Perhaps, this is what you call the outcome of years of misused power; the Biden family, once the epitome of affluence in Washington, is faced with an impending financial crisis. The financial dip, highlighted by Former First Son Hunter Biden’s pleadings in court, hints at the consequences of their long-standing influence peddling saga which was ostensibly flourishing during Joe Biden’s reign as vice president and then, as president.
Despite Congress investigations flagging potentially tens of millions of dollars changing hands, Hunter Biden has found himself in a precarious financial situation. He has taken to the courts, appealing for dismissal of his lawsuits due to alleged insolvency. Apparently, even the Biden family’s sun is setting due to lack of fiscal resources.
As detailed in court documents, Hunter, at the age of 55, disclosed a significant decrease in income and hefty debt in the ‘millions of dollars range.’ His declining financial situation, in part, can be attributed to plunging sales of his artwork and a drop in the popularity of his book.
Hunter’s predicament is a demonstration of the ephemeral nature of fortunes; just 2 to 3 years prior, his artwork was selling well, but a recent slowdown has brought him to dire straits. His art pieces, which once garnered an average price of $54,481.48 per piece, have now diminished in market value. His single piece of art that was sold recently fetched a mere $36,000.
This downturn extends to his literary pursuits as well. Hunter’s book sales, specifically from April 1, 2023 through September 30, 2023, saw a sharp decline. Based on the September 2023 statement, sales of his book took an unexpected fall — from selling 3161 copies, down to just about 1100 copies in the six months succeeding the reporting period.
Adding to his grief, Hunter Biden’s invitations for speaking engagements, a typical source of substantial income, have dried up. Despite a common trend of large paychecks for these events, he seems to have fallen out of favor, further straining his economic condition.
A recent report suggests an irony that Hunter’s father, Joe Biden, mirrors his son’s financial predicament. After serving two terms as vice president and one as president, he finds himself navigating through unanticipated tough waters. His ‘post-presidency’ journey evidently is less lucrative than his ‘in-office’ phase, a statement that reveals just how much he relied on his powerful position for personal gain.
Engaging in federal service is often associated with certain benefits post service. The typically afforded foundations, extravagant libraries, paid speeches—the very opulence that previous splurged on—Joe Biden has now been deprived of. This ‘leaner next chapter’ contrasts starkly to the extravagant lifestyle he was accustomed to during his tenure.
Forced to swap private jets with American Airlines flights, Joe Biden seems to be languishing in the face of austere economic condition. His speaking engagements, supposedly paid gigs that generate $300,000 or more are far and few. Some organizations even attempted negotiations below this range, exacerbating his economic situation.
Joe Biden’s financial commitments, built up over the years, also include $800,000 in personal debt, which he intends to pay off. This debt includes loans against his Rehoboth Beach house. Apparently, maintaining a semblance of luxury comes at a steep price for those once in power.
The drain in his financial reserves extends to legal troubles faced by his son Hunter and maintaining the lifestyle of his daughter Ashley who, recently filed for divorce. The family’s aspirations to set up an inheritance for Biden’s grandchildren are brought into question as well due to their compromising financial status.
A glimmer of hope emerges for the Bidens in the form of a $10 million book deal which could potentially alleviate some financial burden. Nevertheless, taxpayers’ pensions amounting to only $400,000 annually seem like an insufficient lifeline for the family mired in debt and an inability to sustain a ‘modest-for-the-powerful’ lifestyle.
As it turns out, Joe Biden’s memoir fetched a modest range of $10 million—a rather paltry sum when compared to the lucrative book deals secured by the Obamas post-presidency. This further accentuates the facade of the Biden’s financial prowess.
There has been an outpouring of distress for Joe Biden on social media, where his struggles with debts and efforts in securing income have been highlighted. His book deal pales when compared to his predecessors and the weight of personal and familial obligations is pressuring him to a greater extent now that the family’s influence peddling scheme is non-viable.
The fundraising for a presidential library, another avenue of income generation for former presidents, is also not going according to plan for Joe Biden. Reactions from the public have included sarcastic remarks – ‘I want an $800,000 refund’, from a lawyer who had contributed to Kamala Harris’s campaign, jesting unless a library would ever be built, it might as well be an old-school bookmobile.
It’s noteworthy how karma catches up, where it’s due. Once surrounded by immense power and influence, Joe Biden and his family seem to be at the end of their golden era. The light that once shone brightly on the Biden lineage is dwindling, leaving in its wake, a lesson of fleeting fortunes and failed expectations.
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