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Will wealthy individuals from Wall Street be able to fulfill Trump’s commitment to the working class? Trump has appointed rich financiers to important economic roles, leading to doubts about their ability to keep their promises to assist the working class.
Written by Alan Rappeport and Ana Swanson
Writing from the nation
During his initial presidential campaign in 2016, Donald J. Trump’s final campaign ad criticized the power of Wall Street in politics, showcasing images of large banks and the wealthy liberal donor George Soros.
Currently, as the president-elect, Mr. Trump has selected two individuals with ties to Wall Street to oversee his economic plans. Scott Bessent, who managed investments for Mr. Soros for over ten years, is his choice for Treasury secretary, while Howard Lutnick, the CEO of Cantor Fitzgerald, is set to be nominated to head the Commerce Department. The individuals chosen by Mr. Trump to lead his economic team highlight the influence of wealthy investors in shaping a agenda aimed at boosting the economy for working-class individuals, although critics believe it will primarily benefit the wealthy.
With Mr. Trump getting ready to become president in January, business owners and investors are paying close attention to see which of his economic promises he will actually keep. Some of the promises he has made include lowering tax rates, putting high tariffs on China and other countries, and removing millions of immigrants who are employed in American farms and businesses.
The appointments of Mr. Bessent and Mr. Lutnick solidify the influence of Wall Street leaders in the top economic positions within any government. These choices are facing criticism from Democrats and liberal organizations, who criticized President Trump for appointing wealthy donors to key positions and fear that they may prioritize tax breaks for the wealthy over helping those in need.
Tony Carrk, the executive director of the government watchdog group Accountable.US, criticized President-elect Trump for choosing a billionaire hedge fund manager to head the Treasury Department. Carrk believes this decision goes against Trump’s supposed commitment to helping working-class Americans and instead perpetuates a system that favors big corporations and the wealthy.
However, choosing Mr. Bessent and Mr. Lutnick has led to speculation that Mr. Trump may adopt a more favorable stance towards the market in his economic policies. This is surprising as many were concerned about his support for tariffs, which could have led to a global trade conflict.
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