Debts, loans and tax pressure: Biden found himself in a difficult financial situation after the presidency

Former US President Joe Biden has been living a rather modest lifestyle since leaving office: instead of luxurious mansions and private jets, he spends time in a trailer park, flies commercial airlines, and faces financial difficulties related to his family’s debts and legal problems.

This is reported by The Wall Street Journal .

Former US President Joe Biden, who left the White House after Donald Trump’s inauguration, is now trying to adjust to a less public and much more modest life.

For the first time since leaving office, Biden celebrated Independence Day not at a residence or a private resort, but at a premium trailer park. He and his wife, Jill, also visited Paradise Cove Beach Cafe, where they had dinner right on the beach. The family was temporarily staying at the home of musician Moby, who is a friend of his son Hunter.

This contrasts with the image of other former American presidents, such as Barack and Michelle Obama spending their summers on Martha’s Vineyard, and Bill and Hillary Clinton attending social events in the Hamptons.

Biden, 82, is unable to command the large fees his predecessors have enjoyed. His age, declining popularity among Democrats, and corporate reluctance to cooperate due to political risk have severely limited his post-presidential prospects. Even allies are increasingly critical of his tenure: former Vice President Kamala Harris called Biden’s second term “an irresponsible move by the party” in her book.

The financial challenges are only getting worse. Biden plans to pay off about $800,000 in debt, including a mortgage on a $2.7 million Rego Beach home that recently had property taxes increased. Additional expenses include legal issues for his son Hunter, helping his daughter Ashley after their divorce, and supporting his grandchildren.

The family’s income now consists mostly of a presidential pension (about $250,000 a year), payments from his years in Congress and as vice president (up to $166,000), and a book deal worth about $10 million. Jill Biden, a former college professor, left her job to head the women’s health network at the Michael Milken Institute without pay.

These days, Biden is often seen not on private jets but in first class on American Airlines commercial flights or in the “quiet cars” of Amtrak trains. His speaking fees range from $300,000 to $500,000, but the number of clients is limited.

Despite the challenges, sources close to the family believe that the Bidens can manage the financial burden by living a moderate lifestyle. At the same time, others recall that the family has always had a penchant for lavish spending, especially when it comes to things that aren’t their own.

It was previously reported that after Donald Trump returned to the White House, his family’s business empire is rapidly getting richer . In the last month alone, companies associated with the Trump family have received at least $2 billion in profits. At the same time, the sources of income are very diverse: from deals with foreign governments to dubious cryptocurrency and exclusive clubs.

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