"Average" Joe Biden

[Conan71]

Amazing, while everyone else seems to have been enrichened by the Senate or HOR, Joe Biden only claims $59,000 to $366,000 in net worth.

How is that possible with a $180K + per year job with some book income and teaching income.

He must not have too much fiscal sense.  Oh that's right, Obama was going to count on him for foreign policy.  "Let's start with $1 bln for Georgia, because that sounds like a nice number."

http://news.yahoo.com/s/ap/20080824/ap_on_el_pr/cvn_biden_finances

Two crusty old Senators and a neophyte, so far.  Shame we don't have any better choices.

[midtownnewbie]

I also read that on another forum.  I find it very hard to believe that his net worth is <$366k.

[Gaspar]

That was according to documents he filed with the FEC.  While I'm sure that his personal finances have been fully dissected by the DNC before they chose him as Obama's running mate, I'm not so sure that there's not another reason for his lack of financial prowess.

Any successful person living on the east coast, providing for a family, making a respectable income, would have the basic sense to plan for retirement or at least develop a reasonable savings program for the sake of his family.

He's made an excess of 4 million dollars as a senator, and has almost nothing to show for it.  That's beyond irresponsible, that's disturbing.  Was he planning to move in with his kids when he got old?

Hillary would have turned 4 million dollars into a billion, after all she turned $10,000 into over a million in a single land deal!

What exactly does this guy add to the ticket?

[Nik]

i guess i don't see how this is so far fetched. Assuming he's made $200K/yr and his wife makes $75K. That's $275K/yr which is not exhorbitantly wealthy by any stretch. (Also keep in mind his wife did not work while raising their three children, so it was a one income family for around 10 years.) Assuming they have a nice house on the east coast which I'm sure cost a lot of money. Considering he has taken a train from Delaware to DC twice a day every time he went to work for the last 30 years, and I'm sure that adds up to a lot of money per year. Considering the bills he had when he lost his wife and daughter in a car crash. Considering the medical bills he incurred when he had two life-threatening brain aneurysms and was hospitalized/bed ridden for seven months. Considering the college costs of three children who I'm sure all attended very expensive universities, both undergrad and graduate school. Also considering his two failed attempts at the Presidency. We all know running for President is not cheap and Clinton showed a lot of time you have to invest your own money. Finally, considering that outside of the book deal which earned him a modest sum (compared to Obama and the Clintons), he has never really tried to make a lot of money. He does his job well and thats it. Hard to believe you're knocking a guy for not be super wealthy.

[Gaspar]

quote:Originally posted by Nik

i guess i don't see how this is so far fetched. Assuming he's made $200K/yr and his wife makes $75K. That's $275K/yr which is not exhorbitantly wealthy by any stretch. (Also keep in mind his wife did not work while raising their three children, so it was a one income family for around 10 years.) Assuming they have a nice house on the east coast which I'm sure cost a lot of money. Considering he has taken a train from Delaware to DC twice a day every time he went to work for the last 30 years, and I'm sure that adds up to a lot of money per year. Considering the bills he had when he lost his wife and daughter in a car crash. Considering the medical bills he incurred when he had two life-threatening brain aneurysms and was hospitalized/bed ridden for seven months. Considering the college costs of three children who I'm sure all attended very expensive universities, both undergrad and graduate school. Also considering his two failed attempts at the Presidency. We all know running for President is not cheap and Clinton showed a lot of time you have to invest your own money. Finally, considering that outside of the book deal which earned him a modest sum (compared to Obama and the Clintons), he has never really tried to make a lot of money. He does his job well and thats it. Hard to believe you're knocking a guy for not be super wealthy.

Oh no, I'm not knocking him for being below his piers in terms of financial success, I'm just wondering where it all went.  

Sounds to me like he's had a very tough road.  I suppose that adds to the ticket.  

My comment was in terms of financial planning.  It seems that he has never taken the time to plan for his future and the unforeseen things that happen to people.

He has almost no retirement for someone with access to the worlds greatest government retirement program, and if the loss of his wife, and his medical expenses put him back, then it means that he never planned with adequate life insurance policies for his family, or took advantage of the 100% medical coverage that senators have access to.

Perhaps he spent it all on his presidential run?  

I'll look into it.

[Nik]

Don't get me wrong, I'm curious too, but given Biden's length of service and two presidential runs, I think the likelihood of something "shady" going on is very low. Keeping in mind that a lot of Senators basically serve until death, having a retirement plan may not be important to him. He does have a lot of money put away in various funds (http://www.opensecrets.org/pfds/CIDsummary.php?CID=N00001669&year=2006).

[Gaspar]

Nope!  His net worth before his run last year (2007) was listed as between $-302,000 and $277,000 ($-25,000).

I pulled all of his personal filings back to 1995. Going back to 1995 he still posts a net worth that is about the same.

Interesting that he holds 6 life insurance policies that total less than $15,000.  Who does that, and why?

