Tim Walz with money signs

Molly Butler / Media Matters

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Right-wing media attack Tim Walz for having the financial portfolio of an average American

Right-wing media call Walz “financially illiterate” and a “complete ignoramus” for having modest finances

Written by Emma Mae Weber

Published

Right-wing media attacked Minnesota Gov. Tim Walz, the Democratic nominee for vice president, for not owning stocks, bonds, or real estate. While some have celebrated Walz’s portfolio, or lack thereof, some right-wing media figures have drawn absurd conclusions about Walz’s ability to understand the economy or his support of capitalism because of his economic standing.

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  • Reporting shows Walz has financial assets that resemble the average American

    • According to recent financial disclosures, Democratic vice presidential candidate Tim Walz doesn’t own stocks or securities. He also does not currently own any real estate. Walz and his wife Gwen Walz sold their most recent home and moved into the governor’s mansion in 2019 when Walz became the governor of Minnesota. Per the disclosures, the only investments Walz holds are his retirement, pension, and life insurance accounts. [The Hill, 8/7/24; The New York Times, 8/9/24]
    • It’s rare for elected officials not to hold financial assets, and some people are celebrating the modesty of Walz’s portfolio. Walz and his wife also reported no mutual funds, bonds, private equities, book deals, speaking fees, cryptocurrency, or racehorse interests. [Axios, 8/7/24; The Wall Street Journal, 8/12/24] 
    • Most Americans don’t own stocks, bonds, or cryptocurrency. A Federal Reserve report on Americans’ economic well-being shows that just 31% of non-retirees in America own “Stocks, bonds, ETFs, or mutual funds held outside a retirement account.” The number only goes up to 35% for all adult Americans. The report also shows that 64% of Americans in 2023 owned a home, and that just 7% of Americans held or used cryptocurrency in 2023. [Federal Reserve, Economic Well-Being of U.S. Households in 2023, 5/24]
    • As a member of Congress in 2011, Walz co-sponsored the STOCK Act in an attempt to combat insider trading. Signed into law in 2012 by then-President Barack Obama, the STOCK Act aimed to prevent lawmakers and congressional staffers from trading on non-public information. While pushing for the legislation, Walz spoke about the importance of “restoring faith” among Americans that their lawmakers are not in office only to enrich themselves. [USA Today, 8/9/24; Twitter/X, 8/7/24]

  • Right-wing media figures claimed Walz “never invested in America” and couldn’t relate to average Americans

    • Fox News contributor Jason Chaffetz questioned how Walz could relate to the average American when he doesn’t own a home. Chaffetz insinuated that Walz wouldn’t know how to address the economy, erroneously claiming that he “has never even owned a home.” Chaffetz continued, “I don't know how he thinks he’s going to relate to the average American and what's going on in this country.” [Fox News, The Faulkner Focus, 8/8/24; USA Today, 8/9/24]
    • Fox hosts Jeanine Pirro and Jesse Watters claimed Walz “never invested in America” because he doesn’t own stocks. Watters said, “That's crazy. So he's never invested in America.” Pirro responded, “Never invested in America, that's right.” [Fox News, The Five, 8/7/24]

  • Right-wing media figures accused Walz of not understanding basic economics

    • The Daily Wire’s Ben Shapiro called Walz a “complete ignoramus” and insinuated Walz shouldn’t “run” the economy because he doesn’t own stocks, investments, or real estate. Shapiro mocked Walz saying, “It turns out Tim Walz, I kid you not, does not own any stock. He has no investments. He has no real estate. He's completely disconnected from the economy of the United States.” [The Daily Wire, The Ben Shapiro Show, 8/8/24]
    • Fox host Sean Hannity said Walz “doesn't even understand basic economics 101 — not even on a personal level.” Hannity attacked Walz saying he “has no stocks, no bonds, no 401(k) … No real estate, he doesn’t have a mortgage, he doesn’t even own a house. He has never started a business or worked in the private sector. And Democrats think this guy should be a heartbeat away from the presidency, the second in command of the country with the largest economy in the world?” [Fox News, Hannity, 8/9/24]
    • Fox Business guest and elections correspondent for The Federalist, Brianna Lyman, attacked Walz, saying, “What’s indicative of him not owning stocks is he’s financially illiterate.” Fox Business host Charles Payne questioned Walz’s ability to understand economics saying, “Do we trust someone who doesn’t seem to trust the notion of investing or ownership?” [Fox Business, Making Money with Charles Payne, 8/9/24]

  • Right-wing media figures claimed Walz is against capitalism

    • Fox Business host Charles Payne shamed Walz for not owning any investments and said it means Walz hates capitalism. After attempting to link Walz to “Communist China” for having visited the country on his honeymoon, Payne said, “Did you know that he has zero investments? Zero, nothing, no investments at all. That tells you what he believes, he does not believe in capitalism." [Fox News, The Faulkner Focus, 8/9/24]
    • Fox Business guest Rebecca Walser called Walz an “extremist” and said he “is not a capitalist, clearly, he doesn't have any investments to speak of.” She concluded that Walz “wouldn’t understand an investor, someone who cares about what the economy is doing.” [Fox Business, Making Money with Charles Payne, 8/8/24]
    • Fox Business guest Adam Johnson accused Walz of not being a capitalist: “Capitalists build and create, and, yes, accumulate. So if you are not building or accumulating, you would end up like Tim Walz, with nothing.” Johnson also attacked Walz’s intelligence, saying, “I think it’s odd. I think it speaks to someone who hasn’t hasn't learned how to save or, more importantly, how to build.” He also called Walz a “professional politician” for having never worked in the private sector. Walz previously worked as a public school teacher and served in the National Guard. [Fox Business, Varney & Company, 8/8/24]