Francesca Rudkin: Washington D.C. has always been about power, but now it’s just as much about money

Early Edition with Ryan Bridge

Well, it’s a big day in the United States today - and in Panama, Greenland, Canada, Mexico, and the many countries who are going to feel the weight of President Trump’s return.

Today is a day of ceremony, tradition and balls; but most importantly a day of action as Trump begins to fire off the first of the many executive orders promised on the campaign trail.

What I find most interesting about this Presidential transition is how transactional it has been. The New York Times reports there are at least a dozen billionaires among Trump’s cabinet picks or in line for senior roles in his administration. Another publication worked out that the combined net worth of the wealthiest members of his administration could surpass $460 billion.

Many are his richest donors, such as Elon Musk, who we all know spent a large sum getting Trump elected. Some of the roles these billionaires are taking on will see them become responsible for sectors they’ve been involved with.

Off the back of this, President Biden warned in his farewell address of an oligarchy taking shape in American. With the top 1% of Americans owning around 35% of the wealth and capital in the country and the bottom 50% owning about 1.5%, you could say conditions are certainly ripe.

What’s notable is the unabashed transparency about it all.

Washington D.C. has always been about power, but now it’s just as much about money. If you have enough of it you can get a seat at the table.

Sure, large donors have always expected a quiet word, a game of golf, a visit to Mar-a-Lago. And Washington DC is filled with corporate lobbyists who petition the government and the public to sway them on certain issues. But in the past they’ve always preferred to do so with some discretion. Not now.

The other thing that’s so startling is that President Trump campaigned on doing what’s right for working class America – just one of many demographics Democrats have lost touch with. In exchange for their vote they now have some of the richest men influencing this presidency and protecting their self-interest.

I hate to say it - as some of the consequences of this presidency, such as tariffs and geo-political decisions, may impact New Zealand - but it is going to be fascinating to stand back and watch how this plays out.

Who will remain in President Trumps good graces? Who will see out the term? Who, like so many of the big tech executives, will curry favour, doing whatever it takes to keep their businesses alive and kicking.

It’s going to be a very interesting four years. And yeah, that’s probably an understatement.

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