The coronoavirus pandemic has put the global economic order into a state of paralyzed fear and may very well wind up leading to a global recession in the months ahead. No matter where you look — the stock market, trade balances, unemployment filings — all signs point to a dramatic economic downturn which won’t be quickly righted no matter how many financial stimulus packages Congress passes.
One industry that has been hit especially hard is food and lodging, which just so happens to be the very business Donald Trump has been in for decades and is the backbone of his company, the Trump Organization.
According to a recent report from the New York Times, bookings and revenue are way down at all Trump properties and employees are being laid off by the dozen:
“In recent days, the Trump Organization cut staff from hotels in New York and Washington, halted new reservations at a hotel overlooking the Las Vegas Strip and closed golf courses in Los Angeles and the Miami area, according to people with knowledge of the matter. It also closed the Mar-a-Lago club in Florida, which normally would be at a peak right now, with regular seasonal visits by Mr. Trump himself.”
All of this certainly explains why the president is so eager to end the national policy of social distancing and encouraging businesses to not allow employees or guests to congregate in groups. But while the policy is meant to help control the spread of the COVID-19 virus, it’s costing the Donald millions in revenue, so he’s busting at the seams to toss it aside and pretend the virus has been defeated, even if the facts don’t bear that out.
As it turns out, the financial stimulus package which was just approved by the House and Senate won’t provide a dime of help to the Trump Organization. Senate Minority Leader Chuck Schumer (D-NY) and his Democratic allies in both chambers made sure that no elected official can get their hands on any of the $2 trillion allocated, according to NBC News:
“On CNN’s ‘New Day,’ Schumer said the provision was aimed not just at Trump ‘but any major figure in government, Cabinet, Senate, congressmen, if they have majority, they have majority control, they can’t get grants or loans and that makes sense.'”
Could the Trump Organization wind up having to close or sell some of its properties in the months to come? Well, we know they’re already trying to unload the Trump hotel in Washington D.C, and if things don’t improve soon, other hotels and golf courses could also be on the chopping block.
Maybe coronavirus will wind up having a silver lining after all, especially if it brings karma calling at the Trump Organization.