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Trump's Administration Poised to Be Wealthiest in Modern US History
Wilbur Ross, commerce secretary nominee, has 10 times as much wealth as previous richest administration, under George W. Bush, combined
Dec 01, 2016
Despite his populist appeals, President-elect Donald Trump is putting together the wealthiest administration in modern U.S. history, the Washington Post reported on Wednesday.
The collective wealth of Trump's appointees is astronomically larger than the previous richest cabinet under George W. Bush, whose administration had an "inflation-adjusted net worth" of about $250 million combined, as the Post's Jim Tankersley and Ana Swanson point out. Trump's nominee for commerce secretary, Wilbur Ross, has roughly 10 times that wealth alone.
In addition to Ross, who is worth about $2.5 billion, Trump's nominee for education secretary, Amway heiress Betsy DeVos, has a family net worth of $5.1 billion.
Todd Rickets, the nominee for deputy secretary of commerce, is the son of a billionaire and co-owns the Chicago Cubs.
Elaine Chao, transportation secretary appointee and wife of Senate Majority Leader Mitch McConnell (R-Ky.), is the daughter of a shipping and trading tycoon. In 2014, following several generous gifts from the Chao family, McConnell's personal wealth stood at $22.8 million.
Steven Mnuchin, Trump's pick for head of the Treasury Department, is a former Goldman Sachs executive and Hollywood producer whose net worth is estimated at $40 million, much of it accrued while working in the financial industry--including profiting off the financial crisis.
As Sen. Elizabeth Warren (D-Mass.) noted on Twitter, Mnuchin "would get to decide how to regulate 30 of our biggest banks--including the bank where he currently serves as board member."
Tankersley and Swanson continue:
Future appointments could further increase the wealth of Trump's cabinet. Harold Hamm--a self-made oil industry executive who ranks 30th on the Forbes 400, a list of the wealthiest Americans, with a net worth of $16.7 billion,--is on Trump's shortlist for secretary of energy. Andrew Puzder, a restaurant industry executive, has been floated for labor secretary.
"It's important to recognize that everyone's perspective and policy and government is shaped by the kind of life you've lived," Nicholas Carnes, a political scientist at Duke University, told the Post. "The research really says that when you put a bunch of millionaires in charge, you can expect public policy that helps millionaires at the expense of everybody else."
On the campaign trail, Trump decried a political system he said was rigged against the working class and made a now-infamous promise to "drain the swamp" of establishment figures. But his cabinet picks thus far contradict his populist rhetoric and have garnered widespread criticism from other lawmakers, as well as public policy and government watchdog groups.
As Robert Weissman, president of Public Citizen, said after the election, "Candidate Trump ran against the establishment. President-Elect Trump has handed over the keys to his administration to the establishment."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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Nadia Prupis
Nadia Prupis is a former Common Dreams staff writer. She wrote on media policy for Truthout.org and has been published in New America Media and AlterNet. She graduated from UC Santa Barbara with a BA in English in 2008.
Despite his populist appeals, President-elect Donald Trump is putting together the wealthiest administration in modern U.S. history, the Washington Post reported on Wednesday.
The collective wealth of Trump's appointees is astronomically larger than the previous richest cabinet under George W. Bush, whose administration had an "inflation-adjusted net worth" of about $250 million combined, as the Post's Jim Tankersley and Ana Swanson point out. Trump's nominee for commerce secretary, Wilbur Ross, has roughly 10 times that wealth alone.
In addition to Ross, who is worth about $2.5 billion, Trump's nominee for education secretary, Amway heiress Betsy DeVos, has a family net worth of $5.1 billion.
Todd Rickets, the nominee for deputy secretary of commerce, is the son of a billionaire and co-owns the Chicago Cubs.
Elaine Chao, transportation secretary appointee and wife of Senate Majority Leader Mitch McConnell (R-Ky.), is the daughter of a shipping and trading tycoon. In 2014, following several generous gifts from the Chao family, McConnell's personal wealth stood at $22.8 million.
Steven Mnuchin, Trump's pick for head of the Treasury Department, is a former Goldman Sachs executive and Hollywood producer whose net worth is estimated at $40 million, much of it accrued while working in the financial industry--including profiting off the financial crisis.
