Support justice-driven, accurate and transparent news — make a quick donation to Truthout today!
Super rich individuals in President Donald Trump’s economic policy team will not have the interests of working-class Americans in mind when they make important decisions, a new report from Americans for Tax Fairness warns.
The report examines the net worth of Trump’s economic policy advisers, which includes nominees to lead the Treasury and Commerce Departments and individuals who will serve on the Securities and Exchange Commission (SEC), the Small Business Administration, and other agencies.
The average net worth of the top 10 richest individuals who will be advising the president on economic matters is over $500 million, the report noted. Among the top five, the average net worth reaches $1 billion.
With that kind of wealth, it will be nearly impossible for Trump’s advisers to make decisions that address the needs of workers, Americans for Tax Fairness Executive Director David Kass explained.
“Billionaires making economic policy for working families is a recipe for disaster. An economy and tax code that are already rigged to benefit the wealthy and well-connected will just be twisted more in their favor,” said Kass. “At a time when Social Security, Medicare, Medicaid, housing, education and other services vital to average Americans are under threat, Trump’s proposed ‘Solid Gold’ economic team will be pushing tax cuts mostly for themselves and their friends that will run up almost $5 trillion in extra debt.”
Only one member on the list of economic policy advisers identified by the organization could feasibly be categorized as “middle class” — Andrew Ferguson, Trump’s pick to be chair of the Federal Trade Commission (FTC), who has a reported net worth of around $150,000. But FTC commission members earn an income of around $158,000 annually, meaning the report by Americans for Tax Fairness is likely undervaluing Ferguson’s worth, given that his annual salary is nearly three times greater than the median American income.
Billionaires are prominent in Trump’s cabinet, not only within his team of economic advisers, but also within various other departments. Trump’s decision to surround himself with some of the richest people in the country showcases his determination to accelerate the U.S. government’s descent into overt oligarchy, as Sen. Bernie Sanders (I-Vermont) has pointed out.
The most recognizable billionaire in Trump’s administration is Elon Musk, the world’s richest person, who is set to lead the so-called “Department of Government Efficiency,” which is ostensibly tasked with finding and cutting trillions of dollars in waste within the government. Members of the Trump administration have indicated that Musk will likely take aim at government programs that help low-income Americans — including programs like Social Security, Medicaid and Medicare.
Press freedom is under attack
As Trump cracks down on political speech, independent media is increasingly necessary.
Truthout produces reporting you won’t see in the mainstream: journalism from the frontlines of global conflict, interviews with grassroots movement leaders, high-quality legal analysis and more.
Our work is possible thanks to reader support. Help Truthout catalyze change and social justice — make a tax-deductible monthly or one-time donation today.