No kidding, he wasn’t as good a business man as people think. He made some property investment in Manhattan (which at the time was sort after area for real estate), by the way with daddies $. That made him a lot of money when Manhattan real estate value skyrocketed, by from then on he made plenty of bad investments which nearly (or did I’m not sure) send him bankrupt. He’s not as economically savvy as he portrays himself to be, he’s excellent self promoter too the point of being a narcissist
According to OD A reputable London-based firm predicts Donald Trump’s economic policies will cause a boom in 2017 and 2018, with a crippling recession following in 2019.
Legal & General (L&G) — a 200-year-old insurance and investment firm — announced Wednesday that the United States is likely to plunge into a severe recession just one year before the next presidential election if President-elect Donald Trump’s plans for the economy come to fruition. L&G specifically referenced Trump’s $1 trillion infrastructure plan, along with his stated goals of slashing federal tax rates for corporations and individuals in their assessment of the future of the U.S. economy.
Tim Drayson, who is the lead economist at L&G Investment Management, told the London Telegraph Trump’s policies will initially double GDP growth from 1.5 percent to 3 percent, but that the increased growth will be short-lived.
“We think there is going to be a cost to this growth in the form of a downturn in 2019 – if we get the full Trump plan, there is a bigger boom in 2017 and 2018, then a bigger bust in 2019,” Drayson told the Telegraph. “At some point the bond market will freak out about this.”
“This is an unsustainable path and it will cause a bond market riot,” Drayson continued.
With the U.S. economy already delivering relatively high growth in comparison to stagnant wages and a relatively low unemployment rate, Drayson believes a fiscal crisis is just around the corner. The L&G economist added that if Trump’s plan to spend $1 trillion is successful, it will cause the United States’ current budget deficit to hit a “catastrophic” breaking point, prompting investors to sell off U.S. bonds en masse.
“He will not be able to maintain these fiscal plans indefinitely and someone will have to come into the White House to clean up the mess that it looks like he is about to create,” Drayson said.
Because the U.S. dollar is a dominant currency in global markets and a major exporter to Western countries like the United Kingdom, Drayson worries that the Trump recession would reverberate across the Atlantic and impact Britain’s economy, as well.
“US demand goes down, the dollar weakens, and the UK would be in a difficult spot because there is no fiscal space and we’re running out of monetary ammunition as well, so it would be very difficult to offset that,” Drayson said.
With a Republican supermajority in both houses of Congress, Trump appears poised to be able to enact the bulk of his agenda unimpeded, at least until the 2018 midterm elections. Former U.S. Secretary of Labor Robert Reich likened Trump’s infrastructure plan — which would allow private investors to have a controlling stake in America’s roads and bridges — a fire sale of treasured public assets. His tax plan, if implemented, would result in an even greater tax break for the richest one percent of Americans than even the loathed Bush tax cuts.