As a populist leader Trump played to Americans hard hit with the economy. He attracted the votes of many middle class people who’ve found themselves mired in debt whilst wages stagnate. Inflation has hit the US consumer hard and Trump was the result with his catchy promise to make America great again and promise to rescue the middle class.
However, although this was his elected base he is instead filling the White House with billionaires and industry titans (just like himself). They don’t have the interests of wider America at heart but from what they can personally garner from the President’s (elect) favour. Political corruption, such a standard of political life – just Trump is so much more open about it.
The most recognizable face has been Elon Musk. The wealthiest individual in the world has been spouting off left right and centre, commenting on the LA wildfires, immigration, DEI hires, Ukraine, Israel, British politics and the German elections. He has become a defacto social media director for the White House.
In fact so in tune are Musk and Trump some have speculated that a dual presidency is beginning to take shape.
Barrons, a financial and investment news outlet published an in depth piece identifying the net worth of Trump’s picks.
The list was topped by Musk, who has a net worth of over $420 billion. He was nominated to lead the proposed Department of Government Efficency.
Tilman Ferititta, the owner of the Houston Rockets, was tapped to be his ambassador to Italy.
Stephen Feinberg, who has a net worth of $7.5 billion from private equity, was nominated to be the deputy defence secretary.
All told, there are at least 10 billionaires who were selected for top roles in the administration. The report, citing data compiled by ABC News, Forbes, and Bloomberg, said at least six others have a net worth of over $150 million.
The article pointed out that many of these nominees have no experience running—or even working inside a government agency—but their positions would allow them to benefit financially—through business interests—by the measures that they sell.
Many of these ultra-rich Americans are being rewarded by Trump for their loyalty and campaign donations. (Musk donated at least $250 million to Trump’s campaign.) Musk is already seeing the monetary boost that comes with being in such close proximity to power.
As we can see Tesla’s stock price jumped 60% since the day before the election because investors anticipate a better business climate for the car maker, including lower corporate taxes and loosened regulations, according to the report.
Daniel Krcmaric, an associate professor of political science at Northwestern University, explained how Musk’s decision to spend $250 million on Trump’s campaign would be well spent if he gets regulatory treatment worth “several billions for SpaceX and Tesla.” Richard Painter, a professor of corporate law from the University of Minnesota, also told the magazine that there are financial perks of working for an administration despite having no interest in taking these positions for the paycheck.
If Americans put their political differences aside it becomes clear to see that the uber wealthy have direct access to the corridors of power. To see such favoritism to the billionaire class does not bode well. Believing what benefits them benefits wider society they will pursue policies aimed at enriching themselves at the detriment of ordinary folk. That’s just my shout.
Of course you could argue what's new? I think it's the brazenness of it these days.
