Marco Rubio is broke. Very broke. Part of the problem is he never had a lot of money to begin with. The other half of the problem is he makes bad financial decisions.
Rubio is from a working class background and started off his career with a large amount in student debt. Then he invested poorly in the Florida housing market and lost money.
“At end of last year, Rubio was worth no more than $355,000, according to an analysis of his personal financial disclosures records filed with the Senate. That does not include any equity he may have in his West Miami home or proceeds expected from his second book, published in December.
Rubio, 44, has written and spoken of being torn between a drive for public service and the need to support his family. At times, he has made decisions that put politics ahead of his personal comfort or financial security,” said an article in the Associated Press.
One of those decisions is cashing almost $70,000 out of his retirement funds. This is an unusual choice, generally ill-advised, and comes with stiff penalties.
“It means that he is probably on some level living above his means, because he is borrowing against his future,” said Boston University economist Laurence Kotlikoff.
In an interview on Fox News Sunday, Rubio said that he needed “access to cash” for personal expenses and in anticipation of running for president.
Rubio’s spending habits have been criticized by his opponents, especially given his fiscally conservative stance on many issues. Among the items Rubio has taken heat over are a $3000 refrigerator and four children in private school.
Many Americans struggle with debt, and unlike many of Rubio’s 2016 presidential peers, he actually understands what it is like to not have money. Rubio needs to capitalize on his blue-collar roots; he has little other capital to use.
[Associated Press] [Washington Post] [Image via Justin Sullivan/Getty Images]