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Donald Trump And Bankruptcy
Donald Trump is no stranger to the headlines for the last year or so. You may not like Trump's harsh tones, but one thing cannot be overlooked; he is a prosperous Real Estate investor. Yes, he did have to file bankruptcy in the 90's along with many others. According to USCourts.gov http://www.uscourts.gov/news/2015/04/27/march-2015-bankruptcy-filings-down-12-percent in the attached article, 911,086 filed for bankruptcy in 2015. Bankruptcy is a tool given to the people of the United States to help them reorganize and to get back in the game.
Bankruptcy is described as such: The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business, according to Wikipedia. http://en.wikipedia.org/wiki/Bankruptcy.
In 1991 Trump filed on the Taj Mahal. Trump had to sell his yacht and his airline plus he gave up 1/2 of his stake in the company.
In 1992 Trump filed on the Trump Plaza. This time Trump had to give up 49% of his company and could no longer be included on the day to day activities of the company.
In 2004 Trump filed on The Trump Hotels & Casinos. At this time Trump's holdings went from 47% to 27%
in 2009 Trump filed on Trump Entertainment Resorts causing his investment to be downsized to only 10%.
Today the Trump industries, according to CNNMoney, employs 34,000.
Some great men in our history have filed for bankruptcy Abraham Lincoln filed bankruptcy in 1833 after his and a partner's store failed, yet he went on to be successful. Henry Ford filed bankruptcy in 1901 and reorganized that same year to open the Ford Motor Company. In 1923 Walt Disney filed bankruptcy and it took him 5 more years of trial and error before Micky Mouse became a household name. According to Disneycareer.com Disney employs 166,000 people in 40 countries. Not all are as determined as these men were to rebuild, but these men are the example of why the courts allow bankruptcy.
Yet welfare's definition as stated by Investopedia is as stated: Welfare is a government program which provides financial aid to individuals or groups who cannot support themselves. Welfare programs are funded by taxpayers and allow people to cope with financial stress during rough periods of their lives. In most cases, people who use welfare will receive a biweekly or monthly payment. The goals of welfare vary, as it looks to promote the pursuance of work, education or, in some instances, a better standard of living. Read more: http://www.investopedia.com/terms/w/welfare.asp
According to Budget.senate.gov http://www.budget.senate.gov/republican/public/index.cfm/files/serve/?File_id=34919307-6286-47ab-b114-2fd5bcedfeb5 in 2011 alone the government spent 1.03 trillion is combined welfare programs. The kicker being that this 1.03 trillion does not include entitlement spending such as Social Security and Medicare.
My point to this blog...Donald Trump could have walked away from his businesses in hard time and left 34,000 people without jobs to either search for other forms of employment or to collect unemployment or other types of welfare, but he chose to give up over 1/2 at times of his business to restructure and keep Americans working. This is not a blog asking for you to vote for or against Donald Trump. One must vote the way their personal morals and convictions lead them to vote. This blog is to bring attention to the fact that America has to get people back to work and off of government subsidized income.