Joe Biden Calls Himself ‘The Poorest Man in Congress’
Likely 2016 Democratic pick Hillary Clinton has gotten some serious flak recently for declaring that she and Bill were ‘dead broke’ and struggled to pay the bills after leaving the White House. Now, Vice President Joe Biden has joined in the poverty chorus and announced that he is the “poorest man in Congress.”
At a White House Summit for Working Families held on Monday, Joe Biden made it clear that underneath his ‘mildly expensive suit’, he had a lot in common with hard-working families across America.
“I don’t own a single stock or bond. … I have no savings accounts,” he told them after admitting he made “a lot of money as Vice-President.”
Biden did grow up as part of the working class, the son of a furnace cleaner and used car salesman. Early in life, however, he got a break many working class kids only dream about – the chance to attend a prestigious prep school, Archmere Academy.
He then parlayed his elite education to a spot at the University of Delaware where he earned his degree before going on to a long career in the U.S. Senate.
In 2008, Biden had another well-earned but still lucky break, being named the Vice-Presidential pick by Obama.
Biden also has a luxury fewer and fewer Americans can rely on to meet their financial needs – an adequate pension for retirement.
Teresa Ghilarducci, a professor of economics at the New School for Social Research, estimates that 75% of Americans nearly retirement age have less than $30,000 saved for retirement. This is at the same time pension plans are drying up and disappearing at an alarming rate.
Even without saving a single cent then, while Biden may never accumulate the wealth of Texas millionaire Republican Rep. Michael McCaul, Biden is far from poor – the so-called ‘poorest man in Congress’ has a lot more financial security than most working Americans can ever imagine and a pretty good pension to boot.
The good news is that he at least had the good sense to admit he knew others in America were struggling much, much more than he ever will.
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