If you believe MAGA propaganda, you
probably think Elon Musk made a huge sacrifice to be a uniquely autonomous part
of the Trump administration, losing money hand over fist while helping Trump
"make America great again."
But if that’s what you think, you would
be dead wrong. Trump is no longer tweeting about Elon, and Musk himself is
suddenly keeping a low profile. Maybe that's because year-over-year reports
have begun to come out regarding just how profitable his time with Trump has
been, while he has been busy putting thousands of Americans out of work and
throwing state agencies into utter chaos.
Here's the lowdown: Depending on the
source quoted, just since Trump's election in November of 2024, from which time
Musk became an even more high-profile figure in the administration than his
boss, Elon increased his net worth by an estimated $83 billion or more.
Year-on-year between April of last year and April of this year—a year in which
he was a central figure in Trump's campaign, election victory, and the first
one hundred days of the Trump administration—his fortune increased by somewhere
between $132 billion and $186 billion.
In fact, Musk, who was already the richest
man on earth, has now broken even his own record for just how filthy rich one
man can be. His net worth is currently calculated at right around $350 billion.
Let’s put that amount into perspective: $350 billion is the annual GDP of the
Czech Republic, one of the most advanced economies in Central and Eastern
Europe, and one of the EU's most manufacturing-intensive economies.
White House reporters claim that, despite
the sudden muting of his previously boisterous profile, Musk is still very much
in the picture in Trump World. And he is still reaping the benefits of his
close link to the Trump administration, and of the MAGA crowd’s infatuation
with making billionaires richer.
Nor is he alone in garnering the
benefits of the bedlam and confusion that is Trump’s trademark smokescreen for
keeping America’s eye off the ball. Statistics show that, year-on-year since April
of last year, the top ten American billionaires, including, Musk, have increased
their combined net worth by between $365 and $500 billion (in other words, each
of their fortunes on average has burgeoned by a hundred million dollars a day
in the last year).
Meanwhile, average Americans have seen
their 401(k) accounts ravaged and inflation remain out of control, despite
Trump campaign promises to rein it in. To understand the inequality of
accumulation at the top of the American wealth pyramid, it’s worth noting that
ten average American workers—making $66,000 a year, which few middle-class
workers actually earn—would have to work approximately fifty-five thousand
years each and not spend a dime in order to scrape together the combined amount
by which the ten top billionaires in country augmented their wealth in a
single year.
And if the GOP manages to pass Donald
Trump’s “Big Beautiful Bill” into law, billionaires further stand to benefit. The
bill, as it stands now, includes provisions that could significantly lower
taxes for high-income earners and corporations. More specifically, it
includes proposals to make permanent the tax cuts enacted under the first Trump
administration, which included lower corporate tax rates and increased tax deductions
on capital gains.
And although that tax bill presumes to
lower taxes for average Americans as well, it is noteworthy that only the higher
average wage-earners will benefit in real terms.
According to Professor Martha Gimbel,
executive director and co-founder of the Yale Budget Lab, a research center
that analyses government policy, "This is a bill where the positive
impacts are really tilted toward rich Americans. It doesn’t really matter if
people at the bottom are getting relatively small tax cuts if they're losing
their health care, they're losing their SNAP benefits and they're having to pay
more money in tariffs."
In other words, cuts that the bill proposes
in Medicaid and food stamps will not only wipe out any tax-cut benefits to
workers making less than thirty thousand dollars a year, but will also put an
increased burden on their already strained finances.
In short, as the old song goes, “There's
nothing surer /The rich get rich and the poor get poorer.” And never has that been truer in the US than
it is today.