Trump Claims He “Lost Out on Billions While President,” But Skeptics Remain Unconvinced

William FurneyNov 26, 2023

Minute Read

Former president Trump claims he sacrificed billions of dollars while in the White House, lucrative business opportunities he was unable to take advantage of because he was busy running the United States.

Fundraising Speech

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The multibillionaire, who is estimated by Forbes to be worth in the region of $2.6 billion, made the sensational claim at a Republican Party fundraiser in South Dakota on Sunday.

‘Only President to Lose Money’

Trump claimed he was the only president to have lost money while at the White House, and that he could have been billions of dollars better off had he not become president.

“I’m the only president who ever lost money while serving in office … I lost a number of billions. I could’ve made a fortune,” he told supporters.

Trump Family’s ‘High Standards’

Trump continued in his GOP speech:

“I could’ve gone to these countries and made deals … I told my kids, ‘Don’t do deals.’ They said, ‘Dad can we do something? I said, ‘No, I’m president. We have a higher standard.’”

Seeking Presidency Again

But Trump could again lose out financially, if he is returned by voters to the White House, in the presidential election next year. He is currently the Republican frontrunner, polling around 50 points ahead of his nearest rival, Florida Governor Ron DeSantis, who has fallen to around 10%.

US Presidential Pay

The president of the United States has a salary of $400,000 per year and an allowance of $50,000 to pay for expenses, amounts set by Congress in 2001. Prior to that, the base pay was $200,000 a year. The president also gets an entertainment allowance of $19,000 and a tax-free sum of $100,000 for travel.

‘$160 Additional Earnings’

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Trump did earn extra money during his four years at the White House, according to a probe by the Citizens for Responsibility and Ethics, a nonpartisan group based in Washington.

In total, Trump made $160 million from business dealings in four countries, the group found.

‘Big Deals’

The investigation into Trump’s foreign earnings while at the White House uncovered multimillion-dollar deals from a variety of overseas enterprises.

“Trump pulled in the most money from the United Kingdom, where his Aberdeen and Turnberry golf courses in Scotland helped him gross $58 million. Trump’s now-defunct hotel and tower in Vancouver helped him pull in $36.5 million from Canada. Trump brought in more than $24.4 million from Ireland, home to his often-visited Doonbeg golf course, as well as $9.6 million from India, and nearly $9.7 million from Indonesia,” a report on the findings says.

Mixed Reaction to Speech

While the Republican Party, and Trump faithful, at the South Dakota rally applauded the former president’s remarks about losing out on large sums of money, others, particularly on social media, were not as supportive.

“What a noble sacrifice,” quipped one user on the X platform formerly known as Twitter. “Didn’t he already have what most would consider a fortune before becoming president?” Another said: “Trump made more money, illegally, while in office than most people make in a lifetime. Can’t believe any sane person would believe this inveterate liar.”

Noem Endorsement of Trump

Governor Kristi Noem officially threw her support behind Trump at the fundraiser, endorsing the 77-year-old to become the party’s candidate for the 2024 presidential election.

‘Leader and Fighter’

Governor Noem told those at the rally that Trump was the right person to lead the United States.

“He is the leader, the fighter, that our country needs,” she said. “He has my full and complete endorsement for president of the United States of America.”

Rocky Road Back to the White House

If Trump does become the GOP’s candidate for the presidency, he faces a tough campaign to try and win the White House again, because of a mountain of federal and civil court cases against him that could land him in jail.

Federal Charges Against Trump

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The former president has been charged with 91 counts of committing a felony, including mishandling of confidential material and attempting to overturn the results of the 2020 election, which he lost to Joe Biden.

Civil Cases

Among the civil cases Trump is also dealing with is a fraud trial in New York related to his Trump Organization. Prosecutors allege that Trump, his adult sons and several key executives fraudulently inflated the size and value of his properties in the city, including the prized Trump Tower, to get cheap loans from banks. The trial judge has already ruled that fraud was committed and revoked several of the organization’s licenses to do business. Prosecutors want a fine of $250 million imposed.