A portmanteau comprised from the expressions Captain Obvious} and King of the Assclowns, aka Donald Trump. It is a clever play-on-words and ideas because it demotes Trump from his real-world title of President and Commander-in-Chief, and his wannabe title of King of the World, to the rank of a mere captain, and that being inferred as more-stupid than the low-IQ Captain Obvious.
The Trump administration is an assclown circus ass-circus and Trump is Captain Assclown.
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The term "Captain Assclown" would be the king of all assclowns. A person who for many years has contantly proven him/herself as an idiot or useless being.
"Bush is the Captain Assclown of USA" would be an example of this word even though it as an opinion and not proven to be fact, it is still an example of this word.
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An assclown who thinks him/her self superior to other assclowns.
John: "I'll do whatever I want, whenever I want! If you have a problem with that, kiss my ass!" Steve: "Just who the hell do you think you are, Captain Assclown?"