BILLIONAIRES ARE RUNNING AND ROBBING OUR COUNTRY
The U.S. is now a plutocracy, an oligarchy, and arguably a kleptocracy. The estimated wealth of Trump’s cabinet nominees is at least $350 billion. There is every reason to believe that Trump and his wealthy appointees and supporters will benefit financially from actions of Trump and his administration. The only real question is how much they will benefit and how much it will cost the American public. Journalism, including investigative journalism, that won’t be intimidated will be crucial to exposing and publicizing the kleptocracy, the malfeasance, and the lies of Trump and his cronies.
(Note: If you find my posts too long to read on occasion, please just skim the bolded portions. Thanks for reading my blog!)
The U.S. national government is now clearly a plutocracy, i.e., a government of the wealthy, an oligarchy, i.e., a government of a small group of generally wealthy businessmen, and arguably a kleptocracy, i.e., a society or system ruled by people who use their power to steal their country's resources.
The estimated wealth of Trump’s cabinet nominees is at least $350 billion. President-elect Trump himself is probably a billionaire, although there is no reliable figure and Trump has lied about his wealth and the value of his properties on multiple occasions. The figure for his cabinet does not include Elon Musk (wealth of about $400 billion) and Vivek Ramaswamy (wealth of over $1 billion) who are not members of the cabinet but informal advisers for Trump’s supposed efforts to reduce government spending and increase efficiency. For the sake of comparison, the total net worth of President Biden’s cabinet was about $118 million. [1] Trump’s cabinet is roughly 3,000 times wealthier! Trump has also nominated other billionaires for government positions, from ambassadors to the NASA administrator.
Elon Musk spent at least $250 million to help get Trump elected. He contributed $238 million to the America Political Action Committee (PAC), which was dedicated to electing Trump. Musk also supported Trump through free advertising and messaging on his social media platform X, as well as by campaigning for him personally. Recent election financial disclosures reveal that Elon Musk was the sole and secret funder of the $20 million “RBG PAC.” It was created so close to election day that it avoided having to file any disclosure before the election. It paid for advertising claiming that Trump has the same position on abortion as the late Supreme Court Justice Ruth Bader Ginsberg. This is a blatantly false claim as Ginsburg supported the right to abortion as established by the Supreme Court’s 1973 Roe v. Wade decision. Trump, on the other hand, has bragged about justices he appointed overturning that decision. The RBG PAC ads also promised that Trump would not support a national abortion ban, however, this varies based on when, where, and who asks Trump. [2]
Trump is also getting support from other billionaires who are pledging cooperation in furthering his agenda and policies. For example, Mark Zuckerberg (wealth of about $220 billion), majority owner of Meta (parent of Facebook, Instagram, etc.), has contributed $1 million to Trump's inaugural fund. Jeff Bezos (wealth of about $245 billion), majority owner of Amazon and The Washington Post, has also contributed $1 million to Trump's inaugural fund. In addition, Amazon will livestream the inauguration for free, an in-kind contribution worth roughly $1 million. Marc Benioff (wealth of about $12 billion), owner of Time magazine, named Trump Time’s Man of the Year and wrote “We look forward to working together to advance American success and prosperity for everyone.” [3]
Trump, his nominees, and his supporters are trying to avoid (or ignore) disclosures and conflict of interest laws whenever they can. For example, Musk and Ramaswamy are informal advisers to Trump, which means they avoid requirements for financial and conflict of interest disclosures that would be required if they were in an official position. Trump’s inaugural committee has refused to sign the traditional agreement that would provide some government funding for inaugural activities but would require disclosures of and limits on private contributions. Therefore, it is a slush fund for Trump’s benefit that allows unlimited, secret donations. [4] If that isn’t corrupt, I don’t know what is. Zuckerberg, Bezos, and others have voluntarily disclosed their contributions, which implies that they want to be known and visible in their support for Trump. Contributions to the inaugural committee are efforts to curry favor with Trump with the hope of benefits for contributors’ businesses and financial interests.
There is every reason to believe that Trump and his wealthy appointees and supporters will benefit financially from actions of Trump and his administration. For example, both Bezos and Musk have multi-billion contracts with government agencies. During his first administration, Trump benefited financially from foreign officials and others currying his favor staying at his hotels and golf courses. The Secret Service detail protecting Trump paid to stay at his hotels and golf courses when he was in the vicinity and, apparently paid exorbitant rates at least sometimes. Jared Kushner, Trump’s son-in-law and Middle East envoy in Trump’s first administration, got billions from Saudi Arabia for his new venture capital firm shortly after leaving his government role.
Kleptocracy has been growing in the U.S. since the 1980s. Trickle-down economics, i.e., tax cuts for wealthy individuals and corporations that supposedly will trickle-down benefits for everyone, has been ascendent among Republicans since the 1980s. It is kleptocracy because the benefits have never trickled-down to everyday Americans, while the wealth of the rich has grown tremendously. The economic well-being and security of the middle and lower classes have actually declined. Meanwhile, the tax cuts have eliminated the government revenue needed to maintain infrastructure, support valuable government programs, and provide a safety net.
The only real question is how much they all – including Trump, his appointees, and the many who will be currying his favor – will benefit and how much it will cost the American public. There will be costs for taxpayers for direct government spending that may be exorbitant or unwarranted. There will be costs for consumers from increased prices of products, for example from failure to regulate prices (such as for drugs), from junk fees, and from tariffs. And there will be costs for workers, for example from less overtime pay, lower wages (due to failure to regulate employers and increase the minimum wage), and less safe working conditions.
Trump and his cronies are oligarchs, i.e., very rich business people with a great deal of political influence. American oligarchs’ influence has been growing since the 1980s and has reached a new level with Trump. In many cases, they are individuals who have benefited quite directly from government actions, such as deregulation and/or the privatization of what had been or should be government functions (e.g., banking and finance, Medicare and other parts of the health care system, education through private voucher programs, space-based activities, etc.).
Journalism, including investigative journalism, that won’t be intimidated will be crucial to exposing and publicizing the kleptocracy, the malfeasance, and the lies of Trump and his cronies. As we have seen, Trump and company will lie to cover up failures and undesirable outcomes, as well as to put the blame elsewhere. They will make blameless people scapegoats and use demagoguery to get their supporters to blame the wrong people and causes for problems.
The mainstream American media have not done a good job, to say the least, of exposing the lies and false promises of Trump and his minions. For example, how much reporting was there before the election that Trump’s proposed tariffs would increase prices for American consumers and cause inflation to spike upwards?
My next post will share sources of information that won’t be intimidated and do excellent investigative reporting.
[1] Richardson, H. C.. 12/4/24, “Letter from an American,” (https://heathercoxrichardson.substack.com/p/december-4-2024)
[2] Richardson, H. C.. 12/5/24, “Letter from an American,” (https://heathercoxrichardson.substack.com/p/december-5-2024)
[3] Hubbell, R.B., 12/13/24, “The billionaire boys club surrenders in advance,” (https://roberthubbell.substack.com/p/the-billionaire-boys-club-surrenders)
[4] Richardson, H. C.. 12/13/24, “Letter from an American,” (https://heathercoxrichardson.substack.com/p/december-13-2024)