In an op-ed for The Guardian, Lincoln Project co-founder Reed Galen says the New York Times story documenting years of President Donald Trump’s tax evasion is further evidence of his “con.” But he is more concerned about the president’s debts, calling them “far more concerning.”
“The New York Times report reveals that Trump is leveraged to the tune of more than $400m, much of it personally guaranteed. Most reputable lending institutions would require significant collateral to extend that kind of credit. Who then, would be willing to lend so much money to such a high-risk client We don’t know that answer, of course. It does raise the legitimate question, though: to whom does the president of the United States owe so much money, and what are they willing to do to ensure repayment?” Galen wrote.
“Especially when you consider that he has hundreds of millions of dollars in loans due for collection in the next four years,” he continues. “If he is unable to pay them back, what would these lenders be willing to accept in kind as payment for unpaid debts from the man who hopes to continue being the leader of the free world?”
Galen goes on to say that it’s likely that “Trump cannot afford to be president.”
“Though his companies generate some revenue, they won’t make him the kind of money he needs to climb out of debt. Even his hotel just across the street from the White House can’t fill all the holes. His golf courses, according to the Times, are money pits,” he writes:
“For Trump, the presidency has always been performative. Standing behind the podium, before adoring crowds – that is what Trump lives for. The actual business of the job holds little interest for him. Now that the world knows for sure he’s consistently teetering on financial ruin, it’s not hard to believe that he will focus even less on being president and more on shoring up his personal empire. And that, unfortunately, means that the American people will once again take a distant back seat to Trump’s personal concerns and needs. While Americans continue to get sick, thousands more die every week and our way of life is ruined, Trump will do what he always does: put himself at the head of the line.”
Trump has not yet commented on the report. Last night, his former campaign manager Brad Pascale was hospitalized following a suicide attempt at his home as the story made the rounds.
The first presidential debate between Trump and his rival Joe Biden is scheduled for tomorrow at 9 p.m.
Alan is a writer, editor, and news junkie based in New York.