During his speech today, Trump once again claimed that he built his business with just a “small loan” from his father. That “small loan” was actually worth $1 million and was just one of numerous loans he received throughout his early career. The claim is a complete lie that Trump has repeated throughout this campaign and that’s earned him Four Pinocchios from the fact checkers at The Washington Post.
Washington Post Fact Checker gave Donald Trump’s claim that he built his success on a “small” $1 million loan from his father a rating of “Four Pinocchios.” “Trump protests too much when he says that Rubio’s $200-million figure is ‘wrong by a factor of hundreds.’ Trump likely did not inherit $200 million by himself, though perhaps that was the size of the father’s estate, before taxes. Moreover, Trump’s claim that he built a real-estate fortune out of a ‘small’ $1 million loan is simply not credible. He benefited from numerous loans and loan guarantees, as well as his father’s connections, to make the move into Manhattan. His father also set up lucrative trusts to provide steady income. When Donald Trump became overextended in the casino business, his father bailed him out with a shady casino-chip loan—and Trump also borrowed $9 million against his future inheritance. While Trump asserts ‘it has not been easy for me,’ he glosses over the fact that his father paved the way for his success — and that his father bailed him out when he got into trouble. For ignoring and playing down the substantial advantages his father’s wealth gave him, Trump earns Four Pinocchios.”