Posted on 06/23/2014 8:57:56 AM PDT by PoloSec
Admits to lack of savings, desire to subsist on six-figure government pension
Vice President Joe Biden plans on relying solely on taxpayers to fund his retirement.
Biden declared that he had neither a savings account, nor any stocks to pay off his golden years on Monday.
“I have no savings account, but I have a great pension and a great salary,” Biden told the crowd at the White House Summit on Working Families.
Biden proudly admitted that he was “the poorest member of Congress” over his four-decade career in Washington. The line garnered laughs and applause at the plush Omni Hotel in Georgetown. However, Biden’s poor financial planning means that taxpayers will have to foot the bill for his retirement.
When Biden and Obama vacate the White House, they will have to make due with a $5 million “transition budget” that will cover their move out expenses, as well as Secret Service protection, according to the Congressional Research Service. Biden, however, will benefit from more than just the presidential transition budget.
Biden, 71, will be eligible for a substantial pension come 2017. While former presidents earn about $200,000 per year from their executive pension, vice presidents, who serve as the President of the Senate, draw their pension from congressional pension pools. Former members of congress are paid “no more than 80 percent” of their highest three years salary.
Despite Biden’s failure to save or invest money, his role as vice president will enable him to draw a six-figure pension paid for by taxpayers.
Biden admitted that he was lucky that his career as a senator and vice president allowed him to play fast and loose with his finances, pointing out that even in his poorest days, he was earning twice the median salary.
“I was making $42,000 a year, that was good. The average salary was $19,000,” he said of his early Senate career.
Biden now earns more than $230,000 per year. He is guaranteed an even larger salary over the remaining two years of President Obama’s term, as his salary comes with automatic cost of living adjustments.
When Biden released his tax returns during his 2008 presidential bid, it was revealed that he and his wife, Dr. Jill Biden, earned an average salary of just $245,000 per year over 10 years.
Biden’s fiscal disclosure comes as potential 2016 rival Hillary Clinton has in recent weeks touted the poverty she experienced after leaving the White House. Former Secretary of State Clinton, who says she is not “truly well off,” earns $200,000 for every speech she gives and has a net worth of more than $50 million.
He’s a liar.
Grifter parasite...eating at the trough.
Biden is a public parasite and has been on the gov’t teat forever; he’s rich from corrupt, criminal DC deals and isn’t living on any salary or pension. That’s chump change to him and the other pol-parasites.
The word “leech” comes immediately to mind...
Yeah, his assets are in someone else’s name.
Yeah...like the Clinton’s buying multi-million dollar properties being “flat broke”. Riiiight.
Just like Jerry (the Fairy) Brown here in California.
I’ve never known of a career politician who left DC poor.
Yep. As his son gets a board position at a Ukrainian oil company. Nice job, Ole Joe, of keepin’ it off the books.
http://abcnews.go.com/blogs/politics/2014/05/bidens-son-gets-ukrainian-oil-company-gig/
LOL and they never leave DC, either.
If anybody ever had any doubts that Joe is a total @sshole, this book by a former buddy will dispel them.
http://www.politico.com/news/stories/1012/82897.html
Remember when Trump was broke? Right around the time of his divorce, wasn’t it?
There’s always a convenient time to be broke.
So do most politicians.
And we’re supposed to believe this crap.Joe Bidin is lucky he knows what day it is.I’m sure he’s got someone managing his personal fortune.
A guy like him who’s never had to pay a dime for anything during his entire life in government must make him a millionaire many times over .
He’s one of the biggest frauds in D.C. The first time he ran for president he had to drop out because he stole someone else’s writings. Now he’s veep. Only in America.
All of Bill Clinton’s old friends said “Money doesn’t mean anything to Bill Clinton” when he was running for president. He didn’t need any. He lived off the state. Well, it sure as hell means a lot to him now.
You need to be more kind and gentle, he was only stating the truth.
And he has the hubris to be proud of it!
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