❓WHAT HAPPENED: Former President Joe Biden is receiving relatively few big-money offers post-presidency, spending his first Independence Day out of the White House at a high-end trailer park owned by musician Moby, a friend of Hunter Biden.
👤WHO WAS INVOLVED: Joe Biden, Jill Biden, Moby, Hunter Biden, Barack Obama, Michelle Obama, Bill Clinton, Hillary Clinton, and others.
💬KEY QUOTE: “It’ll be fine,” said a person familiar with the Bidens’ finances, regarding their lifestyle.
🎯IMPACT: Biden’s post-presidency is proving less lucrative than expected, with challenges in securing high-paying engagements and financial concerns.
Joe Biden, having left the White House, spent his first Independence Day at a trailer park owned by musician Moby, a friend of his son Hunter. This setting marked a stark contrast to the lavish summer activities of his peers, such as the Obamas on Martha’s Vineyard and the Clintons in the Hamptons.
Biden, at 82, faces a less lucrative post-presidency than anticipated, with limited options for high-profile jobs due to his age, unpopularity, and the likelihood that he will not be an especially valuable political connection. Former allies, including Kamala Harris, have already begun criticizing his decision to attempt to run for a second term in 2024.
Despite these challenges, Biden is working on a memoir with a $10 million advance and receives substantial pensions from his government service. His financial planning includes paying off personal debts and supporting family members, such as his infamous son Hunter and his daughter Ashley, who both face financial and legal difficulties. In Hunter’s case, these are compounded by First Lady Melania Trump threatening a defamation lawsuit against him.
Biden’s speaking engagements have seen mixed success, with some organizations attempting to negotiate fees below his team’s standard range. His wife, Jill, has also retired from a $100,000-a-year teaching job at Northern Virginia Community College, with a new position at a liberal think tank being unpaid. A source familiar with their finances has said they should be “fine”—provided they can stick with a relatively modest lifestyle.
The former president also plans a presidential center at the University of Delaware. However, once again, fundraising efforts have been challenging due to lingering frustrations over his campaign and transparency about his evident cognitive decline. The center is expected to be more modest compared to the Obama Presidential Center.
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