The inauguration of President-elect Donald Trump for a second term will see the world's three richest men: Elon Musk, Mark Zuckerberg, and Jeff Bezos, seated on the dais. This unprecedented display of wealth in government has reignited concerns about the growing influence of billionaires in American politics and echoes President Biden's warning about the country becoming an 'oligarchy'.
FILE – President-elect Donald Trump listens to Elon Musk as he arrives to watch SpaceX’s mega rocket Starship lift off for a test flight from Starbase in Boca Chica, Texas, Nov. 19, 2024.
President Joe Biden speaks from the Oval Office of the White House as he gives his farewell address Wednesday, Jan. 15, 2025, in Washington. FILE – President-elect Donald Trump listens to Elon Musk as he arrives to watch SpaceX’s mega rocket Starship lift off for a test flight from Starbase in Boca Chica, Texas, Nov. 19, 2024. inauguration, when the world’s three richest men will sit on the dais as Trump is sworn in for a second term.
The bottom half of the U.S. population — or about 65 million households — collectively own just 2.4% of the nation’s wealth, or just under $4 trillion, according to Federal Reserve data. Trump, of course, is himself a billionaire. And part of his pitch has always been a billionaire-focused form of populism. He and his allies have argued that a vast array of intellectual elites — lawyers, executives, journalists and academics — have held back the country’s lower and middle class and that rich entrepreneurs can free them.“Would you agree with President Biden that an oligarchy is taking shape in America?” Sanders asked Bessent.
After Putin took office, he met with top oligarchs at a closed-door meeting in the Kremlin and reportedly offered a deal: Stay out of politics and your wealth won’t be touched.The U.S. is a long way from Russian-style oligarchy, with a diverse, strong economy and resilient institutions. The risk is that if wealth is increasingly determined by executives’ relationships with the government, it can increase inequality and lead to stagnation for most. That’s the cautionary tale of Russia.
Billionaire Influence Oligarchy Donald Trump Inauguration Wealth Inequality
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