Entries in Vice President Joe Biden (3)


Washington's Wealthy, Wealthier and…Not So Wealthy

Hemera/Thinkstock(WASHINGTON) -- President Obama’s net worth in 2010 was $7.3 million, but in the same year Secretary of State Hillary Clinton had a net worth of $31 million, according to the Center for Responsive Politics.

Their report says even Obama’s chiefs of staff are wealthier than he is -- at least according to publicly available records. Bill Daley, the current chief of staff, had a 2010 net worth of $28.7 million -- almost four times Obama’s own earnings -- while the one who held the position before Daley, Rahm Emanuel, had a 2010 net worth of $11.4 million.

Seth Cline, writing in the center’s OpenSecrets blog said Obama’s preferred bank is JPMorgan Chase, where he has a checking account of less than $15,000 and an asset management account worth between $200,000 and $500,000 in 2010.  Cline says the president has at least $200,000 invested in the Vanguard 500 index, “a mutual fund based on the performance of the Standard & Poor’s 500 index.”  He also has between $2.1 million and $10.2 million in Treasury bills and notes.

The Center’s report says Daley held 26 separate accounts at JP Morgan and “combined Clinton, Daley, Emanuel and Obama had JP Morgan accounts with an estimated average of $51.1 million in holdings.” Interesting, considering Obama's villifying of Wall Street "fat cats" and his sympathizing with the Occupy movement, which rails against banks.

Vice President Joe Biden, however, is not considered rich by those standards.

“Biden’s low estimated net worth is a result of relatively small income from assets and six liabilities which totaled an average of $337,000,” the center said.

Copyright 2011 ABC News Radio


Biden to Chinese: ‘You Have Nothing to Worry About’ Regarding US Debt

Official White House Photo by Pete Souza(SHANGHAI) -- Vice President Joe Biden offered bold reassurances on the strength of the economy and safety of U.S. Treasuries in his first direct meetings with Chinese leaders since the debt ceiling crisis and U.S. credit downgrade.

Biden said China, the U.S.’s largest foreign creditor, has “nothing to worry about” with respect to its holdings of U.S. debt, despite recent concerns aired by some Chinese that American politicians are “dangerously irresponsible” and “addicted to debt.”

“No one has ever won betting against the U.S. economy,” Biden said during a joint statement with Chinese Premier Wen Jiabao.  “I point out U.S. treasuries, we’re going to -- we’re going to take care of very closely not merely because China owns 8 percent of them, but because the Americans own 85 percent,” Biden said.

“Very sincerely, I want to make clear that you have nothing to worry about in terms of their -- their viability,” he added.  

Wen directly acknowledged the U.S. debt crisis and recent brinkmanship over an effort to raise the debt ceiling, but expressed confidence the U.S. would overcome the “difficulties.”

“It’s particularly important that you sent a very clear message to the Chinese public that the United States will keep its word or -- and its obligations with regard to its government debt,” Wen said. “It will preserve the safety, liquidity and value of U.S. treasuries.”

Earlier this month China’s state-run Xinhua News Agency issued a scathing response to the S&P credit downgrade, chastising the U.S. and further rattling investors’ nerves.

“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” the wire service said. “China…has every right now to demand the United States to address its structural debt problems and ensure the safety of China’s dollar assets.”

Biden is visiting China as part of a week-long mission to East Asia. He heads next to Mongolia and Japan.  

Copyright 2011 ABC News Radio


Vice President Biden to Unemployed Americans: "Hang in There" 

Photo Courtesy - ABC News(WASHINGTON) -- Vice President Joe Biden said in an interview with Yahoo! News that while the economy is starting to grow he understands it is still painful for the millions of Americans looking for work.

“The message is hang in there,” he said. “Things are coming back.”

Asked in a user-submitted question what the best “nonpolitical” thing someone can do to help turn around the economy, the vice president noted that Americans can be more conscious about their energy consumption, but then said they can also be more aware of their own physical health and well being.

“One of the major drivers of the deficit and the cost are health care costs, particularly as it relates to Medicare and Medicaid,” he said. “So one of the ways to impact…on the federal debt, on economic growth, on the cost of maintaining health care in America is don't smoke, eat healthy, do not consume junk foods.”

Copyright 2011 ABC News Radio

ABC News Radio