Revelations reflect a net worth as high as $5.25 million.
In a White House announcement Friday, financial disclosure forms released for public consumption uncovered the Obamas possess considerable wealth. The maximum sum, roughly $5.25 million, is distributed among Treasury bills, retirement savings, checking accounts, and, ostensibly, 529 accounts for their daughters’ college expenses.
Included in the nest egg are royalties from two books authored by Mr. Obama which earned him in excess of $130,000 in 2014 alone.
Mr. and Mrs. Obama appear to be shrewd investors.
A centerpiece of Mr. Obama’s presidency is to endlessly bemoan the “income gap” and use his bully pulpit to steer a non-stop national conversation on “income inequality.” It is natural for one to assume Mr. Obama would avoid conflict and not engage in the very wealth-accumulating practices he condemns in others.
To be fair, Mr. Obama derives from humble origins. Like numerous predecessors such as Harry Truman, Lyndon Johnson and Richard Nixon, the Obamas are self-made people who have benefited from their personal, professional and political gifts and have earned the right to establish a reserve for the future. Finding himself nearly penniless in 1953, Truman’s financial deficiency was the impetus for a presidential benefit.
Throw in a handsome presidential pension, future earnings through speeches and book deals and their fortune will swell into proportions placing Mr. Obama in the unenviable position of well-earned loss of trust and certain to draw the ire of the 99 percent.
Turnabout is fair play: Please don’t claim you are “dead broke” at the conclusion of your term.
[The Hill] [PolitiFact]