If interest rates are cut, Trump stands to save millions of dollars a year on his loan payments for his business.
President Trump stands to save millions of dollars annually in interest on outstanding loans on his hotels and resorts if the Federal Reserve lowers rates as he has been demanding, according to public filings and financial experts.
In the five years before he became president, Trump borrowed more than $360 million via four loans from Deutsche Bank for his hotels in Washington, D.C., and Chicago, as well his 643-room Doral golf resort in South Florida.
The payments on all four properties vary with interest rate changes, according to Trump’s official financial disclosures. That means he has already benefited from falling interest rates that were spurred in part by a cut the Federal Reserve announced in July, the first in more than a decade — and his payments could drop by millions of dollars more annually if the central bank grants Trump’s wish and further lowers short-term rates, experts said.
Trump is bullying the Fed for a rate cut, not because it would be good for the nation’s economy, but because it would be good for Trump. This president has never looked out for the national interest, so it isn’s surprising that he would abuse the power and the platform of the presidency to make money for himself.
Lining his own pockets has been what the Trump presidency is all about.
If Trump spent as much energy governing as he does figuring out new to bilk taxpayers, the country might not be on the brink of a recession.
America doesn’t need an interest rate. Donald Trump does to save his failing businesses.