Economy: Billions of Debt and Public Leverage: How Will Donald Trump Live Next?

Donald Trump has not been president of the United States since January 20; It also means that we can see a record, now for the fourth time, five former presidents of the United States are alive. Yet unlike Jimmy Carter, Bill Clinton, George W. Bush, and Barack Obama, finances can still cause a major storm for Trump. The United States itself has admitted that the richest president could never be in financial trouble for years to come.

In any event, the United States generously supports its former presidents, including Trump, who now has the right to:

• end-of-life pensions equal to the legal monthly salaries of the highest paid members of the U.S. government, now $ 18,267 per month,
• for the next two and a half years, $ 12,500 per month to maintain an office, and then $ 8,000 per month,
• an office is paid in full by the government; the twist here is that the law only says that adequate office space must be provided, furnished and equipped, but it is already up to the Biden administration to decide what will be right for Trump.
• He can receive care in a military hospital at any time, but since he was only president for one term, he and, like Carter, who spent four years in the White House, will always be determined by the current presidential office to pay the amount. for it. Clinton, Bush and Obama, who have been presidents for two terms, can buy health insurance under the rules of the federal employee health insurance program.
• And after the deaths of former presidents, the former first lady is entitled to a widow’s pension of $ 20,000 a year if she does not remarry before age 60 and holds a federally elected office.

For Trump it was particularly important for this that the second impeachment process began against him, but did not end during his presidency. These benefits are due to a former president only if his term ends in an electoral defeat or in a resignation, so that, no matter how he is condemned against Trump, he has escaped withdrawal.

Not 70 years ago, ex-presidents have the right to a pension

After the presidency of the United States, there were no pensions until 1958, when the issue was brought before the legislature, they decided that it would not be appropriate to spend it from the central budget; obviously this was also related to the fact that wealthy people were always presidents. In 1953, however, Harry Truman retired, and since he only received his military pension and his business attempts failed, he would have had to make a living on just over a thousand dollars a month at today’s exchange rate. That is why the diets law of former presidents has been approved, which is still in force today.

But Donald Trump is not the man who would expect a few tens of thousands of dollars a month. THE Forbes He estimates his fortune at 2.5 billion dollars, 1.2 billion less than when it was inaugurated in 2017, and although it is well known that he likes to appear richer than in reality, a fifth of that money would be enough for a happy retirement age . .

If they weren’t about to collapse from their debts and the crisis.

Trump, more specifically, the core company in his company’s empire, the Trump Organization, is likely to be in great danger from both sides, one of them acknowledges. The president’s final statement shows that the epidemic has hit real estate investments, with Trump Hotel in Washington profits dropping from $ 40 million to $ 15 million in one year, Las Vegas hotels contributing just 23 million instead of 23. Golf courses in Britain and Ireland lost two-thirds of their revenue, bringing the company’s annual empire revenue to between $ 273 million and $ 308 million, from over $ 500 million.

Even this is a good amount, except for Reuters Two months ago, he wrote that the Trump Organization owes Deutsche Bank $ 340 million and that the bank would allegedly cut off any further cooperation with the Trump family. THE Financial times and calculated that Vordano has a debt of $ 447 million through the real estate fund, having to pay another $ 257 million from the bond issue. The newspaper estimates your total debt at $ 1.1 billion, of which $ 900 million will be due in 2024. And furthermore, the tax investigation that began in 2009 is coming to an end: if it is decided that you have wrongly claimed a tax refund of $ 72.9 million, you will have to return it, along with interest and penalties.

Can you earn money elsewhere?

Former US presidents often publish autobiographies (Barack Obama’s book, for example, was published before Christmas, also under the care of HVG Books in Hungary), in order to get some money, but not so much, that it would generate hundreds of millions of dollars. less. For Trump, writing a book seems more appropriate than writing a television. For a decade and a half, the reality show on NBC was so popular that he was forced to pay taxes for three years because he couldn’t reduce his tax return to less, yet still posed that he wanted to remain a major player. in the media.

But as long as a former president may have an economically valuable personal brand by misleading his supporters with the riot on Capitol Hill, Trump could even fail. The big question here will be whether the right-wing part of the mainstream media will forgive you for the chaos of early January, because if you don’t you could easily be pushed into the far-right fringe media, where there’s a lot of enthusiasm, not so much money. Selling the properties would still be an option, but it would be such a serious loss of face that it could be even more serious for him than electoral defeat.

What if you rebooted?

Trump has already been pleading for him to run again in 2024 for the presidency. To prohibit this, the impeachment process would require 17 Republican votes in addition to the 50 Democratic senators. The question, then, and whether he is allowed to run again, will lie in the next run-up period: how Republican leaders and voters feel they have a chance to win with a candidate who is very popular within the party but extremely unpopular outside. (For the first time since 1932, a president has not only lost his reelection campaign, but his party has failed the majority of the House of Representatives and the Senate.)

So far, there have been four US presidents who have returned to politics even after their electoral defeat. Two years after his presidential defeat in 1828, John Quincy Adams converted and remained a representative of Massachusetts for 17 years, until his death. Andrew Johnson returned to the Senate six years after his defeat in the 1868 elections, and William Taft, after being president until 1912, became president of the Supreme Court from 1921. The summit in this regard, however, it came to Grover Cleveland, who, after losing his election in 1888 at the end of his first presidential term, retired from politics and was then re-elected president in 1892 and won.