NY Times Gaslighting Readers Twenty-Four Years After Praising Donald Trump for Being a Brilliant Businessman

Elder Patriot| The New York Times has, during the campaign and the presidency of Donald Trump attempted to besmirch the president as a fraud and tax cheat relying on revising a quarter-century old story.

Editors at the Times even attempted to paint Trump as a lousy businessman despite the fact that not many people could lose $1 Billion and still amass a net worth, according to Forbes, of $3.7 Billion.

The Times didn’t always condemn Donald Trump over his paper losses.  Back on October 25, 1995 the Times praised then citizen Trump as the “Comeback King.”

Though there are still four years to go in the 90’s, business and government leaders in New York honored Donald J. Trump yesterday for pulling off what they called “the comeback of the decade.”

Mr. Trump, the developer who came to epitomize opulent wealth during the 80’s before tumbling into deep financial trouble, has managed to erase much of his debt and is moving ahead with major projects at a time other developers are idling.

Judging from the attention showered on him yesterday at the Union League Club, some of New York’s civic and business leaders are quite captivated by Mr. Trump, despite the financial uncertainties that still surround some of his properties.

How did Trump pull it off?  While others were cowering from the economic disaster of the Carter administration, the future president relied on superior negotiating skill and a incentive included in President Reagan’s tax plan to put America back to work – ACRS.

Reagan’s Economic Recovery Tax Act of 1981 included the accelerated cost recovery system (ACRS), that changed the rules for depreciating assets purchased from 1980 to 1986.

Rather than depreciating income-generating assets using a straight-line approach based on the lifetime of the asset, ACRS allowed taxpayers to depreciate them on shorter schedules based on cost recovery.

Accelerated depreciation increased the deductions property owners were able to claim, which the law’s proponents believed would accelerate economic growth.

For real estate developers like Donald Trump, whose projects could take years to yield returns, the losses were massive and immediate allowing for loss carrybacks and carryforwards.

It was a way of incentivizing the investment class that had been destroyed under the Carter presidency to become re-involved in rebuilding the American economy.   Carter left the White House in January 1981.

It worked too as the nation’s GDP exploded (see chart above).

Consider what President Trump could accomplish if the Democrats were interested in growing the economy.