How Does Trump Affect The Economy

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Donald J. Trump was born June 14th, 1946 to Frederick and Mary Anne MacLeod Trump in Queens, New York. Frederick Trump was a successful real estate developer and built apartments in the Queens, Brooklyn, and Staten Island areas of New York. Soldiers returning from World War II in the 1950s led to an increase in the real estate business and the Trump family’s wealth increased as a result. At age 13, Donald Trump was sent to the New York Military Academy where he excelled socially and in athletics. In 1964, Trump graduated from the New York Military Academy and enrolled at the University of Pennsylvania’s Wharton School of Finance where he earned an economics degree in 1968. In 1971, Donald Trump took over his father’s business, the Elizabeth Trump & Son Co., and renamed it The Trump Organization shortly after. After taking over the company, Trump would primarily handle real estate developments in New York for the next few years. The Washington Post reports that Trump received a loan of $1 million from his father as part of a development deal in 1978 to …show more content…
As the world economy slowed, the Trump Organization’s income was affected, and this was a cause of one of Trump’s first major setbacks. According to Investopedia, the two properties owned by Trump in Atlantic City, the Trump Plaza Hotel and Trump Taj Mahal, filed for Chapter 11 bankruptcy and Trump was forced to give up at least 50% of his ownership in exchange for lower interest rates and deferments (Investopedia Staff, 2016). These setbacks were difficult for Donald Trump and in a conversation he had with his then wife, Marla Maples, as they passed someone begging for money, Trump is quoted as saying “You see that man? Right now he’s worth $900 million more than me. … Right now I’m worth minus $900 million” (Hilzenrath, 1992). Trump would go on to declare corporate bankruptcy two more times in 2004 and
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