Class Warfare Blog

May 10, 2019

Trump’s Business Losses

Filed under: Business,Politics — Steve Ruis @ 12:22 pm
Tags: , , , , ,

The New York Times is reporting that IRS records show Donald Trump’s businesses lost approximately $1.15 billion dollars during the decade from 1985 to 1994. That sounds like a lot of money and was. But it is not in current terms. I picked the year 1990 at the center of this period as a form of averaging and used an inflation calculator to convert those dollars into what they would be today.

In today’s dollars, Trump’s losses would be . . . wait for it . . . wait for it . . .

$2,240,000,000.

This raises schadenfreude to whole new levels!

16 Comments »

  1. Winning!

    Liked by 2 people

    Comment by john zande — May 10, 2019 @ 1:02 pm | Reply

    • Er … losing?! If I lost $100 on an investment, I would cry … which is why I have never lost a dime in the stock market (you can guess as to why).

      What an asshole. Lost all of that money (which was not his, by the way), and has the gall to brag about what a good businessman he is and how much money he has. His one claim to fame is setting world records at losing other people’s money. He’s worse than Bernie Madoff and he is in jail while Trump is in the White House. Argh!

      On Fri, May 10, 2019 at 1:02 PM Class Warfare Blog wrote:

      >

      Liked by 2 people

      Comment by Steve Ruis — May 10, 2019 @ 1:10 pm | Reply

      • Looks like the only thing Trump has ever made money off is his father.

        Liked by 1 person

        Comment by john zande — May 10, 2019 @ 1:12 pm | Reply

        • LOL! And then claims he is a self-made man, like Mitt Romney, who claims he “did it all himself” and the two million dollars of start-up money his father gave him didn’t count. (I worked 35+ years as a college professor to make two million dollars!)

          On Fri, May 10, 2019 at 1:12 PM Class Warfare Blog wrote:

          >

          Liked by 2 people

          Comment by Steve Ruis — May 10, 2019 @ 1:41 pm | Reply

        • Speaking of which… have you ever read the transcripts of Fred Trump’s testimony to congress in a 1954 FHA investigation? Here it is: https://www.washingtonpost.com/wp-stat/graphics/politics/trump-archive/docs/fha-investigation-1954-part-1.pdf??noredirect=on
          The document is searchable, so if you’re using Chrome, click on the 3 dots on your browser, then on Find, then put in the word Trump and go to the 6th mention. Or go to 402/843 (which is page 396 of the paper document.)
          The way Fred answers questions is shockingly similar to Donald. The exact same use of deceptive language and double talk.

          Liked by 1 person

          Comment by The Pink Agendist — May 12, 2019 @ 4:00 am | Reply

  2. On this one you are unfortunately mistaken, Steven. A hundred dollar in 1990 in today’s currency estimated to be worth anywhere from $170 to $340 depending on what assumptions you make. It sounds like you misplaced a decimal point or added way too many zeroes.
    That being said, the data shows in fact that DJT is the single biggest loser in American business during that time period. The very WORST businessman, who loses money by owning a casino. That’s quite an accomplishment.

    Liked by 1 person

    Comment by gfbrandenburg — May 10, 2019 @ 10:11 pm | Reply

    • Trump’s losses were 1.15 billion dollars over the ten year period, which equates to 224 billion in today’s dollars using the inflation calculator I used. Did I miss the decimal point a sthat is $224,000,000,000 by my estimation.

      On Fri, May 10, 2019 at 10:11 PM Class Warfare Blog wrote:

      >

      Like

      Comment by Steve Ruis — May 11, 2019 @ 8:29 am | Reply

      • No, your math is wrong. Try a couple of different inflation estimators. Prices etc went up by a factor of 2, 3, or 4 over that time period. Not by a factor of 200.

        That being said, Trump lost more money than any other single businessman during the period.

        So while Trump is truly the BIGGEST LOSER, nonetheless your estimate is still wrong, Steven.

        Like

        Comment by gfbrandenburg — May 11, 2019 @ 10:13 pm | Reply

        • Ah, my bad!

          On Sat, May 11, 2019 at 10:13 PM Class Warfare Blog wrote:

          >

          Like

          Comment by Steve Ruis — May 12, 2019 @ 8:09 am | Reply

  3. Man oh man, you sure post some very good topics here Mr. President. Finally got enough O2 in my worn out lungs to try a comment or three even.
    Trump has gone bust way too many times to be any real sort of ‘good’ businessman, let alone a “great” one.
    He has at least two (yes folks 2) casinos in Atlantic City and they went bust! Now, having only been to Lost Wages less than 4 times in my entire life as an adult who could legally gamble in any casino,the 2 trips to the casinos here in Loosey Annie, I know that casinos are set up for the house (casino) to win most of the time. Own a casino? Well, you then own a money MAKING machine/building. Trump had at least two that went belly up? How can he claim any ‘good business sense? Yes, he and Mitt should be on the same ticket in 2020. Hell, I won’t care as I doubt I’ll be here to see it. They could arm wrestle to see which of them gets the top job and who gets the do nothing job (VP).

    Like

    Comment by Walter Kronkat — May 11, 2019 @ 1:03 am | Reply

  4. This billion dollar loss in probably only part of Trump being a terrible businessman, and part tax avoidance scheme. Apparently, for commercial real estate the owner can deduct a portion of a value of a property every year, until the property is “depreciated” to zero in 30 or so years. And that’s all the while the actual value of the property is going up. It sounds like a scam, but it’s legal, so basically it’s a scam against the rest of the taxpayers.

    Like

    Comment by List of X — May 12, 2019 @ 7:55 pm | Reply

    • But when you do sell it, the profit you are supposed to be taxed upon is based upon the gain over the depreciated value. Supposedly. But these guys have more tax lawyers than the IRS, so …

      I do not believe Trump’s BS about “it was a game”. What I find interesting, though, is that nobody is explaining that it wasn’t Trump’s money that was lost. It was loans he received and then declared bankruptcy on. This is why banks were no longer loaning him money (expect Deutsche Bank and the Russkies), he almost guaranteed them a loss, often a large one.

      On Sun, May 12, 2019 at 7:55 PM Class Warfare Blog wrote:

      >

      Like

      Comment by Steve Ruis — May 13, 2019 @ 12:50 pm | Reply

      • As far as I know, if we regular people declare a bankruptcy, and a loan we didn’t pay back gets erased, that forgiven loan is considered income and we’re supposed to pay taxes on it. But maybe Trump and the like have ways of still turning it into a deduction – just like there are way around paying taxes on a profitable sale of a “depreciated” property.

        Like

        Comment by List of X — May 14, 2019 @ 11:09 am | Reply

        • Damn, that’s a good point, but it probably boils down to the rich own the government, so business losses are dischargable without taxes but ordinary people have to pay. Trump declared bankruptcy any number fo times and threatened it even more. Please note that the bankruptcy laws have been made ever more stringent … for ordinary people, but not the likes of Trump. I’m shocked, shocked I tell you!

          On Tue, May 14, 2019 at 11:09 AM Class Warfare Blog wrote:

          >

          Like

          Comment by Steve Ruis — May 14, 2019 @ 11:18 am | Reply


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Create a free website or blog at WordPress.com.

%d bloggers like this: