In the political arena, a president’s economic leadership, especially concerning jobs, is often seen as a critical benchmark of their success, and the public’s perception is heavily influenced by the interplay of data and narrative, a dynamic that was particularly pronounced during Donald J. Trump’s time in office.
During his presidency from 2017 to 2021, the economy experienced significant changes, and it’s important to note that he inherited the longest economic expansion in U.S. history, a period of growth that had begun in 2009 and continued until February 2020.
However, this period of sustained growth was eventually met by the unprecedented challenges of the COVID-19 pandemic, which ushered in a sudden recession. The pandemic dramatically altered global economic landscapes, creating a unique set of circumstances for any administration to navigate.
Despite inheriting an expanding economy, a remarkable and singular statistic emerged by the conclusion of his term: Donald Trump stands as the only modern U.S. president to leave office with a smaller workforce than when he initially took the oath of office. This reduction amounted to a significant three million people, a stark figure in the context of typical economic expectations.
Beyond just employment numbers, other economic indicators from his first term present a more nuanced picture, such as the federal budget deficit, which surged by nearly 50 percent, climbing to almost $1 trillion by 2019.
Furthermore, the nation’s financial obligations grew substantially, with the U.S. national debt increasing by 39 percent to reach a substantial $27.75 trillion by the end of his term, consequently raising the U.S. debt-to-GDP ratio to its highest point since World War II, underscoring the fiscal realities beneath the surface.
His administration also faced obstacles in fulfilling significant campaign promises, including a crucial pledge to invest $1 trillion in infrastructure, a plan that aimed to modernize the nation’s aging infrastructure and potentially boost job creation.
To fully appreciate the narrative surrounding these economic realities, it becomes crucial to understand the foundation of Mr. Trump’s public persona. His fame was significantly bolstered by his role as host of the reality television show *The Apprentice* from 2004 to 2015, where he cultivated an image as a superrich chief executive.
His famous reality TV catchphrase, “you’re fired,” became synonymous with his persona, and the show presented a captivating, albeit often embellished, view of his business prowess, with *The New York Times* describing it as ‘a highly flattering, highly fictionalized version’ of himself that significantly reshaped his public image for millions.
This carefully crafted public image, however, contrasted with certain documented aspects of his business history, as six of his companies, including the Plaza Hotel and Atlantic City casinos, filed for Chapter 11 bankruptcy protection between 1991 and 2009, despite his self-portrayal as a remarkably successful businessman.
These bankruptcies allowed his businesses to continue operating while banks restructured debt and reduced his shares in the properties. A particularly illustrative moment occurred in 1995 when he defaulted on over $3 billion of bank loans, leading to what was described as a “vast and humiliating restructuring” where lenders seized most of his properties.
According to an attorney for the lead bank, the lenders “all agreed that he’d be better alive than dead,” a stark assessment that highlights the extreme financial difficulties he was grappling with at the time.
His personal financial disclosures further reveal a notable fluctuation in his reported net worth, which ranged dramatically from a negative $900 million in 1990 to a claimed $10 billion in 2015, demonstrating a highly flexible approach to financial valuation.
Moreover, the narrative of a self-made entrepreneur often diverged from the documented support he received. While he famously claimed to have begun his career with “a small loan of a million dollars” from his father that he repaid with interest, records show he borrowed at least $60 million from his father and largely did not repay these loans.
Additionally, he received about $413 million, equivalent to 2018 inflation-adjusted dollars, from his father’s company, financial contributions that played a significant role in supporting his initial business endeavors in New York City.
