POTUS on ballooning debt "I won't be here" when it blows up

[El OchoCinco]

LOL, fiscal non-responsibility is not a new issue in DC. That pretty much ended 50 years ago.

Also, only a small fraction of his RE deals and companies ended up not working out. Anyone that plays the game is going to have some losses. It's part of investing and business. And the people "left holding the bag" are generally other wealthy people who on aggregate win more than they lose.

Yeah only wealthy people are holding the bag when Trump failed to pay contractors for work provided:

From one news report: “Donald Trump has been sued at least 60 times by individuals and businesses who accuse him of failing to pay for work done at his various properties.”

Source? Fox News.

Not hearsay. Actual court cases.

Trump has offered various excuses, including shoddy workmanship, but the scale of the problem — hundreds of allegations — makes that hard to credit. In some cases, even the lawyers Trump has hired to defend him have sued him for failing to pony up their fees. In one lawsuit, a Trump employee admitted in court that a painter was stiffed because managers determined they had “already paid enough.” The cases are damaging because they show Trump not driving a hard bargain with other businesses, but harming ordinary, hard-working Americans.

http://fortune.com/2016/10/08/donald-trump-taxes-contractors/

 

[Frederick Foresight]

Yeah only wealthy people are holding the bag when Trump failed to pay contractors for work provided:

From one news report: “Donald Trump has been sued at least 60 times by individuals and businesses who accuse him of failing to pay for work done at his various properties.”

Source? Fox News.

Not hearsay. Actual court cases.

Trump has offered various excuses, including shoddy workmanship, but the scale of the problem — hundreds of allegations — makes that hard to credit. In some cases, even the lawyers Trump has hired to defend him have sued him for failing to pony up their fees. In one lawsuit, a Trump employee admitted in court that a painter was stiffed because managers determined they had “already paid enough.” The cases are damaging because they show Trump not driving a hard bargain with other businesses, but harming ordinary, hard-working Americans.

http://fortune.com/2016/10/08/donald-trump-taxes-contractors/

Not to mention that few banks other than Deutsche Bank were willing to touch Trump debt. And what a fascinating coincidence that the bank is presently under investigation for money laundering.

 

[MKTrader]

He's just honest and blunt enough to say things like this. I'd rather him say that then use some kind of political sophistry. Debt has ballooned under every president for many, many years.
https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

 

[clacy]

Yeah only wealthy people are holding the bag when Trump failed to pay contractors for work provided:

From one news report: “Donald Trump has been sued at least 60 times by individuals and businesses who accuse him of failing to pay for work done at his various properties.”

Source? Fox News.

Not hearsay. Actual court cases.

Trump has offered various excuses, including shoddy workmanship, but the scale of the problem — hundreds of allegations — makes that hard to credit. In some cases, even the lawyers Trump has hired to defend him have sued him for failing to pony up their fees. In one lawsuit, a Trump employee admitted in court that a painter was stiffed because managers determined they had “already paid enough.” The cases are damaging because they show Trump not driving a hard bargain with other businesses, but harming ordinary, hard-working Americans.

http://fortune.com/2016/10/08/donald-trump-taxes-contractors/

Trump is different than a Trump company (RE development) that doesn't work out. There are many reasons RE developments fail. It's part of business. It's like taking a loss in trading, or losing games in sports. The Golden State Warriors didn't go undefeated last year. They lose occasionally. And there are plenty of projects where contractors inflate their invoices, which is what our court system if for.

At least Trump has played the game before, unlike losers like Obama and Clinton who have never created a single job or made a payroll in their lives until after they got wealthy from speaking fees and wielding their political power.

 

[El OchoCinco]

I am not comparing Trump to others, that is often how to defelct an argument. Golden State does not need to go undefeated to win a title so that comparison comes from a really bad place in your argument.

Trump though needs to pay his contractors or he is ripping them off. Trump is in charge and made all the decisions. You cannot claim he is the brain behind the great business and then say it is not him when bad decisions and bankruptcies are done. Either man up and attribute it all to him or not. I guarantee Trump made more money from his TV show, books sales and fame as a reality celebrity than all the bankruptcies in his past real estate.

 

[El OchoCinco]

He's just honest and blunt enough to say things like this. I'd rather him say that then use some kind of political sophistry. Debt has ballooned under every president for many, many years.
https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

Wow you guys are so forgiving. I heard so many comments how Obama ran the deficit up so high and hurt us economically but Trump is great for hoestly running up the deficit. Again, either they all do it and we don't give a shit or Trump has to face the music like Obama and Bush W for the same thing.

 

[Frederick Foresight]

Wow you guys are so forgiving. I heard so many comments how Obama ran the deficit up so high and hurt us economically but Trump is great for hoestly running up the deficit. Again, either they all do it and we don't give a shit or Trump has to face the music like Obama and Bush W for the same thing.

Although the argument can be made that Obama didn't have much of a choice given what he stepped into on Day One.

 

[clacy]

Wow you guys are so forgiving. I heard so many comments how Obama ran the deficit up so high and hurt us economically but Trump is great for hoestly running up the deficit. Again, either they all do it and we don't give a shit or Trump has to face the music like Obama and Bush W for the same thing.

I never bashed Obama for deficits. You SIMPLY CANNOT BE ELECTED IN THE UNITED STATES by being a deficit hawk. Neither party will be fiscally responsible as the past 50 years has proven. The question then comes down to regulation, and deciding how you want the politicians to redistribute money, etc.

 

[MKTrader]

Wow you guys are so forgiving. I heard so many comments how Obama ran the deficit up so high and hurt us economically but Trump is great for hoestly running up the deficit. Again, either they all do it and we don't give a shit or Trump has to face the music like Obama and Bush W for the same thing.

Except Obama practically never faced the music in the MSM. They just gave him undue credit for the Fed-induced stock rally (starting with marked-to-market accounting change in March '09 then it was all ZIRP and QE...even his really bad policies couldn't stop it).

 

[JSOP]

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

Sources close to the president say he has repeatedly shrugged it off, implying that he doesn’t have to worry about the money owed to America’s creditors—currently about $21 trillion—because he won’t be around to shoulder the blame when it becomes even more untenable.

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the national debt in the not-too-distant future. In response, Trump noted that the data suggested the debt would reach a critical mass only after his possible second term in office.

"Yeah, but I won’t be here,” the president bluntly said, according to a source who was in the room when Trump made this comment during discussions on the debt.
“I never once heard him talk about the debt,” one former senior White House official attested

https://www.thedailybeast.com/trump-on-coming-debt-crisis-i-wont-be-here-when-it-blows-up

That's why Powell wants to increase the interest rate now to rein in the debt because he knows the POTUS won't be around to deal with it so he doesn't care but he, Powell will.