Have You Matched Obama's Net Worth against the Net Worth of his Opponents, Dem and Rep alike?

[Mike03]

This is just a rhetorical question, and probably a waste of one of my precious posts here at GDP.

Obama's net wealth is minimal to say the least, in comparison to the net wealth of most individuals who run for highest office.

I just want some folks here to think about that. Obama doesn't come from wealth.

[FrenchieCat]

1. Here it is......

[JPZenger]

40. Most of Obama's money from his books

Obama is not rich, but the money he has is from the sale of his two books. He also has a large mortgage on his house. He and his wife needed years to pay off all of their student loans.

[roguevalley]

49. his liabilities nearly cancel his assets.

[w13rd0]

45. Subprime mortgages...

...for Clinton and McCain, House(s), plural. For Obama, House, singular.

And most of Obama's "net worth" is tied up in the home he shares with his wife and children. For Clinton and McCain, it's all cash and trusts...

[sallyseven]

53. They also are older than Obama.

They had more time to save. McCain's wife is rich. Bill raked in s lot of money since he stepped down from the presidency. Lets not com-are apples and oranges. He is no saint because he doesn't have a lot of money yet. I am sure he will manage if he gets elected to make a lot of money.

[babylonsister]

2. We don't know; the Clintons haven't released their numbers. What

are they waiting for? But we know they might make a bit more than Obama.

[roseBudd]

4. I bet it is Theresa Heinz type money

[babylonsister]

6. Oh, yea. Look upthread; FrenchieCat posted some astounding numbers. nt

[roseBudd]

12. Not that Bush & Cheney aren't, but extreme wealth seems to hurt D candidates in the eyes of the

public more. Edwards humongous house did hurt him.

[enigmatic]

3. They are all over a million in net worth, Mike

None of them are poor. How many millions doesn't matter; it's about a million dollars more than 90 percent of the country have ever had.

[ecstatic]

7. umm yes it does... a million dollars net worth is closer to upper middle class

in many parts of the country (particularly big cities). Clinton and McCain have well over 30 million. That's *truly* rich.

[enigmatic]

18. Mean household income income in the US

http://en.wikipedia.org/wiki/Household_income_in_the_United_States

They are all within the top 7 percent. It doesn't matter to me when they got it; they are still there.

[The Doctor.]

37. You're in "orders of magnitude" territory now.

The difference between the 'top 7%' and the 'top 3%' is hundreds of millions of dollars.

[Kittycat]

39. That's median household income - not Net Worth

[roguevalley]

50. cancel his liabilities against his assets and he's down in the dirt

for a man in his position.

[FrenchieCat]

10. Obama's been a millionaire for about 2 years......

His net worth is 1.3 million only due to the value of his home. Net worth represents the VALUE of your assets less your debt.

They are part of the working upper class since like 5 hours ago. :shrug:

[The Doctor.]

34. There's is a HUGE difference between a net worth of 1 million and 30 million.

It boils down to liquidity. While a million is a good threshold, it doesn't translate into liquidable assets the way that 30 million does.

A million dollars net worth still means you have to budget for things like housing costs, energy, and gasoline... it just makes it easier to do things you like to do.

30 million net worth means you have funds set up whose interest pays for everything you need to get by... hence, there's little budgeting necessary.

A million net worth is nice, but it's merely upper middle class. 30 million net worth is high class bucks.

[tpsbmam]

5. In fairness....

neither did Hillary and Bill. They made most of their money after Bill left office. If Obama wins, I suspect his bank account after he leaves office will begin to look like the rest of them. Some of them inherited, but many of them are self-made.....or in the case of McCain, married well. :P Though I do hold it against some who've inherited and never known what it was like to live paycheck to paycheck (Bush), I don't really hold it against most of them who made the money on their own (depending on how they made it). I have lots of Hillary complaints, but her personal bank account isn't one of them.

[RazBerryBeret]

8. except for the fact...

That Bill has made a TON of money after leaving office by ...
SPEAKING!!!

isn't that ironic?

[Penndems]

11. How is that "ironic"?

He was President of the United States for eight years, he's charismatic as hell and connects with people, many of the audiences he addresses are contributors to the Clinton Foundation and charities he supports.

[FrenchieCat]

15. Just words.........

[Penndems]

22. No, not "just words"

Foreign policy speeches, speeches on energy efficiency, AIDS, relief for victims of Hurricane Katrina, just to name a few.

