'By and for the ultra-wealthy': The billionaires set to run Trump's administration
4 months ago

'By and for the ultra-wealthy': The billionaires set to run Trump's administration

Raw Story  

Since winning the presidential election earlier this month, Donald Trump has wasted no time working to fill his incoming administration with billionaires and other ultra-rich individuals who are poised to benefit from the GOP agenda of tax cuts for the wealthy and large-scale deregulation. So far, Trump has announced plans to nominate billionaire hedge fund manager Scott Bessent to head the Treasury Department, WWE billionaire Linda McMahon to head the Education Department, billionaire crypto banker Howard Lutnick to head the Commerce Department, and billionaire entrepreneurs Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency—an outside advisory commission tasked with slashing federal spending and regulations. "Even excluding Elon Musk—the world's richest man and Trump's co-director of the Department of Government Efficiency—the average net worth of Trump, his vice president, and top appointees is $616 million," ATF observed. Tony Carrk, executive director of Accountable.US, said in a statement Tuesday that "Donald Trump paid plenty of lip service to working-class Americans" during the 2024 campaign, "but as president-elect, he's moved quickly to stack his administration with billionaires that share his vision of a rigged economy that only works for people like them." In roughly the week after Trump's win, the combined net worth of the nation's 815 billionaires jumped by around $280 billion—with Musk's wealth surge accounting for 20% of that gain.

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