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'By and For the Ultra-Wealthy': Here Are the Billionaires Set to Run Trump's Administration
"Trump paid plenty of lip service to working-class Americans, 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."
Nov 26, 2024
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.
In separate analyses published this week, Americans for Tax Fairness (ATF) and Accountable.US offered overviews of the president-elect's key nominations and their potential conflicts of interest as Trump prepares to retake power in January.
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.
"These appointments clearly show the incoming administration will be run by and for the ultra-wealthy," said David Kass, ATF's executive director. "They've already announced plans to spend trillions of dollars to renew the Trump tax bill, to further enrich large corporations and wealthy elites like themselves while advocating for cuts to vital programs that working and middle-class Americans depend on."
ATF's analysis, released Monday, shows that the combined wealth of Trump's richest nominees and transition team members—including the president-elect and Sen. JD Vance (R-Ohio), the vice president-elect—is over $313 billion. By comparison, the combined net worth of President Joe Biden's Cabinet is an estimated $118 million.
"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. "This figure is over 616 times higher than the mean average wealth of the typical American household, which is a little more than $1 million."
ATF and Accountable.US also highlighted other ultra-rich individuals nominated for key roles in the incoming administration, including drilling enthusiast Doug Burgum, worth an estimated $100 million; Mehmet Oz, worth up to $315 million; and Chris Wright, who as of earlier this month held nearly $47 million worth of stock in his fracking company, Liberty Energy.
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."
"Should the Senate rubber stamp these nominations," Carrk added, "Trump's department heads will be among the biggest beneficiaries of another promised tax giveaway for big corporations and the top 1%, paid for with deep cuts for seniors, veterans, and everyday workers."
Billionaires have already gotten significantly richer since Trump's election victory, according to research published last week by ATF. 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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'Betsy DeVos 2.0': Trump Picks WWE Billionaire Linda McMahon to Lead Education Department
"During his first term, Donald Trump appointed Betsy DeVos to undermine and ultimately privatize public schools through vouchers," said the president of the National Education Association. "Now, he and Linda McMahon are back at it."
Nov 20, 2024
U.S. President-elect Donald Trump announced late Tuesday that he intends to nominate Linda McMahon, the billionaire former CEO of World Wrestling Entertainment, to lead the Department of Education, a key agency that Republicans—including Trump and the authors of Project 2025—have said they want to abolish.
McMahon served as head of the Small Business Administration during Trump's first White House term and later chaired both America First Action—a pro-Trump super PAC—and the America First Policy Institute, a far-right think tank that has expressed support for cutting federal education funding and expanding school privatization.
Trump touted McMahon's work to expand school "choice"—a euphemism for taxpayer-funded private school vouchers—and said she would continue those efforts on a national scale as head of the Education Department.
"We will send Education BACK TO THE STATES, and Linda will spearhead that effort," Trump said in a statement posted to his social media platform, Truth Social. (McMahon is listed as an independent director of Trump Media & Technology Group, which runs Truth Social.)
The National Education Association (NEA), a union that represents millions of teachers across the U.S., said in response to the president-elect's announcement that McMahon is "grossly unqualified" to lead the Education Department, noting that she has "lied about having a degree in education," presided over an organization "with a history of shady labor practices," and "pushed for an extreme agenda that would harm students, defund public schools, and privatize public schools through voucher schemes."
"During his first term, Donald Trump appointed Betsy DeVos to undermine and ultimately privatize public schools through vouchers," NEA president Becky Pringle said in a statement. "Now, he and Linda McMahon are back at it with their extreme Project 2025 proposal to eliminate the Department of Education, steal resources for our most vulnerable students, increase class sizes, cut job training programs, make higher education more expensive and out of reach for middle-class families, take away special education services for disabled students, and put student civil rights protections at risk."
"The Department of Education plays such a critical role in the success of each and every student in this country," Pringle continued. "The Senate must stand up for our students and reject Donald Trump's unqualified nominee, Linda McMahon. Our students and our nation deserve so much better than Betsy DeVos 2.0."
Randi Weingarten, president of the American Federation of Teachers, took a more diplomatic approach, saying in a statement that "we look forward to learning more about" McMahon and that, if she's confirmed, "we will reach out to her as we did with Betsy DeVos at the beginning of her tenure."
"While we expect that we will disagree with Linda McMahon on many issues, our devotion to kids requires us to work together on policies that can improve the lives of students, their families, their educators, and their communities," Weingarten added.
McMahon is one of several billionaires Trump has selected for major posts in his incoming administration, which is teeming with conflicts of interest. During Trump's first term, McMahon and her husband, Vince McMahon, made at least $100 million from dividends, investment interest, and stock and bond sales.
The Guardiannoted Tuesday that "in October, [Linda] McMahon was named in a new lawsuit involving WWE."
