Everyone paying attention knows Donald Trump isn’t actually a billionaire. The guy’s assets are offset by huge debts. The only question is whether he was a mere millionaire, or if his crushing debts were so large that he was actually broke. Now we have our answer.
As Palmer Report and others have recently pointed out, six of Donald Trump’s seven highest revenue-generating properties are currently shut down due to the coronavirus crisis. Even since he assumed the presidency, Trump has gone to great lengths to grift remarkably small amounts of cash. This has always suggested that he was struggling so badly to keep up with his loan payments, he had little or no cash on hand.
Now Bloomberg and the New York Times are reporting that roughly two weeks into the shutdown, Donald Trump is already having to ask Deutsche Bank to delay loan payments owed by the Trump Organization. This is humiliating for a guy who loves to pretend he’s a billionaire, and he had to know it would end up leaking. So the only way he’s doing this is if he’s out of cash on hand already.
So there you have it. Donald Trump is so underwater, the revenue from his properties just barely covers the interest payments on his massive debts. All along he’s only had a couple weeks of cash on hand. In other words he’s been living paycheck to paycheck. This means his debts are far larger than the total value of his assets, giving him a substantial negative net worth. Every one of you reading this has a higher net worth than Donald Trump does, even if your net worth is zero or modestly in the red.
Bill Palmer is the publisher of the political news outlet Palmer Report