In Washington, the lives of politicians are often an open book—literally and figuratively. This year’s financial disclosure has put the spotlight on President Joe Biden and First Lady Jill Biden, revealing intricate details of their personal finances, from massive debts to unprofitable books. As Americans scrutinize the figures, it seems that even the President’s stories are finding few takers these days.
Among the disclosed details, the Biden family’s financial burdens stand out. They carry a personal debt that could reach up to $815,000, anchored mostly by mortgages and loans tied to their Delaware home. This includes a primary mortgage and a home-equity loan that have placed significant financial obligations on the presidential couple.
Beyond their real estate debts, the Bidens are also navigating other financial waters with a term loan and a mutual fund loan contributing to their liability pool. Despite this, their total assets remain substantial, estimated between $1 million and $2.6 million according to The DailyMail. Yet, the financial landscape shows a balancing act between substantial assets and looming debts.
Compounding their financial strain is the underperformance of their published works. Joe Biden’s memoirs, ‘Promises to Keep’ and ‘Promise Me, Dad,’ along with Jill Biden’s ‘Where the Light Enters,’ have failed to generate any royalties this year, according to their latest filings. It appears that the written word, so often a reliable revenue stream for public figures, is not paying dividends for the Bidens at this moment.
On the brighter side, Jill Biden continues to see some success with her children’s literature. Her books have brought in some royalties, albeit modest. The First Lady is also set to release another children’s book titled ‘Willow the White House Cat,’ offering a feline’s eye view of life in the executive mansion.
These financial disclosures, required under the Ethics in Government Act, ensure transparency and help prevent conflicts of interest for those in the highest echelons of government. Vice President Kamala Harris and her husband Doug Emhoff also released their financial records, revealing gifts such as concert tickets from Beyoncé and sports tickets from ESPN.
In more recent history, some U.S. presidents have also dealt with personal debt issues, either before or during their presidency. When Harry S. Truman left office in 1953, he was in a precarious financial position, having accumulated little wealth during his political career. His financial struggles were partly what led to the creation of a pension for former presidents.
When Bill Clinton left the White House in 2001, he and Hillary Clinton had accumulated significant legal debts stemming from various investigations during his presidency, including the impeachment proceedings. The debts were reportedly between $2.28 million and $10.6 million.