Greed is Good
The new president-Elect, a former showman and Real Estate tycoon, is surrounding himself with millionaires, investment bankers and venture capitalists, in the most brazen embrace of big money since the 1980s era of Ronald Reagan. Does it make any good to the common Americans?
“When you’ve got Wall Street billionaires setting the agenda it’s not likely to benefit average Americans. Research shows that the wealthy have different priorities and policy priorities, for example on healthcare and the minimum wage.”, says Marge Baker, executive vice-president of the liberal pressure group People for the American Way.
The new Trump cabinet includes millionaires like: Nikki Haley, US ambassador to the UN; Betsy DeVos, Secertarty of Education, Daughter-in-law of Richard DeVos, the co-founder of Amway. Her brother is Erik Prince, the founder of Blackwater, a private security contractor); Todd Ricketts, Deputy Secretary of Commerce, co-owner of the Chicago Cubs baseball team. His family made their fortune through a discount brokerage that processes 400,000 transactions per day; or Elaine Chao, transport secretary. Daughter of a shipping magnate, she made more than $1m from serving on the boards of News Corp, Wells Fargo, Ingersoll Rand and Vulcan Materials in 2015, public records show.
The Politico website suggested the new president’s team could be worth $35bn – some have made political donations worth hundreds of millions of dollars. Whereas the median household income in the US is about $55,000.
As reported today in The Guardian.