TRUMP COMPLAINED ABOUT THE DEBT DURING THE CAMPAIGN AND HE WOULD ELIMINATE IT. BUT HE GAVE HIS BILLIONAIRE FRIENDS A BIG BREAK…
Debt is projected to reach 78 percent of gross domestic product by the end of this year — the highest level since about 1950.
At this rate, that debt would actually exceed the size of the economy within a decade, breaking the historic record of 106 percent by 2034.
In drumming up support for their tax overhaul, congressional Republicans have said the new law would spur enough economic growth to offset a loss in revenue over the next decade.
Trump has not done nearly as well as other American business magnates, or even a typical middle-class retiree following sound financial advice, as a review of the numbers over the past four decades shows. He is a billionaire today despite this poor performance because when he started his career, his father had already built a colossal real-estate empire. And the wealth Donald Trump has accumulated since then has at times come at the expense of taxpayers or the banks and investors who have lent him money.
Citing data from Forbes, The Associated Press estimates that Trump's net worth quadrupled from $1 billion to $4 billion between 1988 and today. That's an impressive gain, but it's nothing compared to the wealth produced by investors such as Warren Buffett and Bill Gates. Gates's wealth increased from about $1 billion to $80 billion over the same period. Buffett had about $2.5 billion in 1988, and has $68 billion today.
Yet perhaps the most telling comparison is between Trump and his golf buddy, Richard LeFrak. The LeFraks and the Trumps have been rivals in New York's real estate business for generations. LeFrak's father, Samuel LeFrak, took a no-nonsense approach to the business. He focused on minimizing risk and making money, according to a 1992 profile in Business Week, before the magazine became Bloomberg Businessweek.
"He might be strutting around like a peacock today, but he's gonna be a feather duster tomorrow," the elder LeFrak told Business Week when asked about Trump.
Over time, the LeFraks came out ahead of their competitors. LeFrak is worth $7 billion today, and he's 181st on Bloomberg's list of the world's richest people. Bloomberg puts Trump's wealth at just $2.9 billion – far less than Forbes's estimate. He doesn't even make the list.
The LeFraks are a family with long experience in a very competitive industry, but Trump's returns are less even than those of an ordinary investor saving for retirement.
So what, does Obama get a free pass for single handedly jacking up US debt to insane levels?
Sebastian Lee
I guess it is the other 400 successful businesses kek
Hudson Cook
...
Aaron Campbell
1950 was the peak of the US. It was all downhill after that.
Henry Green
Where was (((politico's))) worry about this for $11trillion in 8 years under King Nigger?
Charles Torres
You're implying that the President sets the budget. That's the legislative branch but nice try.
Aaron Gonzalez
This all sounds like another shitty attempt to make it out that Trump is "the FIRST guy to do this!" or "WE SHOULDN'T ACCEPT MEDIOCRE WORK".. Why does every stupid fucking article writer talking about Trump all sound like that whiny faggot from VICE?
Don't say King, you might offend him. He's clearly a queen for the lack of balls or anything identifiable to a man.
Jonathan Howard
Im really glad to see people are now caring about US debt. Even if its motivated by irrational hatred towards Trump.
The thing is, the debt has been spiralling out of control since Geroge Bush.
It is really difficult to turn the US around but if anyone can do it Trump can. Hes doing it the right way which is to cut government spending AND taxes for ordinary people and repay the debt through a strong economy rather than by severe austerity.
Colton White
If facts matter – thebalance.com/national-debt-under-obama-3306293 The deficit in FY 2018 is projected to be 50 percent higher than Obama's final $660B. If we define fiscal conservative as the guy who banks money in good years to cushion bad years, you see where the insanity lies.
Logan Cooper
These things work on a delay. So we wont see the effects of Trump fixing the economy for a while.
It hasnt escaped by notice that the media is always desperate to make this point when talking about the positive aspects of the economy like the super low unemployment numbers. But not on negative ones like the yuge debt.
Luis Diaz
Trump didn't complained about debt, he complained that borrowed money is spent on nothing good. Fuck off, fake news.
Levi Phillips
wtf i'm voting for bernie now
Brandon Bennett
I got taxed more this year and I still live in the same apartment, have the same car and get paid the same.
Nathan Cox
Does debt matter? It depends on which party controls the White House. In Democrat regimes, debt doesn't matter because debt is wealth. But when a "deplorable" is sitting on the throne, then FUCK WE'RE ALL FUCKING GOING TO DIE FROM A HORRIBLE CRASH BECAUSE OF THESE RACIST SEXIST TRANSPHOBIC BACKWARDS REDNECK WHITE CIS MALE HOMOPHOBIC MORALLY UPTIGHT MASCULINE SMILING AND HAPPY FUCKING NAZIS!
But don't worry your pretty little tranny pre-op dick off quite yet: wait about 6 more years and then maybe we can get someone to instantly turn the debt back into a non-issue. =D
Luis James
I meant on average.
Levi Ward
The way I always say to judge the economy is this:
Easton Rogers
Money is just paper. Throw it away. Now that Jerusalem is home, the judgement day is nigh.
REPENT!
ISRAEL MUST BE DEFENDED AT ALL COSTS AGAINST THE ENEMY.
Satan has returned not as a single entity, but in the unholy Trinity of Trump, Putin and Xi.
The lord walks with Mike Pense.
Trump is Mike Pense's tool, the devil likes praise.
Soon the glorious nukes will come riding on a pale horse.
Glorious Trumpets!
Glorious Hosannas!
Then all will be peace and the chosen shall bask in the light of our lord
This dumpf-crookedhillary-magacrap-dems-right-left shit is getting fucking boring to read every single day.
Isaiah Allen
And how. The Heritage Foundation predicted that the Bush II tax cuts would create growth sufficient to retire the federal debt in 2010. How'd that work out?
Elijah Nelson
lmao eat shit. How about we slash entitlement programs to solve the debt problem Obama got us into>
Here's to hoping whatever's left of Ginsberg's rotten jewish heart gives out soon and Trump gets 3 SC picks. The shills will constantly try to spin tales about the Drumpfer - all the while, totally unaware that it's not Trump's policies we wanted, it's conservatives on the SC we wanted. And we're getting exactly what we want. And all you can do is bitch online like a petulant teenager.
As much as I hate (((Trump))) this one has nothing to do with him
Christian Perry
obama doesn't get a pass and he already served his term and got grilled while he was in power. now start fucking grilling trump because he currently is in power and has the power to change things unlike obama
Adam Allen
increasing DoD budget by a trillion and passing a spending bill that adds another trillion without making any sort of tax increases or adding any sort of revenue isn't his fault?
Thomas Sullivan
Almost as boring as your relies
Jason Evans
The $22T+ in debt and $200T+ in unfunded liabilities isn't his fault. That was a gift from the boomer NeoCon and boomer NeoLib who ran the white house and congress for the past 16 years. Only the $1T Trump added is his fault, and he should absolutely be accountable for that. Dumping money into DoD was to be expected, unfortunately, and don't expect tax increases other than new tariffs. The only cost cutting Trump will/could/may do is entitlement reform and cutting out agencies. He has been playing footsy with the conservative right about this, and he may just be able to get something through after midterms.
Daily reminder debt is a meaningless number as long as the majority of USD in circulation remains in foreign hands and the fort knox maintains Americas gold depository
what the fuck are they taking numbers out of their ass? Dept to GDP is 105 it was 67 in 2008 just before Obama Infact it well from 105.8 to 105.4 this year