"The suit alleges that she and other leaders of the company allowed the sexual abuse of young boys at the hands of a ringside announcer, former WWE ring crew chief Melvin Phillips Jr," the newspaper reported. "The complaint specifically alleges that the McMahons knew about the abuse and failed to stop it."
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DOE Investigating Columbia University for Anti-Palestinian Harassment
"Students have the right to speak out against the genocide of Palestinians, without fear of unequal treatment, racist attacks, or being denied access to an education by their university," one lawyer said.
May 02, 2024
Palestine Legal announced Thursday that the U.S. Department of Education has launched a federal investigation into "extreme anti-Palestinian, anti-Arab, and Islamophobic harassment" at Columbia University a week after the advocacy group filed a complaint on behalf of four students and a campus organization.
"While the Department of Education's Office for Civil Rights (OCR) looks into all complaints it receives, it only opens a formal investigation when it determines the facts warrant a deeper look," Palestine Legal pointed out on social media. "The complaint explains how Columbia has allowed and contributed to a pervasive anti-Palestinian environment on campus—including students receiving death threats, being harassed for wearing keffiyehs or hijab, doxxed, harassed by [administration], suspended, locked out of campus, and more."
"Instead of protecting Palestinian and associated students when their voices are most needed to oppose an ongoing genocide, Columbia has taken actions to reinforce this hostile climate in violation of Title VI of the Civil Rights Act of 1964," added the group.
"The law is clear, if universities do not cease their racist crackdowns against Palestinians and their supporters—they will be at risk of losing federal funding."
Palestine Legal senior staff attorney Radhika Sainath stressed that "the law is clear, if universities do not cease their racist crackdowns against Palestinians and their supporters—they will be at risk of losing federal funding."
"Students have the right to speak out against the genocide of Palestinians, without fear of unequal treatment, racist attacks, or being denied access to an education by their university," the lawyer added.
Since the filing, which highlighted that Columbia University President Minouche Shafik invited "the New York Police Department (NYPD) onto campus for the first time in decades to arrest over 100 students who had been peacefully protesting Israel's genocide of Palestinians," the Ivy League leader has called officers back to the school for more arrests.
On Tuesday night, the NYPD "violently arrested and brutalized dozens of student protestors, some with guns drawn, using sledgehammers, batons, and flash-bang explosives," noted Palestine Legal, which represents Maryam Alwan, Deen Haleem, Daria Mateescu, and Layla Saliba as well as Columbia Students for Justice in Palestine (SJP).
Columbia is one of many American campuses where administrators have called the police, who have behaved aggressively toward students and faculty nonviolently demonstrating to demand that their schools and the U.S. government stop supporting the Israeli assault of Gaza, which has killed at least 34,596 Palestinians in under seven months.
The Interceptrevealed last week that OCR opened an investigation into the University of Massachusetts Amherst after Palestine Legal filed a complaint "on behalf of 18 UMass students who have been the target of extreme anti-Palestinian and anti-Arab harassment and discrimination by fellow UMass students, including receiving racial slurs, death threats and in one instance, actually being assaulted."
Congresswoman Ilhan Omar (D-Minn.)—who has supported peaceful student protests and whose daughter Isra Hirsi was suspended from Columbia's Barnard College for protesting last month—highlighted the reporting on social media and some of the verbal attacks that students have endured.
OCR has opened a probe into Emory University following a complaint filed by Palestine Legal and the Council on American Islamic Relations, Georgia (CAIR-GA), according toThe Guardian. The newspaper noted Thursday that complaints have also been filed about Rutgers University in New Jersey and the University of North Carolina at Chapel Hill.
Emory spokesperson Laura Diamond said in a statement that the university "does not tolerate behavior or actions that threaten, harm or target individuals because of their identities or backgrounds."
CAIR-GA executive director Azka Mahmood said that she hopes the investigation into Emory helps "make sure that the systems put in place against bias are used for everyone across the board—so we can produce a comfortable, equitable place for Palestinian, Muslim, and Arab students in the future."
The probes and complaints are notably being conducted and reviewed by an administration that has condemned campus protests while arming Israeli forces engaged in what the International Court of Justice has called a plausibly genocidal campaign in Gaza.
After U.S. President Joe Biden delivered brief remarks on the demonstrations Thursday morning, Edward Ahmed Mitchell, a civil rights attorney and national deputy director at CAIR, said his "claim that 'dissent must never lead to disorder' defies American history, from the Boston Tea Party to the tactics that civil rights activists, Vietnam War protesters, and anti-apartheid activists used to confront injustice."
"And if President Biden is truly concerned about the conflict on college campuses," Mitchell added, "he should specifically condemn law enforcement and pro-Israel mobs for attacking students, and stop enabling the genocide in Gaza that has triggered the protests."
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