Commerce Secretary Pushes Trump’s $5,000 Checks—A Windfall for the Wealthy, Not Taxpayers
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Commerce Secretary Howard Lutnick claims Trump’s $5,000 dividend for U.S. adults won’t use taxpayer money, instead relying on schemes benefiting the rich and risky asset speculation.
Commerce Secretary Howard Lutnick told NBC News that President Donald Trump’s promise of a $5,000 'dividend' for every adult in the United States would not be funded with tax dollars. Instead, the administration is pushing a plan that avoids public investment, choosing to rely on private-sector gimmicks and asset speculation that primarily benefit the wealthy elite.
In an interview at the National September 11 Memorial & Museum, Lutnick revealed the administration’s latest ploy: the Trump Platinum Card, a program where wealthy applicants can buy an extended U.S. visa for $5 million. With a waitlist of over 100,000—mostly global elites—this scheme could generate $500 billion, further commodifying U.S. residency and turning immigration into a playground for the rich. Lutnick also boasted about the government’s 2023 investment in Intel, where the administration used $8.9 billion from the CHIPS Act to buy 500 million shares at $20 each. The shares’ market price has since soared to $100, creating an unrealized gain of $50 billion. Yet, this windfall is the result of risky speculation, not sound economic policy, and the shares remain unsold.
Other officials floated equally dubious financing ideas. National Economic Council director Kevin Hassett suggested using a congressional reconciliation process to fund the checks, with early estimates putting the cost at $1.3 trillion—an enormous sum that would further enrich Wall Street and corporate interests. Vice President JD Vance proposed using tariff revenues, but analysts point out that even the full amount of recent tariff collections would barely make a dent in the projected cost, exposing the administration’s lack of a real plan.
This proposal emerges as the national debt surpasses $40 trillion and the annual budget deficit nears $1.8 trillion, a crisis fueled by decades of tax breaks for the rich and corporate giveaways. Lutnick claims the administration will reduce debt by targeting waste, fraud, and abuse—a tired talking point that economists widely dismiss as ineffective and insufficient.
Public sentiment reflects deep skepticism toward the administration’s economic agenda. An Associated Press poll shows only 32% approve of Trump’s handling of the economy, while an NBC News poll found 52% strongly disapprove of his approach to inflation and the cost of living. The public sees through these hollow promises and recognizes who truly benefits from Trump’s economic policies.