President Donald Trump: Economic Prosperity or Disaster for America?
Trump’s grand vision of the US economy has been made abundantly clear over the past few months, although how he plans to “make America great again” is ambiguous to say the least.
As his newest ego-fueled endeavor, Donald Trump decided on the 16th of June this year that he would be running for president. Most viewers found this to be entertaining, not to mention a completely unrealistic objective coming from a reality TV star and self-proclaimed real-state and casino tycoon. Considering his failed business ventures, picturing Donald Trump revitalize the largest economy in the world is laughable. As of today, however laughable, the fate of the world economy rests in his hands.
In a way, President Trump’s persistence is admirable. Despite his notorious failures among which are an airline company, vodka brand, magazine, university, bottled water brand, board game, multiple restaurants and even a vitamin pyramid scheme he aired on the Trump Network, Trump did win the US presidential race. One of the biggest names in the gambling world, renowned for bankrupting all three of his Atlantic City casinos due to a combination of poor executive decision making, deceptive practices, and blatant indifference to both the law and opinions of his stakeholders, is now president of the world’s largest military and economic superpower.
Whether this is a remarkable feat, proof that the US education system has failed, or the first sign of the apocalypse, it will have massive economic consequences for the US and, therefore, the entire world. The economic impact of shifts in political power is always challenging to predict, especially when the political leader in question chooses not to publicize their economic strategies and policies that they plan on implementing. Unlike Senator Bernie Sanders for example, who openly favors a socialist economic structure to benefit the middle class, Trump has openly praised a low tax system which he believes will encourage people to acquire more wealth and, in doing so, boost the economy. How he will compensate for the government funding these tax-cuts would reduce, however, remains a mystery.
In addition to low taxes, for the 5% of the US population who are unemployed, Trump also has great news for you. President Donald Trump aims to create 25 million job vacancies, helping you help him revive the nation’s economy. Trump’s official campaign website offers a link that should theoretically explain how newly elected President Trump will achieve this goal. Strangely enough, the link just redirects you to his homepage. Once again, the Trump campaign demonstrates excellent deflecting skills the moment you try to take a closer look at the heaping pile of senseless idioms that the entire website is composed of.
This all seems a little familiar; the flashy slogans, promises of great wealth, and the Trump name plastered all over billboards and screens. It is enough to make you wonder if Trump at his late age of 70 finally yearns to give back to his country, or if he is about to launch his biggest money-making scheme to date. The financial ruin that embodies a large quantity of his past projects may have resulted in angry investors, disappointed shareholders and unemployment for many workers, but Donald Trump has managed to financially thrive despite this.
Understanding how Donald Trump operated his failed businesses, and how he still profited, provides legitimate insight into how he plans on running the country. According to Business Insider, Donald Trump used his casinos as his own personal piggy bank. His now bankrupted casinos were burdened with multiple debts, including Trump’s personal ones, resulting in his investors taking on most of the financial risk and, therefore, most of the losses. Despite continuously paying himself out bonuses, he took his companies public to further shift the weight of his losses onto his casino’s stockholders while continuously adding debts until the courts would shut the company down.
“According to financial filings, Trump pulled in more than $1 million for himself from his failing public company."
Ironically, growth and wealth are key words frequently associated with the Trump presidential campaign, but nobody, including Trump, seems to know how to get there legitimately. For a man who already has a terrible track record while attempting to build his empire, the lack of a firm or even mildly descriptive plan is troubling. The businessman’s ruthless sense of financial self-preservation, and the fact that he is willing to sacrifice his reputation, companies, relationships and employees to continue making his fortune, are a definite cause for concern.
Since jobs do not grow on trees, can’t be manufactured in third world countries, and cannot be loaned from a bank under your failing company’s credit line, it appears that President Trump has absolutely no prior experience in creating them. One can only hope that Trump’s bizarre winning streak, starting from the day he was announced as elected representative of the Republican House, continues into his presidency. Whether he fails or succeeds, at least we can all be comforted by presidential speeches filled with false success stories and inappropriate anecdotes for the coming four years.
"I’m just telling you, you wouldn’t say that you're failing. If somebody said, ‘How you doing?’ you're going to say you're doing good." – Donald Trump, 2007