In the grand theater of American politics, economic performance, particularly the state of the nation’s workforce, frequently takes center stage as a key measure of presidential success. The intricate dance between data and perception often shapes public opinion, yet rarely has this interplay been as singularly dynamic as during the tenure of Donald J. Trump.
His presidency, from 2017 to 2021, unfolded against a backdrop of complex economic shifts. Indeed, he took office at the pinnacle of what was then recognized as the longest economic expansion in American history, an impressive growth period that commenced in 2009 and continued robustly 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 the raw employment figures, other economic indicators during his first term also present a complex picture. The federal budget deficit, for instance, saw a substantial increase of almost 50 percent, swelling to nearly $1 trillion by 2019.
Furthermore, the nation’s financial commitments expanded considerably. By the close of his term, the U.S. national debt had grown by 39 percent, reaching a staggering $27.75 trillion, pushing the U.S. debt-to-GDP ratio to a post-World War II high. These figures reflect broader fiscal realities underpinning the economic narrative.
His administration also faced challenges in delivering on ambitious promises. A notable example was the failure to implement a $1 trillion infrastructure spending plan, a key campaign pledge that aimed to revitalize American infrastructure and potentially stimulate job growth.
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.
The show famously featured his catchphrase, “you’re fired,” and presented a captivating, yet often stylized, portrayal of his business acumen. *The New York Times* described this portrayal as “a highly flattering, highly fictionalized version” of himself, which profoundly reshaped his image for millions of viewers across the nation.
This carefully constructed public image, however, stood in contrast to certain documented realities of his extensive business career. Despite his presentation as a successful businessman, six of his businesses, including the Plaza Hotel and Atlantic City casinos, filed for Chapter 11 bankruptcy protection between 1991 and 2009.
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.
An attorney for the lead bank reportedly articulated the rationale behind the lenders’ decision, stating they “all agreed that he’d be better alive than dead.” This candid assessment underscores the severity of the financial challenges he navigated.
His personal financial disclosures further illustrate a remarkable range in his self-reported net worth, oscillating wildly from minus $900 million in 1990 to an asserted $10 billion in 2015. Such discrepancies highlight a fluid relationship with 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.
He also received an additional $413 million, adjusted for inflation to 2018 equivalent, from his father’s company. These financial infusions from his family underpinned his early business ventures in New York City.
