After Forbes Magazine hit former President Donald Trump for his financial losses during his president, evangelist Franklin Graham came out in defense of the president for putting America First over his own wealth.
Forbes noted Trump fell 300 spots in its billionaire rankings last year, having dropped from an estimated net worth of $3.5 billion to $2.4 billion during his presidency.
Graham tweeted:
“President Trump did not take a salary when he was serving as president — he gave it all back. So many politicians leave office with far more money than when they came in. This report says he dropped about $1B in wealth during those 4 years while he served.”
Graham wrote in an ensuing tweet:
“Donald Trump became president not to make money, but to do his best to preserve the great things about this nation for future generations. He put America first. I’ve never seen anyone work harder. Thank you President Trump for your service to this nation.”
Forbes did note the coronavirus pandemic did hurt the estimated value of a number of his largest properties, but it also suggested the president made a mistake in not liquidating his properties into cash to invest in the stock market boom his administration’s policies created.
“Had he sold out in 2017 and reinvested in the market, he’d be an estimated $1.6 billion richer,” Forbes’ report claimed, noting the S&P increased 70%.
“If he had sold everything on Day 1, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he is today.”
Trump’s estimated $2.4 billion in net worth puts him at 1,299 on Forbes’ billionaires list, down from 1,001 a year ago.
Forbes also noted, despite the coronavirus pandemic in the past year, Trump’s total wealth did increase in the past year, but other billionaire’s around him on the list increased their wealth more as the economy has resurged.
Source: Newmax
