Trump's Cabinet Picks Are Wealthier Than The Bottom Third Of Americans
Donald Trump's Cabinet nominations are worth more than $14.5 billion combined.
President-elect Donald Trump's Cabinet picks are richer than the bottom third of American households combined.
His Cabinet is worth $14.5 billion so far.
Almost all of that wealth stems from four billionaires: Todd Ricketts as deputy secretary of commerce, Betsy DeVos as secretary of education, Wilbur Ross as secretary of commerce, and Linda McMahon as the head of the Small Business Administration.
That's more than the 43 million least wealthy American households combined.
That's according to data from the Federal Reserve's most recent Survey of Consumer Finances. It's worth noting that some of the 43 million least wealthy households have zero wealth or are in debt.
That survey also pegs the median U.S. household wealth as around $81,200. By that metric, Trump's new Cabinet is worth almost 180,000 median households.
If confirmed, Trump's Cabinet would be the richest in history by far.
And Trump is pitching his Cabinet's massive wealth as a feature, arguing their financial success indicates they have the skills necessary to succeed at running a government agency.
He told a crowd in Iowa: "One newspaper criticized me, 'Why can't they have people of modest means?' Because I want people that made a fortune! Because now they're negotiating with you!"
Almost all of Trump's picks so far will have to go through Senate hearings before their confirmation. But it's unlikely Trump's selections won't make it through the process, since Congress is in Republican hands.
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