He told his friends he would take the chance.Īfter graduating from law school, Biden bet on himself, borrowing money from the bank that financed the cars his father sold to start his own firm in downtown Wilmington, Delaware. Which would you take?” The answer was clear for Biden. Or you could take a job at half the salary, no guarantees, but there would be no limit to the money you could make. As a student at the University of Delaware in the early 1960s, asked his friends a question: “You guys could be guaranteed-upon graduation-a job at the DuPont company, with a nice starting salary and a job for life, but you would never make more than $40,000 a year (some $350,000 today). Nonetheless, Joe Biden wasn’t interested in a safe career path. His father tried out a number of businesses but they all failed, and the family fell on hard times. Trump Joe Biden may be wealthy compared to the average American, but his fortune still pales in comparison to his predecessor.īiden’s grandfather was an executive with American Oil. So don’t be surprised if the national debt keeps soaring.īiden Vs. Both are people who don’t mind taking on debt and enjoy spending freely. A detailed look at his personal finances suggest that he and Trump have something in common, however. He has already passed a $1.9 trillion Covid relief bill and just suggested a $6 trillion budget. He seems determined to give money to the middle class rather than the wealthy. And he didn’t-deficits ballooned 68% even before the pandemic, largely thanks to a massive tax cut that benefitted rich people and corporations.īiden’s priorities are different. Donald Trump may have come from a party that prides itself on fiscal conservatism, but anyone with a cursory understanding of his financial history-with huge debts financing lavish developments, many of which failed-could have told you at the outset that he wasn’t the sort of guy who would be likely to watch the national budget carefully. You can learn a lot about how a president might manage the country’s finances by how they have handled their own. The White House did not respond to multiple requests for comment about Joe Biden’s money.
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