There have been 44 U.S. presidents. Thirty-three, including President Obama, have had a net worth of more than $1 million. Most of the 33 millionaires were actually multimillionaires, like Theodore Roosevelt, who was valued at more $100 million. John F. Kennedy”s family fortune was estimated to be greater than $1 billion.
The other 11 presidents had a net worth of less than $1 million and were considered to be middle class or lower, in terms of financial status. I don”t ever expect to see another middle class person elected to the office of president. Harry Truman, president No. 33, was the last president with less than $1 million in assets and he took office 65 years ago. Since that time, every president has been well-to-do and became wealthier after leaving office.
I imagine most of us, if we were an ex-president, wouldn”t object to becoming richer by receiving huge royalties for writing tell-all books or by being paid thousands of dollars to make appearances and say a few words. It is certainly money that is legally earned. But, it does seem to make the individual appear to be a profiteer from the presidency, and to some, at least, it cheapens the office of the President of the United States.
Much has changed regarding the money involved with the office of president since the days of Harry Truman, whose famous desk sign stated, “The buck stops here.” In hindsight, I guess we can now playfully, since Truman”s sign wasn”t referring to money, say that the real bucks started after Truman left office.
When Harry and Bess Truman went home from Washington to Independence, MO. in early 1953, after Eisenhower was sworn into office, their only income was Harry”s $112.56 per month Army pension. At the time, there was no presidential retirement benefit. Also, there was no Secret Service protection, office staff allowance, expense allowance or travel allowance for retired presidents. After leaving office Harry and Bess made a famous driving tour of America in their own car, just the two of them, on their own dime.
The key is that Harry Truman didn”t expect or seek gain from having been the President. He could have accepted offers to join a corporate board or two, for good pay, like Gerald Ford later did. But, he chose not to because he felt that it commercialized the office of president and he wanted no part of that. Instead, he actually got a bank loan to cover his transition expenses.
Congress passed a bill in 1958 to provide a $25,000 per year retirement benefit to former presidents. Truman accepted it and the money helped him and Bess live more comfortably in their later years.
Interestingly, Truman left office with one of the worst approval ratings of any President since approval ratings polls began. Even in the week of Nixon”s resignation, “Tricky Dick” had a higher rating than Truman, the President who made some monumental wartime decisions. Since then his stock has steadily risen, though. In nearly all recent polls regarding the best Presidents, Truman shows up in the top 10. He was fifth in a 2009 C-SPAN poll.
These days our presidents are treated quite well while in office and afterward. Remember Barack and Michelle”s date night in New York City? The estimated taxpayer cost for just the travel was $24,000. For retirees, annual pay has been ratcheted up to $191,300 per year. Secret Service protection goes on for 10 years. In addition, there is free medical care for the retired president and immediate family members at any military hospital, an allowance for relocating offices, an allowance for office space, an office staff allowance, a travel expense account and free phone service and office supplies.
I would imagine if “Give”em Hell Harry” were still around he would probably be giving someone hell for how lavishly our already wealthy presidents and retired presidents are being treated in the 21st century.
(Publisher”s note: I was informed by a reader, concerning last week”s column about the estate tax, that there will be a $1 million exemption in place in 2011.)
Gary Dickson is the publisher of the Record-Bee. Call him at 263-5636, ext. 24. E-mail him at gdickson@record-bee.com.
