Trump was born and raised in Queens, a borough of New York City, and received a bachelor's degree in economics from the Wharton School. He took charge of his family's real-estate business in 1971, renamed it The Trump Organization, and expanded its operations from Queens and Brooklyn into Manhattan. As a result, the American government's budget deficit has increased by almost 50%, to nearly $1 trillion in 2019.In April 2020, the official unemployment rate shot up to 14.7% due to the COVID-19 pandemic. This was an underestimation of the actual unemployment rate, but still was the highest level of unemployment since 1939.
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