washington |

Timestamps for Key Segments

• Presidents’ Day vs. Washington’s Birthday: 03:35–07:00
• Washington’s Life & Legacy: 08:00–23:00
• Subsidies, SNAP, Pepsi Price Cuts, and Broader Market Effects: 23:45–33:45
• SNAP, Food Prices, and Agricultural Policy: 34:13–44:36
• Bitcoin, MicroStrategy Critique: 47:20–53:45
• Trump Airport Naming and Final Contrast with Washington: 54:30–56:50

Conclusion

Schiff concludes that America should exclusively celebrate George Washington for his unparalleled role in establishing the nation, and uses this as context to provide economic commentary on how government interventions—from SNAP to agricultural policy to housing—often cause more harm than good. He draws sharp, sometimes biting, distinctions between the selflessness of Washington and the self-interest of modern leaders, and reiterates his skepticism toward cryptocurrency speculation, urging listeners to seek value in gold and sound investment. Schiff closes by reminding listeners to educate others about the true meaning of the holiday.

For Listeners:

If you want incisive, sometimes iconoclastic commentary connecting America’s founding ideals to today’s policy debates, this episode delivers with anecdotes, analysis, and Schiff’s trademark bluntness.