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Monday, February 19, 2018

US Economy: Trump's America will be saddled with debt – like his bankrupted hotels were - by Richard Wolffe

Once upon a time, conservatives said they hated Barack Obama because of his budget deficits. They said he was destroying America and its future, which made them very angry indeed. They were so mad about all those Obama debts that they invented a new party, and named it after the revolutionaries who opposed a nasty British king.

The Tea Party was a collection of strange people, including one candidate who promised she wasn’t a witch. But the strangest thing happened after Obama moved out of the White House, and an orange man moved in. That was when conservatives all across America decided they didn’t actually hate debt and deficits after all.

That was just one of the many ways Donald Trump made everyone happy in America all over again. Another one was the stock market, which sometimes goes up and sometimes goes down. Everyone was happy when it went up, and nobody talked about it when it went down.

Donald Trump knows a lot about debt because he has created so much of it himself. He’s like a grand wizard of debt because he has magically escaped from several dark boxes of it. He also knows a few grand wizard types and thinks they are some very fine people
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Grand Wizard Trump first learned his magic debt spells when he built a palace called the Taj Mahal in Atlantic City. He called it the eighth wonder of the world, and it certainly was wonderful how the business went bankrupt a year after it opened. Five other Trump palaces went bankrupt the next year, but he waved his wand and everything turned out fine. For him.

Read more: Trump's America will be saddled with debt – like his bankrupted hotels were | Richard Wolffe | Opinion | The Guardian