It makes a difference when you've actually been President of the United States. There's no other job in the world like it, and only that fraternity of men who've occupied the Oval Office know it.

[TheWraith]

19. I certainly wouldn't blame him.

If I could make that much just having people listen to me talk, I'd do it in a heart beat. But I think that that part isn't what people worry about--rather it's the question of undisclosed business dealings, and who's contributing to the CGI and Clinton Library.

[RazBerryBeret]

21. But keep in mind...

those are just words,
Speeches aren't important...

words don't put food on your table
words don't pay your mortgage....

[Penndems]

26. They may not be of importance to you, but they are to others

who will gladly pay to hear what he has to say on issues of the day.

Former President Clinton is still fondly thought of by millions of people in this country who remember the prosperity we experience during the mid-to-late 1990s.

[RazBerryBeret]

27. Hey, I'm paraphrasing

his wife...
In Ohio....first week of March!
Those aren't my words...


I'm not saying Bill isn't worth the fees, Hell, I'd pay to see him.
the point is that his wife shouldn't discount a great speech.

see I'm an Ohioan still holding a grudge...

[papau]

55. but Clinton has matched his words with actions - Obama to date - not so much

[roguevalley]

51. I want to know about some of the dodgy transactions that he is

supposed to be part of.

[tpsbmam]

14. LOL Yeah, but if people are willing to pay those ridiculous fees...

why shouldn't he get them? Look at the Republican assholes out there getting whopping speaking fees. :puke: And both made a fair amount off of their books. I personally want to know how much of their income comes from nefarious and foreign ties -- that, for me, is much more interesting and problematic.

[RazBerryBeret]

23. yes, I agree he

should make what he can...
I was poking fun at his wife saying words aren't important...
words can put food on your table etc. etc...

THAT I find ironic...

[juajen]

35. Thanks for that post. I should have read it before I posted.

NT

[Johnny__Motown]

9. A good amount of his money is new to him too, from more recent book sales

[Muttocracy]

13. Washington Post - Measuring Wealth of the '08 Candidates (last March)

http://www.washingtonpost.com/wp-dyn/content/article/2007/03/24/AR2007032400305_pf.html

Whole article is interesting but here are a few figures on the Dem side. Biden and Dodd were my original top 2 choices, no coincidence!

...
As a community organizer-turned-law professor-turned-state senator-turned U.S. senator, the bulk of Obama's wealth has come only in the past few years, with the huge success of his second book, " The Audacity of Hope."

Bill Clinton and Jimmy Carter came to the White House without much money, but most presidents had already achieved substantial wealth by the time they reached 1600 Pennsylvania Ave. This year, the top presidential contenders have found their places among the upper, upper class in different ways.

...
Hillary Clinton was never rich until the end of her husband's term, when they each wrote best-selling books and he made millions giving speeches.
...

Some of the other candidates, though, are not wealthy by the measure of the leading contenders. One reason for this is that these candidates have spent very large chunks of their life in public office.

...
Sen.John McCain(R-Ariz.)
Net worth: $25-$38 million

Sen.Hillary Rodham Clinton(D-N.Y.)
Net worth: $10-$50 million

Sen.Barack Obama(D-Ill.)
Net worth: $1-$2.5 million*

Former senator John Edwards(D-N.C.)
Net worth: More than $12.8 million to $60 million.

Sen.Chris Dodd(D-Conn.)
Net worth: $260,000-$682,000

Sen.Joe Biden(D-Del.)
Net worth: $100,000-$150,000

[Muttocracy]

16. also a CNN article has Kucinich and Gravel info

http://www.cnn.com/2007/POLITICS/05/17/candidates.wealth/index.html

While Huckabee and Gravel reported assets into the six figures, Biden, who has been serving in the Senate since he was 30, told the FEC that his assets were only between $62,000 and $405,000, with liabilities of between $140,000 and $365,000.

His only reported income in 2006, in addition to his $165,000 Senate salary, interests and dividends, was $28,700 for teaching at Widener University in Pennsylvania.

The only candidate in the race who had not filed a report with the FEC or received an extension as of Thursday was Rep. Dennis Kucinich, D-Ohio. His 2005 report showed assets between $196,000 and $352,000.

