Debt is becoming a major campaign issue in 2024. I don’t mean the national debt, which today stands at 99 percent of gross domestic product and which, the Congressional Budget Office projects, will total 116 percent of GDP 10 years from now. Nor do I mean student debt, which President Joe Biden has either reduced or eliminated for close to four million people, to the tune of nearly $138 billion.
No, the debt that haunts campaign 2024 is personal debt—specifically the half-billion in fines that former President Donald Trump owes from two recent legal judgments against him. It’s a campaign issue because, judging from Trump’s past behavior, he will pay off this half-billion-dollar debt just as soon as pigs fly. So it was hardly shocking when The New York Times reported Monday that the former president’s plea for a loan to secure a bond against the largest share of his mounting debt was spurned by some 30 companies, prompting his lawyers to tell a New York State judge that raising the money is a “practical impossibility.” But one firm, Chubb, was willing to offer Trump $91 million to secure his bond in the E. Jean Carroll defamation case. Given the extreme unlikelihood that its generosity will be repaid in the traditional way, it’s an eyebrow-raising arrangement, as whoever lends Trump money will likely have to seek some other, less savory, compensation.