Trump and His Billionaire Donors
- David Beckmann
- 11 hours ago
- 2 min read
The U.S. economy is extremely and increasingly divided between the rich and the rest of the population. Half the economy is owned by 10% of the population. Most Americans say they can afford little beyond the basics. Hunger and poverty are probably increasing, both in the U.S. and around the world.
President Trump and the nation’s richest people, most visibly tech billionaires, are working together — mainly for their own benefit rather than the public good. Trump makes some effort to maintain his support among voters. But while his no-taxes-on-tips and Trump accounts will expire at the end of 2028, most of Trump’s tax cuts for corporations and wealthy people are permanent.
In general, reducing poverty isn’t on the MAGA agenda. On the contrary, many of his policies will increase poverty — cuts in assistance, civil rights, and voting rights; mass deportation; and high prices for gas, food, and imports.
Meanwhile, the president openly dishes out favors to deep-pocket donors, notably low taxes and little government oversight. Artificial intelligence and cryptocurrency corporations are among Trump’s biggest donors. Without democratic oversight of AI development, the tech billionaires will develop this technology to maximize their profits — even if that makes large numbers of people unemployable.
The president is himself a billionaire, and he is using his power to add to his personal wealth. His income in 2025 was $2.2 billion, with a big chunk of it coming from his cryptocurrency business.
Federal Election Commission data show that ten individuals and ten organizations have already poured $1.3 billion into the midterm elections. Based on Washington Post numbers, all but two of these donors gave to Republicans or in support of conservative causes, mainly laissez-faire for artificial intelligence and cryptocurrency corporations.
Democratic candidates are, in general, raising more money than Republican candidates. But as of the end of June, the Republican Party committees and aligned super PACs reported $657 million cash in hand — nearly double the $334 million held by their Democratic rivals. In addition, MAGA Inc., Trump’s super PAC, has about $400 million in the bank. There is no limit on how much money donors can contribute to these structures, and a Supreme Court decision in June facilitates the coordination of party organizations with specific candidates.
Fortunately, President Trump is unpopular and increasingly so. Big business is also unpopular and increasingly so. We need to double down on our efforts to restrain and defeat MAGA in the elections of 2026 and 2028. Trump and his allies are doing everything they can to manipulate the elections in their favor. But the elections are our best chance to restrain MAGA and its wealthy supporters.
For people of faith, this is also a time to pray — that God will bring good out of evil, maybe this year or maybe in the longer-term future. As U2’s new song, Street of Dreams, reminds us, prayer is not a substitute for action. It inspires action.
