If a candidate for high office does a spectacularly poor job in managing his own family's finances, why on earth should we trust him in a national leadership position at a time of acute economic crisis?
Senator Joe Biden's recently disclosed tax returns display a consistent pattern of poor judgment and shabby values that ought to disqualify him for the vice presidency or any other post of significant responsibility.
Over the course of ten years (1998 through 2007) the Bidens averaged an adjusted gross income of $245,000 – placing them uncomfortably close to that threshold of $250,000 a year that Senator Obama considers “wealthy” and deserving of sharply increased taxes. In several years during the last decade Biden and his educator wife Jill definitely entered into that privileged territory, reporting income of $319,853 last year (and even more in 2005).
Despite this impressive revenue stream (including a recent six-figure advance for his unreadable—and unread – memoir “Promises to Keep”), Senator Biden has managed to save almost nothing for his own retirement of to benefit his children and grandchildren. In 2007, when announcing his second presidential bid, he reported a total net worth of $100,000 to $150,000, making him the least prosperous member of the U.S. Senate. As the Washington Post sympathetically observed: “Biden has spent virtually his whole life in public service and does not have much else aside from a small array of mutual funds and cash accounts.” In June of 2008, he even listed significant liabilities including a loan up to $50,000 against his life insurance policy and line of credit indebtedness of more than $100,000 to the Wilmington Savings Fund Society.
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