Money is not rolling in for former President Joe Biden, who is finding that life after the White House has not matched the lucrative opportunities enjoyed by his Democrat predecessors, former Presidents Bill Clinton and Barack Obama.
The Obamas have spent their summers on Martha’s Vineyard, while the Clintons are often seen in the Hamptons. Biden, 82, by contrast, has been spotted in the quiet car on an Amtrak train or in the first-class cabin of a commercial airliner, The Wall Street Journal reported Tuesday.
Biden’s age, diminished popularity among Democrats, and corporate concerns about retaliation from President Donald Trump have limited his options. Paid speeches typically command between $300,000 and $500,000, but demand has been light. One group initially offered $275,000 before agreeing to cover expenses that pushed the fee into his expected range.
Even Biden’s allies have grown critical. Former Vice President Kamala Harris wrote in her recent memoir that it was “recklessness” to allow him to run for a second term despite his sharp decline toward the end of his presidency.
Biden is also facing financial pressures. He told confidants after leaving office that he planned to pay down about $800,000 in personal debt tied to his Rehoboth Beach, Delaware, home, which is now subject to a 20% property tax hike. The family is also managing other obligations, including Hunter Biden’s legal bills and legal costs for daughter Ashley, who filed for divorce this summer. In addition, they are paying off a mortgage from 2013 and a home equity loan from 2022.
Former first lady Jill Biden has retired from her $100,000-a-year teaching post and now chairs, without pay, the Women’s Health Network at the Milken Institute.
Joe Biden has secured a $10 million book advance from Hachette Book Group, though the deal pales in comparison to the Obamas’ reported $60 million contract. He also receives up to $416,000 annually in federal pensions, including $250,000 as a former president and $166,000 from his years in Congress and as vice president, according to the National Taxpayers Union Foundation.
Joe Biden has said he is “working my tail off” to complete his book, which is expected to be a sweeping memoir rather than a campaign tell-all. Topics under discussion include the 2020 election, the Jan. 6 Capitol attack, the COVID-19 vaccine rollout, and his legislative record. Jill Biden is also working on a book, though no publishing deal has been announced.
Health concerns add to Joe Biden’s challenges. He is undergoing treatment for prostate cancer, which friends describe as a “full-time job.” He recently appeared with a forehead bandage following surgery for skin cancer. Confidants say he has responded well to treatment but rarely speaks about the diagnosis.
Hunter Biden, meanwhile, has told courts he faces “significant debt in the millions of dollars range” as art and book sales have dwindled. His financial disputes with his ex-wife remain unresolved, and his public remarks have sparked controversy, including a threatened lawsuit from first lady Melania Trump.
Joe Biden is also working to raise money for a planned presidential center at the University of Delaware. His team envisions a facility “less sexy” than Obama’s under-construction center in Chicago. Donors, however, have been hesitant, citing frustration over Biden’s handling of his final campaign and concerns about his health.
The University of Pennsylvania, once floated as a possible site, has distanced itself, citing disappointment with Biden’s limited programming during his time at the Penn Biden Center and the fallout from classified documents found there.
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