Trump Claims He’s Losing Money As President, But Insists He Doesn’t Need It Anyway
According to the president, those looking to make some serious cash should stay away from the Oval Office. In an interview with The New York Times, President Donald Trump pushed back on the idea that his time in elected office has been lucrative for him. In fact, Trump claimed he was actually losing money as president, calling the job "one of the great losers of all time" financially.
"I lost massive amounts of money doing this job," Trump told The New York Times. "This is not the money. This is one of the great losers of all time."
Trump went on to push back against claims that his presidency has boosted profits at his hotels. "They'll say that somebody from some country stayed at a hotel," the president told The Times. "And I'll say, 'Yeah,' but I lose. I mean, the numbers are incredible."
The president did not elaborate further as to just what "the numbers" were. In May, however, Trump's financial disclosure report showed his Washington, D.C. hotel alone had earned him more than $40 million in 2017. At least part of that income would have been brought in from reservations booked by travelers coming into town for Trump's inauguration.
What's more, the first three months of 2018 saw a 13 percent boost in reservation-related revenue at the Trump International Hotel in New York City after years of decline, according to The Washington Post. Much of that boost was reported to be thanks to a visit Mohammed bin Salman, the Crown Prince of Saudi Arabia, made to the city. Although the hotel did not host the Crown Prince nor any other royal family members, a letter written by the hotel's general manager — and obtained by The Post — noted the hotel was able to "accommodate many of the accompanying travelers" ... "due to our close industry relationships."
Despite these revenue streams, however, Forbes has reported that Trump's overall fortune has dropped by an estimated $400 million since he took office. In March, the media outlet listed Trump's fortune at $3.1 billion although his net worth was reported to be the same as in 2017.
What's more, Trump reportedly hasn't earned much from his gig as president. Under current law, the president makes $400,000 a year. But Trump has so-far maintained his 2016 campaign promise of forgoing his presidential paycheck. Instead Trump has donated chunks of his annual salary to various organizations and government agencies. Most recently, Trump donated $100,000 — his total pay from the third quarter of 2018 — to the National Institute on Alcohol Abuse and Alcoholism.
According to the Hill, he's previously donated his salary to the Small Business Administration, the Department of Veterans Affairs, the Transportation Department, the Education Department, the National Park Service, and to Health and Human Services' efforts at combating opioid abuse.
While speaking to The Times, however, Trump claimed he wasn't in it for the money. "You know, fortunately, I don't need money," the paper reported he said. "I love this job."