Trump's Ultra-Rich Officials Have $100 Million Fortunes, Report Reveals
· Telemundo McAllen (KTLM)
Wealth, perhaps only surpassed by loyalty, has been a valued attribute for Donald Trump during his second presidency. The number of individuals with a net worth of at least $100 million that the Republican president has appointed to his administration is more than four times the combined total of the three previous presidents, according to a report by the consumer advocacy group Public Citizen. In the context of previous administrations, the figures from the Trump administration stand out in the Public Citizen report published on Monday. A total of 57 Trump officials have a net worth of at least $100 million, including 17 ambassadors and the remaining 40 in high-level positions throughout the Executive Branch. Just looking at Trump's cabinet, eight of its 23 members fit this category, particularly Treasury Secretary Howard Lutnick and Education Secretary Linda McMahon, both billionaires. The president, also a billionaire, has described his tendency to appoint the ultra-rich as a nod to financial success. However, Trump, who owes his return to the White House to the support of middle-income Americans and workers attracted by his promise to lower the cost of living, now faces a much less enthusiastic electorate regarding his handling of the economy ahead of the November elections. For a long time, presidents have sought advice from the wealthiest individuals in the country and have turned to some for high-profile leadership positions. Similarly, presidents often reward wealthy and influential supporters with ambassadorships. Among the most notable examples is Andrew Mellon, the aluminum, oil, and banking magnate who was among the wealthiest individuals in the country in the 1920s and served as Treasury Secretary under three presidents. Among Trump's officials with a net worth of at least $100 million are Deputy Defense Secretary Stephen Feinberg and Small Business Administration Administrator Kelly Loeffler, who are also billionaires, as well as Treasury Secretary Scott Bessent and Special Envoy Steve Witkoff, both with net worths in the hundreds of millions. In comparison, the administrations of Republican George W. Bush and Democrat Joe Biden each included five members with a net worth of $100 million or more. The administration of Democrat Barack Obama included three, the report notes. A government populated by so many members of the economic elite raises potential issues, the report's authors stated. 'When the people running the government overwhelmingly come from the ranks of the ultra-rich, it leads to wrong incentives and corruption, and raises the question: 'Whose interests are they really serving?'' said Lisa Gilbert, co-president of Public Citizen. The list does not include Trump, whose net worth Forbes estimates at over $6 billion. It also does not include space and social media giant Elon Musk, who advised Trump last year in an effort to reduce the size, scope, and workforce of the federal government and is the richest person in the world, with a net worth Forbes estimates at around $860 billion. Trump's positions are well established: financial success is evidence of executive dominance and negotiating strength. 'These people have great competence. Incredible competence. Some of the smartest business leaders,' Trump said last year while explaining why he places considerable weight on the advice of business executives. He has also pointed to the investments of wealthy individuals as a sign of future economic growth. To incentivize billionaires to comply, in his first year back in the White House, Trump pushed policies on artificial intelligence and financial regulation that could benefit wealthy individuals, along with tax cuts and a reduction of regulatory burdens for large-scale investments. Nevertheless, last month, only 32% of adults in the United States approved of Trump's handling of the economy, down from 40% at the start of his second term, as his Republican Party faces headwinds in its attempt to maintain both majorities in Congress in the upcoming November elections.
AI summary · Source: Telemundo McAllen (KTLM) →
