Trump has had 6 bankruptcies. Will America be number 7 trilion deficit

Trump has had 6 bankruptcies. Will America be number 7?

  • 02/11/2020 3:34 pm ET Shaan Chagan
Trump makes unannounced trip to Afghanistan on Thanksgiving, gives a speech praising himself

Source / Wikimedia

After Trump became the president in 2017, he pledged to eliminate the $19 trillion national debt in 8 years.

But it will hit $23 trillion this year! And the nonpartisan Congressional Budget Office projects the debt reaches an astounding $29 trillion by 2020. And that’s all thanks to Trump’s tax cuts for billionaires and corporations.

Trump is on track to bankrupt the country. But bankruptcy by taking on too much debt isn’t anything new for Trump. He’s had six of them so far.

So will America be next on Trump’s long, long list of failures?

1. The Trump Shuttle

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Flickr / Aero Icarus

Trump experienced a nosedive after taking a $245 million loan to buy Eastern Air Shuttle in 1988.

The purchase agreement guaranteed that he would acquire the planes and all the routes of the shuttle line. Trump merely painted his name on the airplanes and spruced up a few bathrooms. And to his surprise, customers didn’t line up out the door.

Trump Shuttle lasted only two years before Trump defaulted on a loan and surrendered the airline to creditors.

2. Trump: The Game

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Flickr / Kevin Dooley

In the same year, Trump teamed up with a game design company, Milton Bradley, to develop Trump: The Game. It was expected to sell 2 million units…but ended up selling only 800,000 copies.

After discontinuing in 1990, Trump stated the lack of sales was from the game being “too complicated.”

Hasbro, in fact, rebranded the game in 2004 when Trump’s celebrity began to skyrocket from The Apprentice. However, that quickly fizzled out too.

3. Trump casinos

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Source / Good Free Photos

Trump has preyed on Atlantic City for so many years it’s pretty much comedy at this point. On his Atlantic City properties, he has filed for bankruptcy three times.

Taj Mahal was the first victim in 1991. It accumulated $3 billion in debt after being in operation for only one year.

He was back in court again in 2004 for the Trump Marina, Trump Plaza and riverboat casino in Indiana properties. All three carried the burden of $1.8 billion.

It doesn’t stop there.

Trump reorganized his previous corporation after the bankruptcy and manifested Trump Entertainnment Resorts Inc. But without fail, four years later, he missed an interest payment on a $53.1 million bond forcing his company into bankruptcy. Trump finally stepped down as chairman.

4. Trump Magazine

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Screenshot / YouTube

Trump later had the bright idea to launch a magazine in late 2007. It derived from previous publications known as Trump Style and Trump World.

He wanted to focus on the growing advertising market for high-end luxury commodities. Unfortunately for Trump, his timing was a little bit off.

The financial crisis hit, and the magazine folded by 2009.

5. Trump Mortgage

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Screenshot / YouTube

To capitalize on the “booming” housing market, Trump started talks about how it was a great time to jump into the mortgage industry in 2006.

What he forgot to mention was that the market had already begun to decline and would shortly collapse. Trump’s mortgage business fell far short from it’s projected $3 billion in sales. It did less than a third of that. Trump blamed it on the people who actually ran the company.

E.J. Ridings was called upon to be CEO of Trump’s mortgage company. Ridings was boasted as a Wall Street savant… but turned out to have just six months of experience as a stockbroker.

The company collapsed in September 2007.

6. Trump Steak

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Screenshot / YouTube

For some odd reason, Trump’s bankruptcies in Atlantic City had a connection to meat. Court records showed he owed Buckhead Beef over $700,000.

Trump and Sharper Image signed a deal to sell a rebranded version known as Trump Steaks. The steaks were pulled from shelves after just two months of terrible sales.

7. Trump University

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Screenshot / YouTube

Trump University may take the cake, however.

It was designed to be a series of wealth-building seminars which students paid nearly $34,000 to attend. The University claimed to give you access to Trump’s secrets of building wealth.

Turns out, seminars were delivered by motivational speakers often without degrees—some even had criminal records.

8. Trump Vodka

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Screenshot / YouTube

In 2006, Trump Vodka popped up for the world to enjoy.

The slogan “Success Distilled” oozed Trump dichotomy. He even expected his T&T or the “Trump and Tonic” to sweep across all bars in the nation.

The vodka failed, of course. The trademark fizzled out and the liquor was discontinued in 2011.

9. Trump Network

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Source / The Trump Network

Trump network was a bonafide multi-level marketing firm. Otherwise known as… a pyramid scheme.

Previously, the company was known as Ideal Health. Those that worked at the company at the time looked to Trump to change an already troubling business. Many of the sales staff saw Trump as an opportunity to be financially stable after experiencing such hardships at the company.

Turns out, it was just a branding deal and he wasn’t involved as much as people were expecting. He was essentially used for motivational speeches and name recognition, completely misleading employees.

This wasn’t the first time Trump went this route. He was the face of another multi-level marketing company known as ACN.

10. Tour de Trump

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Source / Wikimedia

Trump wanted to create America’s own Tour de France.

In classic Trump fashion, he landed big-name bikers, an international team, and a course that spanned the East Coast.

Even for all the high-profile Trumpism, the race only lasted for two years because of Trump’s crippling debt.

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