When you consider that he spent his entire presidency going to great lengths just to pilfer comparatively small amounts of taxpayer money, it’s been pretty clear for years now that Donald Trump is broke. Yes, he has his name on billions of dollars worth of real estate assets. But when your debt is larger than your assets, you’re broke. You don’t own those buildings; your creditors do.
Now it turns out Trump is really really broke. CBS News is reporting that his New York City properties missed earnings expectations for the fifth straight year, confirming our belief that he spent his entire presidency shuffling money around to try to cover for the fact that he was broke. Now that Trump can no longer use the presidency to steal money to cover his worsening business failures, his NYC properties aren’t bringing in enough money to cover the loan payments. One lender says that Trump’s loan is “being monitored – which makes it sound like it’s at risk of default.
Donald Trump was always going to go bankrupt after being forced out of office. From creditor squeezes to civil asset forfeitures, it was just a matter of time. But even we didn’t think Trump would be on the verge of financial collapse this quickly.
Bill Palmer is the publisher of the political news outlet Palmer Report