ATLANTA (AP) — President Donald Trump’s brash populism has always involved incongruence: the billionaire businessman-politician stirring the passions of millions who, regardless of the U.S. economy’s volatility, could never afford to live in his Manhattan skyscraper or visit his club in south Florida. His administration appears to be mirroring the interior of Mar-a-Lago, with extremely wealthy Americans taking key roles within his Republican administration.
The world’s richest man, Elon Musk, is overseeing a newly created Department of Government Efficiency. Billionaires or mega-millionaires have lined up for prominent roles, headlining departments such as treasury, commerce, interior, education, the Small Business Administration, and NASA.
“He’s bringing in folks who have had great success in the private sector,” said Debbie Dooley, an early 2015 Trump supporter and former national organizer within the anti-establishment Tea Party movement. “If you need to have brain surgery, you want the proven brain surgeons.”
Yet, concerns are being raised over potential conflicts of interest at odds with Trump’s pledge to advocate for the “forgotten men and women” of America, living amid rising economic inequality where the median household net worth is approximately $193,000 and the median annual income is around $81,000.
“It’s hard to conceive how the wealthiest set of Cabinet nominees and White House appointments in history will understand what average working people are going through,” critiqued former Labor Secretary Robert Reich, who served under President Bill Clinton, emphasizing fears over the widening wealth and wage gaps.
Countered Dooley, “Trump sets the agenda. If they won’t enact his policies, then they will hear him say what we hear on ‘The Apprentice’ all the time: ‘You’re fired!’”
Here is a closer look at some of Trump’s key picks and what their selections could imply:
Elon Musk: With an estimated net worth exceeding $400 billion, Musk is chairing the Department of Government Efficiency, tasked with reducing federal spending. His extensive business ties may raise questions about potential conflicts of interest.
Linda McMahon: Appointed as Trump’s secretary of education, McMahon is the wife of Vince McMahon, valued at over $3 billion. Her leadership may come under scrutiny as conservatives push for policies favoring private school funding, leading potentially to the withdrawal of federal money from public schools not aligned with administration demands.
Doug Burgum: The former North Dakota governor and successful software entrepreneur, who sold his business to Microsoft for over $1 billion, has personal holdings exceeding $100 million, albeit the exact net worth is unclear due to trust disclosures. Burgum’s role as interior secretary adds to the promise of enhanced accessibility to fossil fuel resources on public lands under Trump’s “Drill, baby, drill” initiative.
Scott Bessent: A veteran hedge fund manager, Bessent’s confirmation as treasury secretary brings with it personal wealth through several millions, but Forbes does not classify him as a billionaire. His efforts will center around the implementation of key tax policies, which favor the wealthiest Americans.
Reich warns of the potential self-benefiting repercussions for Bessent and other wealthy nominees when it involves Trump’s tax strategies amid rising U.S. debt concerns.
Howard Lutnick: Nominated to be secretary of commerce, Lutnick's estimated net worth is around $1.5 billion. He will be at the heart of Trump’s anticipated trade wars, influencing positions on tariffs and public resource calculations, including the Census Bureau oversight.
Kelly Loeffler: Widely regarded as the wealthiest Senate member during her brief term, Loeffler’s appointment as head of the Small Business Administration raises eyebrows. Her spouse leads the Intercontinental Exchange, correlatively challenging traditional small business interfaces.
Loeffler previously faced ethics inquiries related to stock trades made before COVID-19 disclosures, with investigations clearing her of any wrongdoing.
Jared Isaacman: Celebrated for being the first wealthy individual to partake in a space walk via SpaceX, Isaacman’s upcoming role as NASA administrator indicates Trump's deepening ties with private sector billionaires, steering away from strictly governmental oversight.
Importantly, the earlier communications mistakenly reported Doug Burgum's net worth as $1.1 billion, when financial disclosures only detail asset ranges upwards of $100 million without definitive values.
The stark wealth disparities illustrated through Trump’s appointments could initiate complex dialogues on governance, equity, and the growing divide separating the affluent from the working-class populace. Will these billionaire advisors align with the needs of the average American? Only time will tell as Trump steers his second administration forward.