Being rich has never done Donald Trump any harm with his base. If anything, it’s done the opposite. Trump doesn’t look elitist, snooty or out of touch to the Maga crowd. Instead, he’s aspirational: they see an entrepreneur who got rich as the result of his own business savvy – a living embodiment of the American dream.
That image relies, however, on Trump’s supporters believing that the President is also making it easier for them to get rich, too. Some might hope to become multimillionaires or billionaires in their own rights, but many more would settle for a few more dollars in their pocket at the end of the working week.
Poll after poll have shown that millions of people voted for Trump because they thought he would be better for the US economy, and that he would do more than Kamala Harris and the Democrats to tackle their cost of living.
Thanks in part to somewhat rose-tinted recollections of Trump’s first term, they thought a billionaire president would be better for their own bottom line. So far, that’s spectacularly failed to materialise.
Inflation in the US is soaring, in large part as a direct consequence of Trump’s disastrous war on Iran. That’s already showing up in prices at the pump – something Americans are very sensitive about – but will only get worse in months to come as the cost of food and other essentials spikes. Trump is not delivering on his half of the deal.
Against that backdrop, Trump’s personal wealth could rapidly shift from serving as a political asset to a liability, especially if it looks like the President is enriching himself at the voters’ expense. That’s why the President’s latest financial disclosures, released last week, could come at a bad time for Trump, just six months before crucial midterm elections.
Trump’s opponents have been aware of his self-enrichment and questionable dealing for years, but as it gets more blatant, even his own supporters may find it impossible to overlook.
Details within the disclosures, which showed thousands of transactions in the first quarter of the year alone, are hard to ignore. Trump has bought millions of dollars in tech stocks, including Oracle, Nvidia and Meta – all companies his administration has made deals with or changed regulations to seemingly help. He has bought stock in data analytics company Palantir, even as the Department of Defence gave it massive contracts.
Most blatantly, Trump’s disclosures show he bought millions of dollars worth of Boeing stock in the weeks before his state visit to Beijing last week, where he announced a deal to sell 200 Boeing planes to China.
The US public is well-aware that some congressional representatives – who, like the President, are effectively immune to the insider-trading rules that govern other Americans – have got rich by trading stocks of companies they regulate. They hate that.
For Maga, this was part of draining the swamp, which Trump repeatedly promised to do in his first term.
Jared Kushner, Trump’s son-in-law, meets Vladimir Putin in Moscow earlier this year. He has reportedly been doing private deals alongside his role as the President’s unofficial peace envoy the whole time (Photo: Alexander Kazakov/Sputnik/Reuters)But the sense of grift around the Trump presidency is now closing in ever closer to the President himself.
Jared Kushner, Trump’s son-in-law, holds no formal role in the administration but has been serving as the President’s unofficial envoy in the Middle East – while doing private deals alongside it the whole time. Trump’s family businesses have been investing in crypto businesses and other enterprises, making use of the President’s name and brand.
And there are wide suspicions – backed up by reporting on trading patterns – that those in the President’s orbit are using advanced knowledge of his announcements to place bets on prediction markets.
Trump is vanishingly unlikely to face any kind of legal consequence for his own business dealings, even if they were found to be in violation of any US laws. The Supreme Court granted the president near-total immunity from regular prosecution, while impeachment needs a two-thirds majority of the Senate to pass, which is next-to-impossible in practical terms.
But the court of public opinion is a different matter., especially at a time when Trump is looking increasingly disconnected from regular voters.
Affordability is the number one issue for most Americans, but Trump seems woefully detached from that. He routinely complains about how difficult it is to build his $400m (£298m) White House ballroom.
Last week, when asked by a reporter if he felt pressured by the economic situation many Americans are experiencing to reach a deal with Iran to end the war, Trump gave a startling answer. “Not even a little bit,” he said. “I don’t think about Americans’ financial situation.”
Even if true, this is not something you’re supposed to admit as an elected official.
US voters have shown time and again that they are happy to turn a blind eye to Trump’s wealth and controversies, so long as he delivered for them. Increasingly, he’s failed to do that even as his own efforts at self-enrichment become ever-more blatant.
With the midterms just months away, Trump could soon find that their patience has run out.
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