As Sen. Elizabeth Warren (D-Mass.) noted on Twitter, Mnuchin "would get to decide how to regulate 30 of our biggest banks--including the bank where he currently serves as board member."
Tankersley and Swanson continue:
Future appointments could further increase the wealth of Trump's cabinet. Harold Hamm--a self-made oil industry executive who ranks 30th on the Forbes 400, a list of the wealthiest Americans, with a net worth of $16.7 billion,--is on Trump's shortlist for secretary of energy. Andrew Puzder, a restaurant industry executive, has been floated for labor secretary.
"It's important to recognize that everyone's perspective and policy and government is shaped by the kind of life you've lived," Nicholas Carnes, a political scientist at Duke University, told the Post. "The research really says that when you put a bunch of millionaires in charge, you can expect public policy that helps millionaires at the expense of everybody else."
On the campaign trail, Trump decried a political system he said was rigged against the working class and made a now-infamous promise to "drain the swamp" of establishment figures. But his cabinet picks thus far contradict his populist rhetoric and have garnered widespread criticism from other lawmakers, as well as public policy and government watchdog groups.
As Robert Weissman, president of Public Citizen, said after the election, "Candidate Trump ran against the establishment. President-Elect Trump has handed over the keys to his administration to the establishment."
Nadia Prupis
Nadia Prupis is a former Common Dreams staff writer. She wrote on media policy for Truthout.org and has been published in New America Media and AlterNet. She graduated from UC Santa Barbara with a BA in English in 2008.
Despite his populist appeals, President-elect Donald Trump is putting together the wealthiest administration in modern U.S. history, the Washington Post reported on Wednesday.
The collective wealth of Trump's appointees is astronomically larger than the previous richest cabinet under George W. Bush, whose administration had an "inflation-adjusted net worth" of about $250 million combined, as the Post's Jim Tankersley and Ana Swanson point out. Trump's nominee for commerce secretary, Wilbur Ross, has roughly 10 times that wealth alone.
In addition to Ross, who is worth about $2.5 billion, Trump's nominee for education secretary, Amway heiress Betsy DeVos, has a family net worth of $5.1 billion.
Todd Rickets, the nominee for deputy secretary of commerce, is the son of a billionaire and co-owns the Chicago Cubs.
Elaine Chao, transportation secretary appointee and wife of Senate Majority Leader Mitch McConnell (R-Ky.), is the daughter of a shipping and trading tycoon. In 2014, following several generous gifts from the Chao family, McConnell's personal wealth stood at $22.8 million.
Steven Mnuchin, Trump's pick for head of the Treasury Department, is a former Goldman Sachs executive and Hollywood producer whose net worth is estimated at $40 million, much of it accrued while working in the financial industry--including profiting off the financial crisis.
As Sen. Elizabeth Warren (D-Mass.) noted on Twitter, Mnuchin "would get to decide how to regulate 30 of our biggest banks--including the bank where he currently serves as board member."
Tankersley and Swanson continue:
Future appointments could further increase the wealth of Trump's cabinet. Harold Hamm--a self-made oil industry executive who ranks 30th on the Forbes 400, a list of the wealthiest Americans, with a net worth of $16.7 billion,--is on Trump's shortlist for secretary of energy. Andrew Puzder, a restaurant industry executive, has been floated for labor secretary.
"It's important to recognize that everyone's perspective and policy and government is shaped by the kind of life you've lived," Nicholas Carnes, a political scientist at Duke University, told the Post. "The research really says that when you put a bunch of millionaires in charge, you can expect public policy that helps millionaires at the expense of everybody else."
On the campaign trail, Trump decried a political system he said was rigged against the working class and made a now-infamous promise to "drain the swamp" of establishment figures. But his cabinet picks thus far contradict his populist rhetoric and have garnered widespread criticism from other lawmakers, as well as public policy and government watchdog groups.
As Robert Weissman, president of Public Citizen, said after the election, "Candidate Trump ran against the establishment. President-Elect Trump has handed over the keys to his administration to the establishment."
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