Donald Trump has assembled enough billionaires and billionaires to play key roles in his new administration to form a soccer team.
In a hiring process that seemed to make a mockery of his campaign’s appeal to working-class voters, the president-elect had the audacity to select billionaire allies for key positions and, in some cases, reduce spending on public services. It will give them the power to reduce the It is exploited by the poorest and most vulnerable people.
At least 11 people chosen for strategic positions after President Trump returned to the White House in January either had achieved billionaire status themselves, had billionaire spouses, or met that criteria. Either you are within reach.
The end result will be the wealthiest administration in U.S. history. As of earlier this week, the total was worth $340 billion, but President Trump pushed the number even further by appointing at least three more billionaires.
His total assets far exceed the wealth of Trump’s first cabinet, which was formed after his 2016 election victory. At the time, it was the wealthiest U.S. cabinet ever inaugurated, and included ultra-wealthy figures like former ExxonMobil CEO Rex Tillerson. Secretary of State and Secretary of Commerce Wilbur Ross, who became wealthy by restructuring bankrupt companies.
It also highlights the relative poverty of Joe Biden’s current Cabinet, which has been repeatedly derided by President Trump as representing a corrupt governing elite that has defrauded ordinary working Americans. The total amount was a relatively small amount of $118 million.
The richest and most prominent member of President Trump’s class of 2024 is Elon Musk, the Tesla and SpaceX entrepreneur and the world’s richest person.
Along with Vivek Ramaswamy, another tech entrepreneur who is said to be worth at least $1 billion, Musk is already a member of the acronym Doge, whose mission is to cut waste from public spending. He was selected to lead the newly established government efficiency department.
The conspicuously extravagant Mr. Musk has promised to cut $2 trillion from the national budget. He did not specify how or for how long, but warned that it could involve “temporary financial hardship.”
Neither Mr. Musk nor Mr. Ramaswamy need Senate confirmation, as Mr. Doge is not a formal government department or agency.
But President Trump has not shied away from nominating billionaire Cabinet members who must undergo public hearings in the Senate where wealth could be an issue.
That includes Education Secretary candidate Linda McMahon and her husband Vince McMahon, a former World Wrestling Entertainment executive, who are worth an estimated $3 billion. North Dakota Governor and former businessman Doug Burgum is nominated to be Secretary of the Interior. Howard Lutnick, chairman and chief executive officer of Cantor Fitzgerald, has been nominated by the Secretary of Commerce. and Scott Bessent, a hedge fund manager and former partner at Soros Investment Management who was nominated for Treasury secretary.
Their combined value alone is $10.7 billion to $4.5 billion more than Trump’s first cabinet.
Also up for Senate confirmation is real estate tycoon Charles Kushner, the father of President Trump’s son-in-law Jared Kushner, who will be ambassador to Paris. Warren Stevens, head of an investment bank, was chosen as ambassador to London. Jared Isaacman is a commercial astronaut and entrepreneur who has been nominated to head the National Aeronautics and Space Administration (NASA). Kelly Loeffler, a former Republican senator who co-chaired President Trump’s inaugural committee and is currently selected to head the Small Business Administration.
According to Forbes, all are classified as billionaires either individually or through marital or family connections.
The same goes for Steve Witkoff, another real estate mogul and golf partner Trump chose to be his special envoy to the Middle East. Witkoff’s net worth is estimated at $1 billion.
Frank Bisignano, who has been nominated to head the Social Security Administration, will be responsible for administering pensions and benefits for the country’s retirees. The president of Fiserv Inc., a financial technology company based in Wisconsin, his current wealth is estimated to be around $974 million.
The president-elect has reportedly offered the deputy secretary of defense slot to another billionaire, Cerberus Capital Management co-chairman and private equity investor Steven Feinberg. His personal worth was reportedly estimated at $4.8 billion as of July this year. It is unclear whether Feinberg has given his consent.
The gulf between President Trump’s pro-wealth orientation and his populist, populist rhetoric has not gone unnoticed.
Analysts have long noted the ability of politicians who proudly tout themselves as self-proclaimed billionaires to capitalize on public outrage over stagnant incomes and living standards, but not industries that have hurt the United States. This is underlined by his lament over the loss of jobs and trade deals. laborer.
“According to the Bureau of Labor Statistics, real wages for working-class Americans have stagnated or declined since the early 1980s, especially as industries moved jobs overseas,” said Matthew King, German Marshall Fund Fellow. I mentioned it in a blog post. “This may help explain President Trump’s working-class appeal.”
King said Trump exploited working-class anxieties because he “knew that pride in God, family, and country would resonate in a different way than other candidates’ progressive messages.” He claimed that it was possible.
David Kass, executive director of Americans for Tax Fairness, said the goal of President Trump’s so-called “government of billionaires, for billionaires” is massive tax cuts for the ultra-wealthy; He said this would be achieved at the expense of service cuts for the tiers. These include education, Social Security, and Medicaid, which provides health care to low-income people.
“Voters wanted change,” Kass said. “I think what’s going to happen is people are going to say, that’s not actually what I wanted. The wealthy are rich enough that they don’t need any more tax cuts. Why don’t you help them? I think there will be a huge movement against this (tax cut).”
But King warned that President Trump’s emotional resonance could override the envy of the wealthy.
“Trump’s appeal to the working class allows him to successfully exploit the working class while funneling the rewards to a new oligarchy: big business and billionaires like Elon Musk. “I still believe that,” he wrote.
