Donald Trump has exposed a weak link in American democracy. It is dependent, as the Founders would put it, on its leaders having a modicum of good character. Benjamin Franklin warned that without strict character requirements, government roles would attract “the bold and the violent,” rather than the wise and peaceful.
Trump’s new financial disclosure forms, released Tuesday, provide only the latest confirmation that the President and his family has gotten richer while he has served as president, stemming from a set of actions that have been brazen, if not illegal.
This Trump family buckraking, as revealed in the new financial disclosure documents from the US Office of Government Ethics and a series of news stories, has stunned a number of observers, including on the conservative side, out of their slumber. The disclosure reads less like the paperwork of a commander in chief, more like the prospectus of a sprawling multinational conglomerate.
The most eye-popping figure comes from cryptocurrency. Trump’s ventures in the digital asset world produced more than $1 billion in income over the past year, helping fuel a breathtaking expansion of his overall fortunes. Taken together with his broader portfolio of businesses and investments, the President reported at least $2.2 billion in income, compared with a minimum of roughly $622 million generated by his enterprises during all of 2024, before returning to office. Estimates of his net worth likewise surged, rising to roughly $4.7 billion from about $2.3 billion a year earlier.
The crypto boom is only part of the story. Trump also disclosed millions flowing in from an ever-expanding array of branded consumer products. Royalty payments from Trump Watches alone totaled approximately $4.7 million. Trump-branded sneakers, fragrances and guitars also generated revenue, while Trump Restaurants – owned through one of the President’s holding companies – reported nearly $2.9 million in food and beverage sales.
Nor does the filing fully reflect the broader web of family influence surrounding the administration. Jared Kushner continues serving as one of Trump’s Middle East foreign policy advisors and negotiates with Iran while simultaneously running a private equity firm that has received billions of dollars from Middle Eastern sovereign wealth funds.
Rest assured, there will be copious amounts of investigations by the House and Senate if Democrats take control of one or both chambers after the midterms. Rest assured, also, that Trump and his lawyers will be defiant about those as well, assuming that subpoenas, requests for depositions, document requests and hearings can all be slow-walked, maybe past the President’s time in office.
For families in the business of business, the clock never stops on getting rich. They love the history that their commercial success sculpts. Donald Trump literally cannot imagine operating any other way.
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