Donald Trump took huge sums of money from his father, then promptly blew it all on bad real estate ideas. This set up an endless cycle in which he would file for bankruptcy to dump his failed investments, then borrow money from banks and try again, only to fail yet again and have to file for bankruptcy again. In the end, when no legitimate banks would loan him money, he ended up borrowing from Russian money launderers and worse. It leads to the question: how can anyone be this bad at business?
We were just handed a rather stark reminder of how skilled Donald Trump is at setting large amounts of money on fire in a short amount of time. He staged his government shutdown in an attempt at extorting $5.7 billion from the U.S. Treasury, so he could give it to whichever border wall vendor agreed to give him personal kickbacks in exchange for the contract. No one was willing to give him the money, and five weeks later, he finally reopened the government.
Now the Congressional Budget Office says that Donald Trump’s shutdown erased roughly $11 billion from the U.S. economy. Not only did Trump lose twice what he was trying to steal, he also managed to set eleven billion dollars on fire in just five weeks. There are almost no words for this level of financial destructiveness.
It does, however, help us to better understand how Donald Trump has managed to spend his entire life quickly blowing through billions of dollars, only to have to illegitimately get his hands on billions more dollars before blowing it as well. This guy is quite possibly the worst businessman and negotiator in the history of the planet, and he’s gotten eve worse at it over the years, yet he just keeps trying. Now, instead of setting his inheritance and bank loans on fire, he’s setting U.S. Treasury money on fire. It’s all the more reason why his swift ouster is absolutely essential.
Bill Palmer is the publisher of the political news outlet Palmer Report