Hillary Clinton Ponders How a Casino Can Lose Money, While New Jersey Rescues Atlantic City From the Brink
Posted on: May 24, 2016, 12:57h.
Last updated on: May 24, 2016, 01:31h.
Hillary Clinton equates running a casino with printing money, as the presumed Democratic presidential nominee is going on the offensive against her presumptive Republican challenger in ex-casino boss Donald Trump.
Amid declining poll numbers and a bump for Trump as his challengers have folded, Clinton is directing her narrative to the Donald in an attempt to move the focus towards what she hopes others will see as the billionaire’s shortcomings.
Speaking to supporters at a rally in Detroit hosted by the Services Employees International Union (SEIU), Clinton said, “What little we know about his economic policies would be running up our debt, starting trade wars, letting Wall Street run wild. All of that could cause another crash and devastate working families.”
Clinton’s speech pandered to her backers and cited familiar talking points. “Trump economics is a recipe for lower wages, fewer jobs, more debt,” she said.
But then came a zinger that will likely be turned around by Trump in the future to show that the former Secretary of State doesn’t understand how things work in the real world.
“He could bankrupt America like he bankrupted his companies,” Clinton stated. “How can anybody lose money running a casino?”
Clinton’s belief that it’s impossible to lose money while running a casino will be seen by her critics as proof that she has little knowledge of running a business.
After all, two years ago, three casinos other than the Trump Plaza also went bankrupt in Atlantic City. They included the Showboat, Atlantic Club, and the multibillion-dollar and fated-for-disaster Revel, the latter having first opened only three years prior amid much fanfare.
Trump has built his entire campaign on his business expertise, consistently reminding voters that he’s hired tens of thousands of workers during his career. Few career politicians can say the same.
Trump advisor Ed Brookover wasted no time in hitting back at the Democratic contender’s remarks. “I think that Mrs. Clinton has a lot to learn about how American businesses work,” Brookover told CNN’s Jake Tapper.
Atlantic City Lifeline
Though Clinton presumably can’t fathom why casinos in Atlantic City might need help from the state legislature, New Jersey officials reportedly reached a bailout plan this week for the gambling town that’s been dancing around bankruptcy throughout 2016.
According to The Wall Street Journal, the New Jersey Senate and Assembly have struck a deal to provide $60 million to the seaside gaming destination. In exchange, Atlantic City officials must develop a plan within the next 150 days to show it’s working hard to get its fiscal house in order.
Atlantic City Mayor Don Guardian (R) and State Assembly Speaker Vincent Prieto (D) have been at odds with New Jersey Governor Chris Christie (R) and State Senate President Stephen Sweeney (D) on the best course of action.
Christie’s side favored a state takeover, while Guardian preferred a bailout with the understanding that his office will make appropriate economic changes.
After months of back and forth, it seems Sweeney and Prieto have finally come to terms. A vote is expected on the rescue package later this week in Trenton, and should it receive the necessary support, would then head to Christie’s desk.
“Now we have a tool package that is actually going to save Atlantic City,” Guardian told the WSJ.
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