Posted on 05/21/2015 2:25:23 PM PDT by Second Amendment First
Marco Rubio made $174,000 as a U.S. senator last year. He earned $52,000 from book royalties and a university teaching position, and at least $5,000 more from rental property.
And yet, the 43-year-old Florida Republican also made what is typically viewed as a desperate financial maneuver — cashing out nearly $70,000 in retirement funds.
As Rubio runs for president, newly disclosed personal finance details have drawn fresh attention to a long-running problem during his political career: his struggles with money.
Rubio is one of the least wealthy senators or presidential candidates, offering a potential contrast with rivals such as Hillary Rodham Clinton (D), who charges eye-popping sums to deliver speeches, and Jeb Bush (R), who comes from a well-heeled family.
But the problem isn’t so much his income; it’s his spending. Over the years, Rubio’s spending habits have drawn regular scrutiny from opponents and have put him in an uncomfortable spot.
In his 2010 Senate campaign, for example, Rubio battled attacks over his questionable usage of a Republican Party credit card for personal expenses. He also purchased a stake in a rental home that at one point faced foreclosure and is now likely to be sold for less than the purchase price.
In new disclosure forms filed by Rubio last week, he revealed that he sold $68,241 worth of retirement funds last September. Experts say such a move tends to reflect an extraordinary need for immediate cash, since it comes with a sizable tax penalty.
“It means that he is probably on some level living above his means, because he is borrowing against his future,” said Boston University economist Laurence Kotlikoff.
(Excerpt) Read more at washingtonpost.com ...
He had several retirement accounts and cashed out one! What a bunch of tripe this is!
Who would take the fine that comes with it though. 230k should be enough to live on. Just saying. I could be wrong.
Right now, I’m a Cruz guy, but I think the REAL lesson here is that he, at least at the present, is NOT on the take, like most of his other Congressional brethren. But weak financials also means he might be more easily coaxed into crooked deals.
Probably cost $20,000 in penalties and taxes unless it was a Roth. Pretty good haircut.
You are not wrong. But he has several other accounts to fall back on.
Prior to 2004 Obama couldn’t get a rental car because he maxed out his credit cards and credit even though he and his wife had income in excess of $200 K. Obama and his baby momma are spendthrifts with our money just like they where with his own.
So get back to me, MSM, when you decide to look at the millions made while in office by the likes of Dingy Harry, Hillary, Rangel, etc.
I guess he also figures his earnings potential is going to be quite large as either president or ex senator lawyer. Would be nice to see a disciplined spender in the WH. I’m not saying he isn’t. I don’t know enough.
Imagine - spending his own money!
How gauche!
Surly he cannot expect to fit in with the High-Rollers in Sodom On The Potomac.
Would the Post like Rubio better if he was making millions peddling influence and selling defense secrets like Hillary?
Or if he had billionaire One-Worlders backing him like Obama?
Or he knows a BAIL-IN is coming soon to a bank near U.S. and he does not want his cash involved.
Rubio hit piece...He is still my number 3 choice.
My thoughts zactly!
They tried to pull the same crap with Walker. He didn’t have lots of money becasue he had kids in school and a mortgage. Yet, he has a good paying gubmint job.
I have a couple issues with Rubio, one being his previous footsie playing with McCain over amnesty. That being said he is a damn sight better than most Republicans and all Democrats. I pray Cruz is nominated and elected, but if it is Walker great, if Rubio at least it isn’t Bush.
He looks like he may have a addition problem just a feeling i get from watching him i was an addict and alcoholic
Again with this the compost must be scared
The Problem is the wife
All it takes is one real estate flop (he may have one), children education expenses to set one back. Plus he quit being a Senator. He should be hurting, financially.
Middle class? $230K?
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