Billionaires Are Funding Trump’s Run More Than Grassroots

Donald Trump rose to political power eight years ago fueled by individual contributors who gave money to him in small increments. These days, it’s some of the richest people on the planet—including the richest person on the planet—who are mostly paying for the Republican’s third run at the White House. Miriam Adelson, widow of right-wing casino magnate Sheldon Adelson, along with Tesla co-founder Elon Musk are at the top of the list of underwriters behind Trump’s political operation. His campaign has raised almost twice as much money—$514.7 million—from donors giving $1 million or more compared with the $260 million from small-dollar donors. And while the richest of the richest 1% are pushing Trump’s run, an analysis of his policies warns that those small donors may be in for an unpleasant surprise come retirement. In particular, Trump’s proposals will make Social Security insolvent in six years, according to the new study. His plans for massive deportations, draconian tariffs and tax cuts would drain the program’s trust fund by 2031 and lead to a 33% cut in benefits for Americans. Unless Congress steps in that is—a prospect which raises the issue of America’s already-massive budget deficit, not to mention its $35.7 trillion national debt.

US Vice President Kamala Harris on Monday criticized Trump for sidestepping a question during a McDonald’s photo-op about whether he would back increasing the minimum wage. Harris embarked on a blitz of three key election battlegrounds—Michigan, Pennsylvania, and Wisconsin—alongside former GOP congresswoman Liz Cheney, a vocal Trump critic, as part of an effort to win over disaffected Republican workers whose support could tip the balance in swing states. “I absolutely believe we must raise minimum wage and that hard working Americans, whether they’re working at McDonald’s or anywhere else, should have at least the ability to be able to take care of their family,” Harris said.