{"id":1050185,"date":"2024-12-06T13:13:59","date_gmt":"2024-12-06T18:13:59","guid":{"rendered":"https:\/\/democrats.org\/?p=1050185"},"modified":"2024-12-06T13:13:59","modified_gmt":"2024-12-06T18:13:59","slug":"trumps-billionaire-stacked-administration-will-put-themselves-above-hardworking-americans","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-billionaire-stacked-administration-will-put-themselves-above-hardworking-americans\/","title":{"rendered":"Trump\u2019s Billionaire-Stacked Administration Will Put Themselves Above Hardworking Americans\u00a0\u00a0"},"content":{"rendered":"\n
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Donald Trump\u2019s incoming Cabinet is already set to be the wealthiest in American history, and he\u2019s stacking his administration with even more out-of-touch billionaires by the day. Instead of looking out for the American people, Trump and his billionaire backers will focus on Wall Street \u2014 not Main Street.  <\/p>\n\n\n\n

FACT: Donald Trump\u2019s incoming Cabinet is set to be the wealthiest in American history \u2014 topping the net worth of his <\/strong>last Cabinet<\/strong><\/a> \u2014 with a net worth that\u2019s more than the GDP of 169 different countries.<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cTrump\u2019s billionaires set to take government by storm\u201d<\/p>\n\n\n\n

\u201cPresident-elect Trump has assembled an administration of unprecedented, mind-boggling wealth \u2014 smashing his own first-term record by billions of dollars.<\/strong><\/p>\n\n\n\n

\u201cThat’s even without counting the ballooning fortunes of his prized outside adviser and the world’s richest man: Elon Musk.<\/p>\n\n\n\n

\u201cWhy it matters: It\u2019s not hyperbole to call this a government of billionaires.<\/strong> Whether it acts as a government for billionaires \u2014 as Democrats argue is inevitable \u2014 could test and potentially tarnish Trump\u2019s populist legacy.<\/p>\n\n\n\n

\u201cThe big picture: Besides Trump, Musk and his fellow Department of Government Efficiency (DOGE) head Vivek Ramaswamy, at least 11 billionaires will be serving key roles in the administration.\u201d<\/strong><\/p>\n\n\n\n

U.S. News & World Report<\/a>: \u201cIs 1600 Pennsylvania Ave. the new Billionaires\u2019 Row?<\/strong><\/p>\n\n\n\n

\u201cThe total net worth of the billionaires in the Trump administration, as of the morning of Nov. 25, equals at least $344.4 billion \u2013 which is more than the GDP of 169 different countries. <\/strong>Since Musk and Ramaswamy won\u2019t be part of Trump\u2019s Cabinet, excluding them brings the net worth of Trump\u2019s Cabinet to at least $10.7 billion, <\/strong>assuming all nominees are approved in the Senate.<\/p>\n\n\n\n

\u201cThe figures are most likely significantly higher, <\/strong>but finding the net worth of Bessent, a known billionaire, is tricky, and therefore he\u2019s been left out of the above calculations.\u201d<\/p>\n\n\n\n

FACT: Kelly Loeffler, Trump\u2019s pick to head the Small Business Administration, has a <\/strong>net worth<\/strong><\/a> of $1 billion. <\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cThe former Georgia GOP senator, chosen by Trump to lead the Small Business Administration, is married to billionaire Intercontinental Exchange founder Jeff Sprecher (Forbes valuation: $1.1billion).\u201d<\/strong><\/p>\n\n\n\n

FACT: Trump chose defense contractor Jared Isaacman, with a <\/strong>net worth<\/strong><\/a> of $3 billion, to serve as the NASA administrator.<\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cThe latest billionaire tapped by Trump on Wednesday as administrator of the National Aeronautics and Space Administration, Isaacman is the founder and CEO of the Pennsylvania-based processing firm Shift4 Payments who founded the defense firm Draken International in 2011 and sold it to Blackstone in 2019 for a reported nine-figure sum (Forbes valuation: $3 billion).\u201d<\/strong><\/p>\n\n\n\n

FACT: Trump reportedly offered the number two position at the Pentagon to Stephen Feinberg, whose <\/strong>net worth<\/strong><\/a> is $5 billion.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cPresident-elect Donald Trump offered billionaire investor Stephen Feinberg the job of deputy defense secretary, <\/strong>said people familiar with the matter, a decision that could elevate a longtime political supporter with investments in defense companies that maintain lucrative Pentagon contracts.\u201d<\/p>\n\n\n\n

FACT: Trump rewarded top donor Warren Stephens, whose <\/strong>net worth<\/strong><\/a> is around $3.4 billion, with the role of ambassador to the United Kingdom.<\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cTrump\u2019s choice for UK ambassador, a role that requires Senate confirmation, Stephens is a major Trump donor who heads the Arkansas-based investment bank Stephens Inc., which was founded by his uncle nearly a century ago and is known for its role in Walmart\u2019s 1970 initial public offering (Forbes valuation: $3.4 billion).\u201d<\/strong><\/p>\n\n\n\n

