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Forbes Topline

This Is How Inflation Has Personally Impacted Biden's Net Worth

Forbes Topline

Forbes

News, Entrepreneurship, Business, Business News

4.86 Ratings

🗓️ 1 June 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

President Joe Biden borrowed at least $50,000 against a line of credit on his vacation home last year, according to his annual financial disclosure, which the White House released on May 15. Read the full story on Forbes: https://www.forbes.com/sites/zacheverson/2024/05/15/biden-borrowed-at-least-50000-via-home-equity-loan-new-disclosure-reveals/?sh=597eaabb70ef See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi everybody I'm

0:04.3

I'm Britain Lewis with Forbes breaking news joining me now is my colleague Forbes

0:08.1

staff writer Zach Everson Zach thanks for coming back on

0:12.1

Thanks for having me back on, Brittany.

0:14.1

The White House released President Biden's

0:16.0

annual financial disclosure last week,

0:18.6

and you did the honors of digging into it for us.

0:21.4

So first, you pointed out inflation is not only impacting the average American, it's also impacting the Biden family. How so?

0:29.5

Yeah, yeah, middle class Joe has a variable alone against a line of credit on his house that has a variable interest rate.

0:37.4

So he, along with everybody else, as interest rates go up, you know, that hurts him as well.

0:43.0

So you found out that the Biden's took out a $250,000 home equity loan on the

0:48.4

Roobeth Beach House in 2022. That year they borrowed against it as well as

0:53.0

2023. How much did they borrow?

0:55.0

So the first year they reported taking up somewhere

0:59.0

between 15,000 and 50,000.

1:01.0

And then in 2023, it was somewhere between 100,000 and 250,000.

1:05.0

As a reporter, and I think anybody who cares about ethics and government,

1:10.0

one of the problems is that these reports just require candidates and officials to report

1:16.4

like within broad ranges.

1:17.9

So it's very difficult to tell whether it went up 50,000 or whether he borrowed 200,000 which would certainly be quite a different

1:26.0

story there but we do not know for sure.

1:28.4

I reached out to the White House they to kind to provide any more details than what was in the

...

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