When it comes to real estate development, it’s hard to beat President Donald Trump – a man who’s done it all in terms of building and construction.
On Thursday, the president toured a renovation project at the Federal Reserve, which appears to be plagued with cost overruns, according to Trump and Republican Sen. Tim Scott (S.C.), who was present for the tour, as well.
The president was in fine spirits on Thursday and seemed to enjoy the experience. He said it was “very good to be back on a construction site,” and reminded the press that “not so long ago, we rebuilt the old Post Office” in Washington, D.C., “into the Trump Hotel, and we sold it to Waldorf Astoria.”
President Trump and Sen. Scott, who is the Chairman of the Senate Banking, Housing, and Urban Affairs Committee, both agreed that the project was too expensive.
“I see a very luxurious situation taking place, let’s put it that way,” Trump told reporters.
He also explained some of the reasoning behind the Fed’s cost overruns: opening up an expensive basement, fortifying the basement with extra protections because of the lengthy construction project, and dealing with waterlines, for example.
“I would have done it very gingerly and very easily,” Trump commented. “…There are things that could have been different…there are always Monday morning quarterbacks…I want to help them get it finished.”
Sen. Scott agreed with the president on the cost of the project, voicing frustration about focusing on cost overruns at the Federal Reserve rather than discussing what should be happening: the Fed doing its job to keep the economy on track.
On that note, President Trump explained how important it is for Federal Reserve Chairman Jerome Powell to take action soon to lower the interest rates. “We want to see interest rates come down; our country is booming,” Trump said.
He added that interest rates were the “final little notch” to make the already-hot American economy soar. “As good as we’re doing, we’d do better if we had lower interest rates,” he said. “…Without us, the whole world collapses, so we should have lower interest rates.”
Trump also said that lowering the interest rates by three points would save the U.S. $1 trillion annually. “There’s nothing you can do to save that kind of money,” he noted.