FACT:<\/strong> Trump\u2019s nomination for envoy to the Middle East, real estate investor Steve Witkoff, is part of his own \u201c<\/strong>web of conflicts<\/strong><\/a>\u201d and has a <\/strong>net worth<\/strong><\/a> of at least $1 billion.<\/strong><\/p>\n\n\n\n

Newsweek<\/a>: \u201cSteve Witkoff, real estate investor who is serving as co-chair for Trump’s inaugural committee, is set to serve as Trump\u2019s envoy to the Middle East, a key position at a time when tensions in the region continue to escalate. He is a longtime friend of Trump, with the two becoming acquainted in the 1990s.<\/p>\n\n\n\n

\u201cForbes estimates he is worth at least $1 billion.<\/strong> He owns 51 properties, including the Woolworth Building in Manhattan.\u201d<\/p>\n\n\n\n

FACT: Trump\u2019s Wall Street pick to lead the Commerce Department, Howard Lutnick, has a <\/strong>net worth<\/strong><\/a> of more than $1.5 billion. <\/strong><\/p>\n\n\n\n

U.S. News & World Report<\/a>: \u201cTrump nominated Lutnick, head of brokerage and investment bank Cantor Fitzgerald, to be his Secretary of Commerce. Lutnick, who currently serves as co-chair of the Trump transition team, would be in charge of promoting and building American industries.<\/p>\n\n\n\n

\u201cLutnick\u2019s net worth is $1.5 billion<\/strong>, according to Bloomberg.\u201d<\/p>\n\n\n\n

FACT: Trump\u2019s pick for secretary of the Department of Education, mega-donor Linda McMahon, has a <\/strong>net worth<\/strong><\/a> over more than $3 billion.<\/strong><\/p>\n\n\n\n

U.S. News & World Report<\/a>: \u201cMcMahon, who donated $6 million to Trump\u2019s first presidential campaign, served as leader of the Small Business Association in the former president\u2019s first administration and currently works as co-chair of Trump\u2019s transition team. \u2026<\/p>\n\n\n\n

\u201cMcMahon shares a $3 billion net worth with her husband,<\/strong> Vincent McMahon, according to Forbes.\u201d<\/p>\n\n\n\n

FACT: Trump\u2019s billionaire choices Elon Musk and Vivek Ramaswamy, set to  lead his so-called Department of Government Efficiency, have net worths estimated at <\/strong>$344.6 billion<\/strong><\/a> and <\/strong>$1 billion<\/strong><\/a> respectively.<\/strong><\/p>\n\n\n\n

U.S. News & World Report<\/a>: \u201cTrump tapped Musk to lead the Department of Government Efficiency, an outside of government advisory group Trump plans to establish once he takes office. …<\/p>\n\n\n\n


\u201cMusk\u2019s net worth is $ $344.6 billion<\/strong>, according to Forbes.<\/p>\n\n\n\n

\u201cTrump tapped Ramaswamy to join Musk in co-leading the Department of Government Efficiency. In an opinion column they co-wrote for the Wall Street Journal, the two said they view their role is to \u2018cut the federal government down to size.\u2019<\/p>\n\n\n\n

\u201cRamaswamy\u2019s net worth is $1 billion<\/strong>, according to Forbes.\u201d<\/p>\n\n\n\n

FACT: Trump\u2019s pick to lead the Department of Interior, Big Oil shill Doug Burgum, has an <\/strong>estimated<\/strong><\/a> net worth of $1.1 billion.<\/strong><\/p>\n\n\n\n

U.S. News & World Report<\/a>: \u201cTrump picked Burgum, current Republican governor of North Dakota and former Great Plains Software executive, to head the Department of the Interior.<\/p>\n\n\n\n

\u201cHis exact net worth is not listed with Forbes, but Yahoo Finance estimates it is $1.1 billion.\u201d<\/strong><\/p>\n\n\n\n

FACT: Trump also chose \u201cwidely reported\u201d hedge fund billionaire Scott Bessent to run his Treasury Department. <\/strong><\/p>\n\n\n\n

U.S. News & World Report<\/a>: \u201cTrump selected money manager Scott Bessent for the coveted role of Treasury Secretary, a move that will likely please Wall Street<\/strong>. … While Bessent has been widely reported to be a billionaire<\/strong>, his exact amount of wealth is hard to pin down.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Donald Trump\u2019s incoming Cabinet is already set to be the wealthiest in American history, and he\u2019s stacking his administration with even more out-of-touch billionaires by the day. Instead of looking out for the American people, Trump and his billionaire backers will focus on Wall Street \u2014 not Main Street.   FACT: Donald Trump\u2019s incoming Cabinet is […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1050185","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump\u2019s Billionaire-Stacked Administration Will Put Themselves Above Hardworking Americans\u00a0\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trumps-billionaire-stacked-administration-will-put-themselves-above-hardworking-americans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-06T18:13:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trumps-billionaire-stacked-administration-will-put-themselves-above-hardworking-americans\/\",\"url\":\"https:\/\/democrats.org\/news\/trumps-billionaire-stacked-administration-will-put-themselves-above-hardworking-americans\/\",\"name\":\"Trump\u2019s Billionaire-Stacked Administration Will Put Themselves Above Hardworking Americans\u00a0\u00a0 - 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