There are approximately 800 billionaires living in the U.S. with a combined net worth approaching an astonishing $6 trillion, according to Forbes. Within that elite congregation, there exists an even more exclusive tier: those tapped to be a part of President-elect Donald Trump's upcoming administration. Trump's pending administration is worth "more than the GDP of 169 different countries," at least $350 billion, said U.S. News & World Report. His proposed Cabinet alone is estimated to top $13 billion in net worth.
Is this unusual? If confirmed, Trump's will be an administration of "unprecedented mind-boggling wealth," said Axios. Although politicians in this country have traditionally been "wealthier than most Americans," Trump's billionaire Cabinet marks an "escalation."
Trump's second-term administration "throws into stark relief the relative impoverishment" of President Joe Biden's Cabinet, said The Guardian, even as Biden was "repeatedly derided by Trump as representative of a corrupt governing elite." Biden's Cabinet, estimated to have a total worth of around $118 million, is "comfortable, sure, but it's the length of the Acela corridor" away from the $6.2 billion combined net worth of Trump's first-term crew "or the $2.8 billion fortune of Barack Obama's second-term team," said Forbes.
This is "not something we have seen in modern times," said Noah Bookbinder, the executive director of Citizens for Responsibility and Ethics in Washington, to The New Republic. You may find "similar things" if you look "back to the Gilded Age and times of real corruption and real kleptocracy."
How could this affect governance? By tapping billionaires to "lead key economic departments," Trump has raised questions on whether his administration will "follow through on promises to boost the working class," said The New York Times. Trump's stacked nominee slate is an "early test" of his ability to unite the party's populists with "business leaders and wealthy donors who have long shaped the party's policies," said The Washington Post. Among Trump's inner circle, the reliance on billionaires is a sign of strength, and private sector successes prove governmental capacity.
Ultimately, there are "two major problems" that come with an administration packed with billionaires, said Bookbinder. One is "very specific conflicts of interest," but more generally, there's a "real risk" the administration could "broadly govern for the benefit of the very wealthy rather than in the interest of regular people." |