[Cant trust em]

30. I have a hard time believing that Biden is only worth $150K

lifelong civil servant or not, his annual salary is still $169,300.

http://usgovinfo.about.com/library/weekly/aa031200a.htm

[Muttocracy]

38. I think he re-mortgaged his house to help borrow money for his daughter's college tuition

but I'm not sure, and not sure how each source does its calculations? He is often cited as in the bottom 10 in the Senate for wealth. His family background is not wealthy.

His wife is a professor at a community college in Delaware. When she was hit by a tractor trailer a couple of months ago, the reports said she was driving a 1999 or 2000 car I think. I remember saying, well it's as old as my car, but mine's not a BMW...

[Cant trust em]

43. Sounds like the Bidens need some financial planning

they probably pull in north of $200K between the two of them. It's cool that he's obviously not in the pocket of corporate interests, but I'd think that having a very well paying job for over thirty years would have padded his accounts a bit.

[Muttocracy]

46. I remember something about avoiding conflict of interest stocks

Can't remember where I read that. So that may be affecting investments, but that's getting way into speculation (no pun intended)

[Cant trust em]

52. Good for Joe.

He's a good man.

[Muttocracy]

54. here it is - owns no stock - funny quote - I can totally hear him saying this

"I made some very stupid judgments when I got elected. I promised I'd never own a stock or a bond because Nixon had all that trouble with what stocks he owned. Very smart thing for guy to promise," Biden said with disdain.

"The worst part is that in my neighborhood, a promise made is a promise kept. I've kept it for thirty years so guess what, lucky me, I don't own a single share of stock."

:D

edit for link: http://politicalticker.blogs.cnn.com/2007/10/26/biden-financial-literacy-begins-with-how-youre-raised/

[mrJJ]

17. HRC

Just a financial but one heck of a spread $10 Mill too $50 mill? 47 pages

Hillary Clinton (D-NY) - 2006 Politician Profile Net Worth: From $10,360,009 to $51,021,998 Ranks 9th among all members of the Senate. Assets: 10 totaling $10,460,009 to $51,052,000. Liabilities: 2 totaling $30,002 to $100,000.

http://www.opensecrets.org/pfds/candlook.php?txtName=clinton

http://www.opensecrets.org/pfds/CIDsummary.php?CID=N00000019&year=2006

http://www.opensecrets.org/pfds/candlook.php?capcode=h3mpd&CID=N00000019&submit=Submit

[PA Democrat]

20. I think it is instructional to compare how both Hillary and Obama came from modest backgrounds

but got ahead through hard work. McCain got ahead by marrying into money, after divorcing his first wife.

[Muttocracy]

24. yes, I give both of them credit for working hard nt

[DesertRat]

25. Excellent point. n/t

[Penndems]

32. Good point. Thanks, PA Democrat.

n/t

[Cant trust em]

28. We know that Clinton donated $5 mil of her own money to the campaign

obviously that says something.

[quantass]

29. ..and charging her supporters Interest for doing so -- she might as well make money off them

[Cant trust em]

36. Sure am glad that I'm not one of them.

Though I probably will be if she happens to win the nomination. Maybe I'll just give directly to the DNC.

[bellasgrams]

31. The Clinton's didn't come from wealth either. They worked for it

[JayFredMuggs]

41. Worked?

Or made speeches?

[Kittycat]

44. Or made deals with shady people and the Saudi's?

[bellasgrams]

56. She worked paying her way through law school. One of her

jobs was working one summer on a fishing boat. A very hard and dirty job, but she did it. When finished she used her law degree to make the job better for those coming after her. Do you think BO would get his hands dirty, with smelly fish? I think not. Of course you know all the jobs she's had since becoming an attorney.

[juajen]

33. Neither did the Clinton's. As a matter of fact, they did not own

a home until after Bill's Presidencies, and they were purchased with advances from both of their autobiographies. Obama is very young, so you should compare him to people his age, not older politicians who have been earning money for a while.

[GeorgeGist]

42. Excuse me ...

but your headline was about net WORTH not net WEALTH; there is difference.

[Ysabel]

47. yes i have...

- i know the difference between his net worth and that of the other candidates i most always check that sort of thing...

[MattP]

48. That Wealth is probably not the same anymore.

How much money has been lost on that house as a result of the downturn? I know that everybody that has a large amount of Wealth on paper has taken a huge hit because of home values taking a spiral. I know people that have lost 400,000 to 500,000$ in the last 6 months.