REPORT: Obamas Could Be Raking in Close to $50 Million After Leaving D.C.
Let's face it, no President, aside from maybe George Washington or some other early Founding Fathers, has left the presidency a pauper. Despite what Democratic presidential candidate Hillary Clinton would have you believe, former U.S. presidents are well-situated to make a lot of money fast after they leave the White House.
For the Obamas, the case will be no different.
The New York Times interviewed several different publishers on the possible amounts that President Barack Obama's memoir and First Lady Michelle Obama's memoir could net in book deals. The amount that many publishers gave out listed the potential at $45 million--and that's not including any speaking fees or book tours.
Barack Obama has already proven that he can approach a literary audience with his first memoir "Dreams From My Father." A post-White House memoir, however, would appeal to many more Americans, especially those who have felt that he did a commendable job during his presidency.
A combined book written by Michelle and Barack, or Michelle's own memoir, could also be profitable. Book publishers who spoke with the Times estimated that Michelle Obama's memoir would be highly profitable, more so than any other First Lady in history.
It hurts to say it, but the Obamas need the cash with the way they have their lifestyle planned out. They're renting a Washington, D.C. mansion for $22,000 a month to stay near the action and likely keep tabs on things. There's also a high probability that they'd finally go and purchase that getaway in Martha's Vineyard that they've always wanted.
It's a little sickening that Americans stand for this. We let these presidents leave office and then become millionaires for talking about what they did and how they did it. We should put them back to work, make them lowly ambassadors or something useful for a change.
Instead we let them feed us selectively edited snippets from their time in office. Oh, goody.
h/t: The Hill