Smart Businessmen don’t Lose a Billion Dollars, Mr Trump

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According to Rudy Giuliani across several Sunday shows yesterday, the possibility Donald Trump may not have paid any income taxes for 18 years because he ran his company into the ground in 1995 makes him “a genius!”. Seriously. I’m not making that up. The former NYC mayor repeatedly defended the possibility that Trump may have paid absolutely nothing in income taxes from 1992 to 2010 as proof that Trump is a brilliant businessman who (quote) “is someone I’d like working for me!” The problem is, the ONLY reason Trump was even eligible to do so was because he reported a nearly ONE BILLION dollar loss on his 1995 income taxes after running his empire into the ground (according to a breaking NYT report Sunday.) Calling someone a “genius” because that same “genius” figured out how to dig themselves out a massive sinkhole of their own creation is like calling your mechanic a “genius” for fixing your car after he totaled it taking it out for a joyride.

Trump’s entire shtick is that he’s a brilliant businessman who should be put in charge of running the country like a business. The problem with that argument (besides the fact the government isn’t a “business” and not run for “profit”) is the assumption Donald Trump is a successful businessman. And someone who bankrupts his empire four times and is forced to declare nearly a Billion dollar loss in a single year can hardly be described as a “successful businessman”.

Indeed, a “successful” businessman… one whom you might want running your company/country… would be someone who “started with nothing” and built a wildly successful Fortune 100 corporation that NEVER had to declare bankruptcy, but instead returned a respectable profit each & every year while treating it’s employees with respect and paying them handsomely.

Donald Trump is NONE of that. Born on second-base to a multi-millionaire father with a world of business connections that in & of themselves were worth a fortune. His father loaned him a fortune (a million dollars back in [IIRC] 1973, which would be worth $5-8million today) to buy up prime real estate in Manhattan (a guaranteed goldmine). And despite that, he swindled suppliers, stiffed contractors, and STILL managed to declare bankruptcy FOUR times.

And that amazing talent that allowed him to recover following a $916 Billion dollar loss of his own doing? Not only did he have to exploit a tax loophole for the ridiculously wealthy like himself just to recover, but what of the investors/creditors that were left high & dry when Trump stiffed them by declaring bankruptcy? The employees who lost their jobs (and pensions… if any… to boot)? What of THEIR loses? Do THEY think Trump is a “genius”?

One problem I’ve always had with Trump’s declaring bankruptcy to save his business (other than the fact it he took advantage of a government bailout) is that the president can’t simply declare the United States “bankrupt” to bail itself out when he gets into trouble (who bails out the bailer?)

There is still the question as to whether Trump went nearly two decades (if not longer) without paying a dime in income taxes. And thanks to last weeks’ debate, I believe we can now say with absolute 100% certainty that he did not. How? Because Trump declared that not paying taxes would be proof he’s “smart”. Ergo, if he DID pay any taxes, he must be dumb, correct? And since Trump would never call himself dumb or admit to doing anything as “dumb” as paying taxes, it’s safe to assume he didn’t. Q.E.D..

The entire argument justifying a Trump presidency was itself built on a foundation of sand… his four bankruptcies. But if the NYT report is correct (and at this point, there’s no reason to believe it isn’t) and Trump did indeed have to declare $915,729,923 in loses in a single year, that’s not exactly the sign of a “great” businessman.

BUT…

He declared that loss for 1995… and that’s significant. Why? because 1995 was the start of “the Clinton Boom Years“, the start of Bill Clinton’s second term in office when the economy started taking off like a rocket. During Bill Clinton’s first term in office, unemployment fell from 7.3% to 5.6% by the end of 1995 (data from BLS) and the Stock Market rose from 3241.95 to 5117.12 during those same three years (nearly 37%), yet somehow Donald Trump… this astoundingly successful businessman… managed to run his companies into the ground and report nearly a *billion* dollars in losses (when he could have nearly doubled his fortune simply investing it in the stock market.)

Tell us again what a “successful businessman” Donald J Trump is? If he’s allowed to do for the country what he did to his corporate empire, we’re doomed.
 

Sad Trump

 


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October 3, 2016 · Admin Mugsy · No Comments - Add
Posted in: Election, Greed, Money, mystery, myth busting, Taxes