In an interview with Bloomberg’s Al Hunt yesterday, President Obama had a bizarre explanation for why he could not predict future unemployment rates:
“Well, if I had a crystal ball, then I probably would have made a lot of money before I became president. I didn’t.”
Actually, by any standard, he did make a lot of money before he became president.
In 2006, before he officially began his presidential campaign, CNN estimated that the Obamas were worth about $1.3 million. Since then, being a presidential candidate proved lucrative, with his book sales pushing his family’s income to $4.2 million in 2007 and $2.8 million in 2008. Much of that went to taxes and living expenses, but that still leaves what most people would consider “a lot of money” – especially when you consider that President Obama’s tax plans target anybody making more than $250,000 as rich.
