Despite running on a populist platform, President Donald Trump’s administration looks a bit more gilded-age than working class. Regardless of rosy outlooks on the US economy’s trajectory, the mass majority of Trump voters will never be able to afford to reside in his Manhattan penthouse or be a member at Mar-a-Lago.
As billionaires and mega-millionaires are tapped for key roles in the administration, the contrast between average Americans and the Trump cabinet becomes more stark. Reports indicate that the median income for US households in 2023 was $80k, leading former Labor Secretary Robert Reich to wonder “how the wealthiest set of Cabinet nominees and White House appointments in history will understand what average working people are going through.”
Read on for a closer look at some of these Cabinet picks and what those choices could mean for working people.
Elon Musk
Perhaps most recognizably, Elon Musk is leading the newly created Department of Government Efficiency, tasked with reducing government spending. Musk is estimated to be worth upwards of $400 billion. Critics have pointed out extensive business ties between Musk and the government, questioning potential conflicts of interest for the role.
Recently, Musk and his department of unelected appointees have been granted access to the Treasury Department and millions of Americans’ sensitive data, raising alarm bells for watchdogs and media outlets alike. It is unclear how the world’s richest man might be able to understand the potential impacts of reducing Treasury payments for social security or Americans on disability.
Linda McMahon
Former World Wrestling Entertainment (WWE) executive Linda McMahon has been selected as Trump’s education secretary. She and her spouse, Vince McMahon, are estimated to be worth at least $3 billion. Skeptics wonder how McMahon will manage the department without related experience in public schools.
While many conservatives have pushed to end the Department of Education, McMahon and Trump have both signaled interest in expanding “school choice” programs that funnel taxpayer dollars from public school budgets to private school tuitions.
Considering that most working-class Americans rely on public school funding for their children, the move to withhold federal funds from public schools creates an apparent incongruence between the Trump administration and populist-minded voters.
Doug Burgum
While the latest federal financial disclosures do not indicate a precise value of the Interior Secretary’s picks, the software entrepreneur’s holdings include over $100 million in assets. The former North Dakota governor has embraced Trump’s “drill, baby, drill” message and has already signaled his support for opening public lands for fossil fuels.
Scott Bessent
Already confirmed as Secretary of the Treasury. Bessent is a longtime hedge fund manager. In his role, he is likely to reinstate the 2017 tax cuts that critics say highly favored the wealthiest Americans. Former labor secretary Reich noted that Bessent and other wealthy Cabinet members are likely to benefit personally from extending the tax cuts.
Howard Lutnick
Nominated as Secretary of Commerce, Howard Lutnick is estimated to have a net worth of $1.5 billion. A former financial services executive, Lutnick would be tasked with implementing Trump’s agenda surrounding tariffs and trade wars. Critics argue that these tariffs would likely be passed to consumers, raising the costs of everyday goods.
Kelly Loeffler
Former Georgia Senator Kelly Loeffler was the wealthiest senator during her tenure on Capitol Hill. She has now been selected as the leader of the Small Business Administration in Trump’s cabinet.
Married to Jeffrey Sprecher, CEO of Intercontinental Exchange, which owns the New York Stock Exchange, some have questioned how Loeffler could lead “the only cabinet-level federal agency fully dedicated to small business” as most of her experience relates to publicly traded stock of larger corporations.
Jared Isaacman
Jared Isaacman is another financial services billionaire representing a cabinet heavily weighted toward the ultra-wealthy. If confirmed, Isaacman would lead as NASA Administrator, with his related experience resting on a single spacewalk via Elon Musk’s SpaceX.
