President Donald Trump seemingly loves nothing more than to hate on his predecessor Barack Obama, yet new research has shown that the billionaire businessman made more money under the Obama administration than any other presidency, including his own.
Trump gained $2.9 billion during Obama’s tenure, and has lost about $400 million since he assumed office nearly 14 months ago, Forbes reported on Wednesday. The magazine’s analysis of three dozen years of Trump’s finances found that he made $800 million under Ronald Reagan before losing $1.7 billion under George H.W. Bush, when he twice declared corporate bankruptcy.
But under Democrat Bill Clinton, the husband to another frequent target of his attacks, Hillary Clinton, Trump gained the $1.7 billion right back. With the economy back under the guidance of a Republican administration between 2000 and 2009, Trump gained a slightly more modest $1.3 billion during the presidency of George W. Bush.
While the Great Recession that Obama inherited caused most Americans to suffer, the economic recovery in the Obama years did wonders for Trump’s bottom line. The real estate developer reached his highest Forbes net worth in March 2016, an estimated $4.5 billion. It took just four years for Trump’s net worth to go from a 10-year low of $1.6 billion in 2009 to $3 million, higher than before the recession hit.
As president, Trump’s political views and policies have caused many to stop spending money at his businesses, including his golf courses. Yet Trump could see financial gains if his supporters, Republican lawmakers and foreign diplomats continue to stay at his properties, the most popular of which include Trump International Hotel in Washington, D.C., and his Mar-a-Lago resort.
Trump’s perhaps biggest legislative win, the new tax bill, could save him up to $1 billion.
As well as bashing Obama, Trump dedicates much of his time on Twitter to touting the benefits of the Republican tax reform. “Our economy is better than it has been in many decades,” he tweeted in late January.
Though Trump may not acknowledge that he benefited from Obama’s policies, many Americans are thankful for the 44th president’s work.
In a poll released late January, 50 percent of Americans said the Obama administration deserved a great deal or good amount of credit for the country’s strong economy, while 45 percent said he deserved some or hardly any credit. By contrast, only 38 percent said the Trump administration deserved a great deal or good amount of credit, and 56 percent said some or hardly any credit.