Former President Joe Biden’s recent return to the public spotlight is not just a desire to defend his legacy, according to political analysts.
The Biden family are reportedly facing significant financial struggles following their departure from the White House — and critics say they’ve been forced to wheel Biden, Sr. back on stage to keep the “spigot” of cash on.
Political analyst Mark Halperin claimed on his program “Morning Meeting” that the Biden family’s financial situation has deteriorated dramatically since leaving office in January.
“Biden, Inc. has collapsed,” Halperin said, citing conversations with sources close to the former president. “The trough is empty, the spigot is turned off. Biden, Inc. needs a source of revenue.”
This financial pressure may explain Biden’s recent appearances on shows like “The View” and other media outlets, according to Halperin. Biden has suffered cognitive decline in recent years, and former White House press secretary Sean Spicer said it was about money.
The grift is over. The big guy isn’t getting his cut anymore, and that’s a problem,” Spicer said.
The financial concerns extend beyond the former president himself.
“All those Biden grand-kids had a lavish lifestyle,” Halperin noted, suggesting that maintaining this standard of living may now be challenging as “Joe as a former president is not in a position to get the same kind of paid speeches or corporate board [seats] or a book deal” that other former presidents have secured.
According to a recent Wall Street Journal report, Biden is also struggling to raise the $200-300 million needed to establish a presidential library, a tradition for former presidents since Franklin D. Roosevelt. The report cites Biden’s reluctance to engage in aggressive fundraising tactics as a major obstacle.
Both Joe and Jill Biden are reportedly working on books, but their earning potential remains uncertain. A biography of Jill Biden published in 2022 sold just 250 copies in its first week.
Spicer said Biden will likely abandon the idea of paid speaking engagements entirely, noting, “They’re in a business, and if they can’t make 15 percent or 20 percent off a $100,000 speech it’s not worth their time.”
However, Halperin did offer one potential, if controversial, path to financial success: Turn on the Democrats that turned on him.
“If Biden wrote a book dedicated to ‘burning every bridge’ with U.S. Rep. Nancy Pelosi, D-Calif., and former Democratic presidential nominee Hillary Clinton and other prominent Democrats the book would probably sell very well.”
The financial situation marks a stark contrast with former presidents like Bill Clinton and Barack Obama, who have amassed millions since leaving office through book deals, speaking engagements, and other ventures.
Despite his reported financial challenges, Forbes estimates Biden’s net worth at nearly $10 million, though liquid assets available for current expenses may be a different matter.