Democrats need to focus relentlessly on Donald Trump's unprecedented corruption to maximize their chances in the November midterm elections, argues journalist Steven Greenhouse. Trump has used his second term to increase his wealth by over $2 billion, while millions of Americans struggle with inflation and high gas prices exacerbated by his policies.
Trump's Wealth Surge Amid Public Hardship
According to White House financial disclosures, Trump enriched himself by $2.2 billion last year. This translates to roughly $8 million every two days since returning to the White House. In contrast, the Teapot Dome scandal under President Warren Harding involved bribes worth about $8 million in today's dollars—a fraction of Trump's gains.
Megan Gorman, author of All the Presidents' Money, told the New York Times that Trump's self-enrichment is "completely unprecedented" and "a betrayal of the American social contract." Norm Eisen, former White House ethics czar, told the Washington Post that Trump's corruption "has few rivals in world history."
Cryptocurrency and Conflicts of Interest
Trump's involvement in cryptocurrency has been particularly lucrative. After denouncing crypto as a "scam," he launched World Liberty Financial with his sons, earning $799 million in 2024. A $500 million investment from a UAE royal family member led Trump to approve the sale of advanced Nvidia AI chips to the UAE, overruling national security concerns.
Trump also made $636 million by selling $TRUMP meme coins, which lost 97% of their value, costing nearly a million investors a total of $3.8 billion. Meanwhile, his administration reduced crypto regulations and dropped enforcement actions.
Pardons and No-Bid Contracts
Trump has turned pardons into a pay-to-play scheme. He pardoned Changpeng Zhao, who helped boost Trump's crypto company, after Zhao served four months for money laundering. He also pardoned Trevor Milton, who donated over $1.8 million to Trump's campaign, and Paul Walczak, whose mother attended a $1 million fundraiser.
No-bid contracts have also raised ethical questions. Trump awarded a $500 million contract for the East Wing ballroom and a $1.7 million contract to an ally, John Cafaro, who pleaded guilty to bribery in 2001.
Family Profiteering and Stock Trades
Trump's sons, Don Jr. and Eric, have invested in defense startups that secured at least $3.2 billion in government business. The Pentagon awarded a $24 million contract to a startup where Eric Trump is chief strategy officer. Senator Elizabeth Warren called it "corruption in plain sight."
Trump's investment accounts made over 21,000 trades in 2024, many timed to coincide with his public statements. For example, on July 23, the day before deregulating AI, he bought up to $5 million in stock in AI companies like Broadcom, Meta, and Nvidia.
Legal and Ethical Violations
Trump secured a Justice Department promise to drop IRS audits of himself, his family, and his business, despite owing over $100 million in back taxes. A federal judge denounced this as improper self-dealing. He also accepted a $400 million Boeing 747 from Qatar's royal family, violating the emoluments clause.
White House press secretary Karoline Leavitt defended Trump, saying he "has never engaged, or will ever engage, in conflicts of interest." Spokesperson Anna Kelly added that Trump "only acts in the best interests of the American public."
Public Opinion and Electoral Strategy
An Economist/YouGov poll found that 49% of voters describe Trump as "corrupt," while 19% do not. Greenhouse urges Democrats to emulate Hungary's opposition, which ousted Viktor Orbán by focusing on corruption, cost of living, and lack of economic opportunities. "Democrats should repeatedly hammer Trump for his greed, corruption and conflicts of interest," he writes, to ensure voters remember these issues in November.
