Trump’s Billionaire Cabinet Is Out of Touch With Reality

Apr 9, 2025 08:49 PM EDT, Wed

Tariffs expose how out of touch Trump’s Cabinet is with everyday Americans

Scott Bessent, the former hedge fund manager turned treasury secretary, made it clear how disconnected he is from the reality of ordinary Americans.

April 8, 2025, 5:04 PM EDT By Stephanie Ruhle

This is an adapted excerpt from the April 7 episode of “Deadline: White House.”

On Sunday, Treasury Secretary Scott Bessent tried to dismiss the concerns of millions of Americans worried about the impact of President Donald Trump’s sweeping tariffs, telling telling NBC News’ Kristen Welker it’s a “false narrative” that people who are close to retiring may now be hesitant to do so because of recent economic turmoil.

“Americans who want to retire right now, the Americans who put away for years in their savings accounts, I think they don’t look at the day-to-day fluctuations,” Bessent said.

While the markets were melting down over his tariffs, Trump wasn’t in Washington trying to calm the fears of the American people. He was golfing.

With that statement, Bessent, a former hedge fund manager with assets and investments apparently worth more than $700 million, made it quite clear just how disconnected he is from the reality of ordinary Americans, 58% of whom hold stocks, including half the private sector workforce saving for retirement through 401(k) investment accounts.

When Bessent accepted the job of treasury secretary, he sold his home in Charleston, South Carolina, for almost $22 million — a record price for any home on the Charleston peninsula. So it’s easy to see how he, much like Trump’s other ultra-wealthy Cabinet official, Howard Lutnick — who made headlines just a few weeks ago when he said his mother-in-law “wouldn’t call and complain” if she missed a Social Security check — don’t share the same concerns as a majority of the American people.

For anyone who wants to try to dismiss these concerns and say, “Well, the markets are not the economy,” you’re right about that. They’re not. But look at what we’re hearing from major financial institutions; what they’re predicting right now is a recession. That’s not just the market. A recession will impact almost every element of daily life.

But it’s not just members of [Trump)(https://www.donaldjtrump.com/)’s Cabinet who are out of touch — this starts at the top. While the markets were melting down over his tariffs, Trump wasn’t in Washington trying to calm the fears of the American people. Instead, he was golfing and attending fundraisers at his Mar-a-Lago estate in Florida.

On Saturday, Trump took time away from his busy weekend to tell Americans that “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN,” and urged them to “HANG TOUGH” in a post on his Truth Social platform.

This is the consequence of Trump’s “big business” administration. When he retook the White House, the president said he had a mandate from the American people to run this country like a business1. Well, here you have it. He’s doing just that. The government is now in the hands of these hugely wealthy guys in these hugely important jobs, who are so far out of touch with where the American people are.

#47’s Cabinet

Federal Agency Functions
U.S. Department of Commerce (DOC) The Department of Commerce (DOC) works with businesses, universities, communities, and the Nation’s workers to promote job creation, economic growth, sustainable development, and improved standards of living for Americans.
Small Business Administration (SBS) The Small Business Administration (SBS) helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships, the Small Business Administration assists and protects the interests of small business concerns.
Environmental Protection Agency (EPA) The Environmental Protection Agency (EPA) protects people and the environment from significant health risks, sponsors and conducts research, and develops and enforces environmental regulations.
Department of Justice (DOJ) The Department of Justice (DOJ) enforces federal laws, seeks just punishment for the guilty, and ensures the fair and impartial administration of justice.
Central Intelligence Agency (CIA) The Central Intelligence Agency (CIA) collects, evaluates, and disseminates vital information on economic, military, political, scientific, and other developments abroad to safeguard national security.
Office of the Director of National Intelligence (ODNI) The Office of the Director of National Intelligence (ODNI) integrates the intelligence gathering and analysis functions performed across the intelligence community to provide intelligence to decision makers.
Office of Management and Budget (OMB) The Office of Management and Budget (OMB) oversees the performance of federal agencies, and administers the federal budget.
Department of Defense (DOD) The Department of Defense (DOD) provides the military forces needed to deter war, and to protect the security of the United States.
U.S. Department of Agriculture (USDA) The Department of Agriculture (USDA) provides leadership on food, agriculture, natural resources, and related issues.
Department of Energy (DOE) The Department of Energy (DOE) manages the United States’ nuclear infrastructure and administers the country’s energy policy. The Department of Energy also funds scientific research in the field.
Department of Education (ED) The Department of Education (ED) fosters educational excellence and ensures equal access to educational opportunity for all.
U.S. Department of Health and Human Services (HHS) The Department of Health and Human Services (HHS) protects the health of all Americans and provides essential human services.
Department of Homeland Security (DHS) The Department of Homeland Security (DHS) works to improve the security of the United States. The Department’s work includes customs, border, and immigration enforcement, emergency response to natural and manmade disasters, antiterrorism work, and cybersecurity.
Department of Housing and Urban Development (HUD) The Department of Housing and Urban Development (HUD) administers programs that provide housing and community development assistance. The Department also works to ensure fair and equal housing opportunity for all.
Department of the Interior (DOI) The Department of the Interior (DOI) manages public lands and minerals, national parks, and wildlife refuges and upholds Federal trust responsibilities to Indian tribes and Native Alaskans. Additionally, Interior is responsible for endangered species conservation and other environmental conservation efforts.
Department of Labor (DOL) The Department of Labor (DOL) administers federal labor laws to guarantee workers’ rights to fair, safe, and healthy working conditions, including minimum hourly wage and overtime pay, protection against employment discrimination, and unemployment insurance.
Department of State (DOS) The Department of State (DOS) advises the President and leads the nation in foreign policy issues. The State Department negotiates treaties and agreements with foreign entities and represents the United States at the United Nations.
Department of Veterans Affairs (VA) The Department of Veterans Affairs (VA) runs programs benefiting veterans and members of their families. It offers education opportunities and rehabilitation services and provides compensation payments for disabilities or death related to military service, home loan guaranties, pensions, burials, and health care that includes the services of nursing homes, clinics, and medical centers.
Department of Transportation (DOT) The Department of Transportation (DOT) is responsible for planning and coordinating federal transportation projects. It also sets safety regulations for all major modes of transportation.
Department of the Treasury The Department of the Treasury manages federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt. The Department of the Treasury also enforces finance and tax laws.
U.S. Trade Representative (USTR) The U.S. Trade Representative (USTR) negotiates with foreign governments to craft trade agreements and resolve disputes.

  1. @RalphHightower: Except Trump bankrupted his business, losing two casinos. ↩

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