The Somewhat Sweet Lives of Biden, Palin

J. Jennings Moss writes: How quickly will it take Sarah Palin and Joe Biden to invoke the notion of "MainStreet" when they debate tonight? And how much of an effort will these two politicians make to get the point across that they're "just like you"?

The funny thing is, neither one is really like the majority of Americans, at least in terms of their wealth. Sure, neither one owns about a dozen houses, like one of the presidential nominees. But neither is hurting too much either.

Palin - According to an Associated Press analysis, the Alaska governor and her husband were worth $1.2 million last year.

The Palins' total income last year was split almost evenly between Sarah Palin's white-collar job and her husband's blue-collar work. Sarah Palin's salary as governor was $125,000; Todd Palin took in $46,790 as a part-time oil production operator for BP Alaska in Prudhoe Bay, plus $46,265 in commercial fishing income and $10,500 in Iron Dog snowmachine race winnings. These figures do not include nearly $17,000 in per diem payments Palin received for 312 nights spent in her own home since she was elected governor; she also has received $43,490 to cover travel costs for her husband and children.

In addition, each member of the Palin family received $1,654 in state oil royalties paid to all Alaskans.

The Palins' assets seem enviable: a half-million-dollar home on a lake with a float-plane at the dock, two vacation retreats, commercial-fishing rights worth an estimated $50,000 or more and an income last year of at least $230,000. (Read the full AP story here.)

Biden - The New York Times weighed in today with a story that said Biden and his wife Jill, a college professor, earn about $250,000 a year. Plus, they live in a $3 million, 6,800-square-foot custom-built colonial-style house on four lakefront acres.

As a secure incumbent who has rarely faced serious competition during 35 years in the Senate, Mr. Biden has been able to dip into his campaign treasury to spend thousands of dollars on home landscaping and some of his Amtrak travel between Wilmington, Del., where he lives, and Washington. And the acquisition of his waterfront property a decade ago involved wealthy businessmen and campaign supporters, some of them bankers with an interest in legislation before the Senate, who bought his old house for top dollar, sold him four acres at cost and lent him $500,000 to build his new home.
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At least by Senate standards, Mr. Biden does not have to try too hard to underscore his relative lack of wealth. He has long shouldered a heavy debt load; he obtained or refinanced mortgages 29 times since he was elected in 1972, and currently owes $730,000 on two mortgages on his home. In addition, he has had several personal loans, including one for up to $50,000 secured by the cash value of six life insurance policies.

Mr. Biden supplements his $165,000 Senate salary with a stipend from teaching a college course. His biggest boost came a few years ago, when he collected $225,000 in advances for his best-selling memoir. The Bidens have several checking accounts with less than $15,000 each, and Jill Biden's retirement fund with between $15,000 to $50,000, according to their tax returns and Mr. Biden's Senate financial disclosure reports. The couple reported virtually no investment income last year, and their largest asset by far was their home. (Read the full New York Times story here.)

Biden and Palin. Not-so-simple and not-too-poor folks, for incredibly complicated times.

J. Jennings Moss

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