Donald Trump’s “Small” Million Dollar Loan is More Ridiculous Than You Think
October 27, 2015
Filed under Opinion
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Donald Trump said Monday on NBC’s “The Today Show” that “it has not been easy for me…my father gave me a small million-dollar loan.”
The fact that Trump believes a million dollars is a small loan is ludicrous itself, but that number is not adjusted for inflation. Assuming Trump received this loan in 1968 (when he graduated college), that’s the equivalent of about $6.8 million today, according to the US Bureau of Labor Statistics’ CPI Inflation Calculator.
NBC’s Matt Lauer immediately told him that a million-dollar (or rather, a seven-million dollar) loan “is going to seem pretty easy to a lot of people.”
Trump countered, “a million dollars isn’t very much compared to what I’ve built.” Here, Trump gives the impression that his loan and his savvy were all he needed to build his fortune. That is not the case. Trump entered the Manhattan real estate market in 1973, and was made president of his father’s real-estate company, Trump Management Co., in 1974.
Trump’s notion that he is a self-made man, a model of the American Dream, is a silly one.
Trump’s inheritance from his father has been estimated from $40 million to $200 million. While the argument could be made that Trump used business skills to grow his fortune, the fact remains that he in no way represents someone who pulled themselves up by their bootstraps, so to speak.
Trump attended the famous Wharton School of Business. If you take every kid who graduates from Wharton (who somehow had to pay for that education in the first place, by the way) and give them a $7 million loan and added $40 million to their savings six years later, they would likely all end up with a fortune the size of Trump’s, if not bigger.
Donald Trump didn’t struggle his way through life to get where he is now; he just got lobbed a free ball and didn’t screw it up.