He's been standing still for a long time.

[we vs us]

So, uh, he's not rich enough to be Veep?

I swear, with this crowd, it's damned if you do and damned if you don't.  Is there a scenario here where the porridge would be just right for any of you Goldilocks?

[Nik]

According to Zillow, Biden's house cost approx $350,000 in 1996 It's listed as an 1800 sq ft, 3 bed, 2 bath house on a small lake. It appears they may have built a new house on that property as it says the house was built in 2005 and aerial does NOT look like a 3/2 1800sqft house at all. So, I'm sure a lot of the money was spent there.

EDIT: Approx 8700 sq ft.

http://www.nccde.org/parcelview/ParcelDetails.aspx?ParcelKey=30419

[Gaspar]

Who cares about rich?

I don't even care if he just likes to spend all of his money on frisbees and kool-aid, i just want to understand why a politically successful older gentleman never found it important to save any money or plan for his retirement?

Hell, I'm young, make half his income and already have more money in retirement, and a higher net worth than he does.  

Is it wrong for me to be curious about this?  I think it speaks to his character.  

[joiei]

With his senate retirement and his senate health care there was no need for him to have a separate retirement account.

[Conan71]

Consider John Sullivan who basically arrived in Washington with very little net worth.

His has consistently increased, he's got several kids (still school age, I believe in private education), suffered an eye injury in an accident, supposedly flies home every week, and yet, he's got a higher net worth than Biden who has served in DC almost 30 years longer.

Sullivan showed about $37K in income in 2001 and assets of $15,000 to $50,000 in a state of Oklahoma retirement account.

2006 showed him with $250 to $500K in income-producing assets, most all in a CD at American Bank of Ok.

Sure seems important to Democrats that McCain is wealthy, but bring up the financial mis-management of the Veep on the Dem ticket and everyone gets all upset.  I mean, really how do you continue to piss away that much money every year when all your kids are out of college and you take the train to work and back every day from your modest home?

[RecycleMichael]

Republicans are proud of the rich and democrats are ashamed of the poor.

Joe Biden is neither. That makes him a better candidate.

[Nik]

quote:Originally posted by Conan71


Sure seems important to Democrats that McCain is wealthy, but bring up the financial mis-management of the Veep on the Dem ticket and everyone gets all upset.  I mean, really how do you continue to piss away that much money every year when all your kids are out of college and you take the train to work and back every day from your modest home?

Modest home? Did you read my post? And why are you automatically jumping to mis-management? Maybe he doesn't devote himself to the acquisition of wealth. He has tremendous health care and a tremendous pension through the government. There is no way to say he hasn't simply given a lot of money to his three kids. A lot of older parents give their children their inheritance before they die so they can watch them enjoy it. Who is to say this isn't what is happening? Again, he also very likely dropped a ton of money on his house in the last decade.

[FOTD]

quote:Originally posted by Conan71

Consider John Sullivan who basically arrived in Washington with very little net worth.

His has consistently increased, he's got several kids (still school age, I believe in private education), suffered an eye injury in an accident, supposedly flies home every week, and yet, he's got a higher net worth than Biden who has served in DC almost 30 years longer.

Sullivan showed about $37K in income in 2001 and assets of $15,000 to $50,000 in a state of Oklahoma retirement account.

2006 showed him with $250 to $500K in income-producing assets, most all in a CD at American Bank of Ok.

Sure seems important to Democrats that McCain is wealthy, but bring up the financial mis-management of the Veep on the Dem ticket and everyone gets all upset.  I mean, really how do you continue to piss away that much money every year when all your kids are out of college and you take the train to work and back every day from your modest home?

Ever consider Biden may have given to his children what his parents could not give to him?
The smear remarks are so disingenuous. Focus on what Biden says and then take it apart. But to just leap on his simple means and his values seems outright hostile and it looks as though you are uninterested in any change and more concerned with destructive politics. This year, kicking back politics will work.

Obama's smarter than McIdiot from all past educational records and awards.

Looks like these thread smears are done to detract from the real subject of influence, elitism, and fairness. An old brain like McIdiots seems to preferred over the character of a great American (or is he a Muslim?).

David Lazarus:
Consumer Confidential
On Rodeo Drive, the economy's booming
"Gas and grocery prices may be more than many working-class families can bear, home foreclosures may be soaring, but life is just fine at the loftiest heights of the economy."

http://www.latimes.com/business/la-fi-lazarus20-2008aug20,0,2125829.column?page=1

""Saudi princesses," confided a saleswoman at one Rodeo Drive clothing store she didn't want named. "That's who's doing all the buying."

"The economy affects working-class people like us," Was said.

"But wealthy people, it doesn't affect them."

Barack Obama has now proven to be a great American. Joe Biden is a great American too not deserving of a petty and meaningless "average" title.

"Outside in the distance a wildcat did growl,
Two riders were approaching, the wind began to howl."
B.Dylan (8-27-08 Brady)