It turns out that Donald Trump is truly the "king of debt" – but not in a good way.
The New York Times revealed yesterday that the president's businesses have not always been as healthy as Trump would often suggest. According to new tax information, Trump reportedly lost a grand total of $1.17bn in his various businesses between 1985 and 1994.
In fact, the president, who regularly boasted about his earnings, lost more money than nearly any other individual American taxpayer, after further research by The Times.
But Trump may have hinted at his billion-dollar losses in an early introduction of his show The Apprentice back in 2004. Filmed driving in the back of a limo, a young Trump looks into the camera to say:
It wasn’t always so easy. About 13 years ago, I was seriously in trouble. I was billions of dollars in debt,” Donald Trump said in his opening narrative of the main titles of the show in 2004. “But I fought back and I won, big league.
The president also detailed his financial troubles in his 1997 book the "Art of the Comeback", which description reads:
Trump’s story begins when many real estate moguls went belly-up in what he calls the Great Depression of 1990. Trump reveals how he renegotiated millions of dollars in bank loans and survived the recession, paving the way for a resurgence.
Claims that consistent with the recent revelations, albeit without mentioning that he manage to avoid paying a considerable amount of tax due to the extent of his losses.
It only took a few hours after the report was published, for Trump took to Twitter to fire back. The president defended the new data, claiming that his losses were "for tax purposes".