First, we learn that Trump’s financial situation is and always has been a lie based on a shaky foundation. Then, we learn that “America First” is not exactly working out as Trump’s trade wars are driving US companies to move jobs over seas.
Trump biographer explains why Trump’s “wealth” is phony
Trump biographer David Cay Johnston unleashed another brutal breakdown of the president’s finances Friday in a new Daily Beast report. In the wake of Michael Cohen’s testimony earlier this week, in which Cohen testified that Trump had inflated his net worth multiple times over the past few decades, Johnston took the time to highlight some of his past investigative work into Trump’s wealth, or lack thereof.
“Trump’s financial fakery is good enough to fool millions of Americans, but not the members of the most exclusive rich people’s club in America, the National Football League team owners,” he wrote of Trump’s failed attempt to buy the Buffalo Bills.
“What Trump does is spend enough money to create the appearance of being a billionaire, something I’ve been reporting since I got hold of his financial statement in 1990, which showed he was no billionaire,” he wrote.
The biographer has been sounding the alarm that Trump is nowhere close to being a billionaire for over a decade now, despite many parroting Trump’s claims that he is one, just because Trump, and Forbes magazine, have said so.
“Creating a lifestyle that lets him pose as a billionaire costs less than $12 million annually, I estimate,” Johnston wrote. “And he achieves that not through building wealth, but through his work as a financial locust who devours other people’s money through moving from one shady deal to the next,” he continued. “Along the way he cheats banks, investors, workers, and governments at all levels,” the biographer noted.
Soon, America may finally get to see actual tax returns from Trump that will prove, one way or another, if Trump is indeed an actual billionaire, or not, thanks to the newly elected Democratic majority in the House of Representatives who have vowed to get Trump’s tax returns, and make the results of their inquiry public.
Trump’s “America First” is driving jobs overseas, not bringing jobs back
Trump’s ongoing trade war is hurting business owners, just not the business owners Trump thought it would hurt in China — instead the trade dust-up is drawing blood in America.
“With the 10 per cent and then 25 per cent [tariff], we are faced with a very difficult situation that we don’t have an answer for,” Dave Melbourne, Bumble Bee Seafoods’ senior vice-president for consumer marketing, told the South China Morning Post in a new report.
“We don’t understand how we will sustain a 10 per cent or 25 per cent tariff long term,” he added, mentioning that the US-based seafood company is hurting and is now considering hiring overseas instead of in America in order to help defray costs.
“The company has had to shelve plans to expand its plant in California, which would have brought more jobs to the region, and Melbourne said that it would not be economically or logistically viable to bring the cleaning plants back to the US,” the South China Morning Post wrote Saturday.
The report mentions several other American companies that are suffering under the trade war as well, with some sounding despondent in lieu of a deal between China and the U.S.
Read the full report here.