During the Thursday edition of his podcast, The Morning Meeting, veteran journalist Mark Halperin reported that, according to a source “very familiar with the Bidens,” the family’s financial machine known as “Biden Inc.” has dried up. “The trough is empty, the spigot is turned off,” he remarked.
Halperin continued, “Biden Inc. has collapsed. All those Biden grandkids had a lavish lifestyle which they very much liked. Hunter made … millions of dollars. Joe, as a former president is not in a position to get the same kind of paid speeches, corporate boards, book deals.”
The source told Halperin that the family “needs a source of revenue” because “Joe’s earning power is not sufficient” and “Hunter does not have great earning capacity.”
[Note: Halperin is extremely well-connected in the political world. He is also very credible. He was the first to report that President Joe Biden would drop out of the race shortly after the Biden campaign insisted he would stay the course. Halperin previously served as a political editor at ABC News and as a political analyst at MSNBC. He is not a conservative.]
According to a July 2024 projection from the National Taxpayers Union Foundation, based on Biden’s 36 years of service in the Senate, eight years as vice president, and four years as president, he is likely receiving $413,000 in pension income annually.
In addition, under the Former Presidents Act of 1958, former presidents receive money for office space, equipment, staff, travel, entertainment, and supplies as per The Hill:
President-elect Trump has received more than $3 million in pension, office, printing, travel, and other allowances since his first term ended.From 2016 to 2024, former President Clinton has received nearly $13 million in pension and other benefits. Former President George W. Bush has been paid just over $12 million in those same eight years. Former President Obama has received about $10.5 million. And Carter, famous for his frugality, has received just over $5 million in that same time.
While most retired couples could live very well on such an income, they don’t support their extended family.
And Biden Inc., once a cash cow, was indeed a family affair. The House Republicans’ 2023 investigation determined that shell corporations were set up by Hunter and his associates for the sole purpose of laundering money through a tangled web of accounts to confuse anyone trying to follow the money trail. You may recall that one transaction alone showed money ultimately flowing into the accounts of nine family members, including grandchildren.
The investigation uncovered incontrovertible evidence that the Biden family enriched itself by trading on its patriarch’s ability to influence U.S. policy decisions for cash. The evidence included bank records, the content of Hunter’s laptop, and the sworn testimony of IRS and FBI whistleblowers.
According to testimony from IRS whistleblowers Gary Shapley and Joseph Ziegler before the House Oversight Committee in July 2023, the Biden family received at least $17 million from foreign entities between 2014 and 2019. At the time, Committee Chairman Rep. James Comer (R-KY) told Fox News that the total could be as high as $25-30 million.
That amount of money buys a lot of luxury, especially when it’s exempt from income taxes.
Now that Biden no longer holds influence, the family has no product to sell. This leaves the disgraced Hunter with nothing to offer to potential clients. And now that his father is out of power, no one is willing to pay five and six figures for his artwork. Go figure.
While most former presidents command substantial fees for speaking engagements, there appears to be little, if any, demand for Biden. Even many Democrats wish he would just go away.
Although former First Lady Jill Biden has accepted a position as the chair of the Milken Institute’s new Women’s Health Network, it won’t provide the family with the money required to maintain the lavish lifestyle they grew accustomed to.
On Thursday, Politico reported that Biden has hired his former deputy press secretary and Defense Department spokesperson Chris Meagher “to help burnish his legacy at a time when many in his party want him to exit the stage” or as Halperin puts it “to manage the Biden comeback.”
Since leaving office, Biden has delivered one public speech and participated in two interviews—one with the BBC and the other on ABC News’ The View. His performances on all three occasions were met with widespread criticism.
The only potential source of public interest might be a tell-all book written by Jill Biden revealing what took place behind closed doors between her husband’s disastrous debate performance last June and his subsequent withdrawal from the race on July 21.
The Bidens need to face reality: their glory days are over. No amount of spin or publicity can change that. The public has moved on—and it’s time they did too.
Elizabeth writes commentary for Legal Insurrection and The Washington Examiner. She is an academy fellow at The Heritage Foundation. Please follow Elizabeth on LinkedIn or X.
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