The bill is coming due

What Trump can expect starting next Wednesday:

[N]ow, finally, the end is at hand. Trump is suffering a series of wounds that, in combination, are likely to be fatal after Joe Biden is sworn in on January 20. Trump is obviously going to surrender his office. Beyond that looming defeat, he is undergoing a cascading sequence of political, financial, and legal setbacks that cumulatively spell utter ruin. Trump is not only losing his job but quite possibly everything else.

… Many of his sources of income are drying up, either owing to the coronavirus pandemic or, more often, his toxic public image. The Washington Post has toted up the setbacks facing the Trump Organization, which include cancellations of partnerships with New York City government, three banks, the PGA Championship, and a real-estate firm that handled many of his leasing agreements. Meanwhile, he faces the closure of many of his hotels. And he is staring down two defamation lawsuits. Oh, and Trump has to repay, over the next four years, more than $300 million in outstanding loans he personally guaranteed.

Lots of expenses, not much income.

If this were still 2015, Trump could fall back on his tried-and-true income generators: money laundering and tax fraud. The problem is that his business model relied on chronically lax enforcement of those financial crimes. And now he is under investigation by two different prosecutors in New York State for what appear to be black-letter violations of tax law. At minimum, these probes will make it impossible for him to stay afloat by stealing more money. At maximum, he faces the serious risk of millions of dollars in fines or a criminal prosecution that could send him to prison.

Chronically lax enforcement of financial crimes will continue, just not for him.

The assumption until now has always been that Trump wouldn’t really be convicted of crimes or sentenced to prison, despite the fairly clear evidence of his criminality. American ex-presidents don’t go to jail; they go on book tours.

That supposition wasn’t wrong, exactly. It rested on the understanding of a broad norm of legal deference to powerful public officials and an understanding of the dangers of criminalizing political disagreement. But what has happened to Trump in the weeks since the election, and especially since the insurrection, is that he has been stripped of his elite impunity. The displays of renunciation by corporate donors and Republican officials, even if they lack concrete authority, have sent a clear message about Donald Trump’s place in American society.

At noon on January 20, Trump will be in desperate shape. His business is floundering, his partners are fleeing, his loans are delinquent, prosecutors will be coming after him, and the legal impunity he enjoyed through his office will be gone. He will be walking naked into a cold and friendless world. What appeared to be a brilliant strategy for escaping consequences was merely a tactic for putting them off. The bill is coming due.

Here’s hoping.

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