The news is full of notes and snide comments about Mitt Romney’s upsizing to a new summer home four times the size of his previous home. But it doesn’t really open up any questions. We know Romney is rich, super-rich. He has never kept his sources of wealth a secret. We know he has made a business of acquiring businesses, firing their workers and selling off assets. Mitt like many of the SuperRich make their millions by intentionally selling off, and selling out, America. Mitt’s Daddy, George, unlike son, actually built things in America and made money doing so, and left Mitt a pile. So we know how Mitt became a millionaire.
We do know that Barack Obama and wife have a tidy 12 million dollar estate. Not anything in comparison with Mitt but it makes one wonder how did the Obamas become millionaires?
Mr. Obama makes $ 200,000 a year as President and Mrs. Obama has not worked since 2007. How did they become millionaires?
Prior to becoming a candidate for President, he was a U.S. Senator making about $ 160,000 and she was legal counsel for a NONPROFIT hospital at about the same income as her husband. Say, they made $ 300,000 annually between them, how did they become millionaires?
Before joining the U.S. Senate, he was a State Senator at $ 65,000 a year. He also taught part-time in a law school for $ 60,000 – 80,000.
And before being facilitated into state office over virtually token opposition, Barack Obama was a community organizer. Community organizing is not a profitable profession.
Although well-paid, the Obamas never moved their annual income above that of a typical middle income professional couple. There are thousands of similarly situated couples who do not have estates of $ 12 million. How did they translate comfortable incomes into black ink on an assets sheet?
It may be claimed that Barack Obama, unlike most upwardly mobile forty-somethings wrote two autobiographies before the age of 50. Setting aside the obvious hubris of a man who writes an autobiography in his forties, much less two, these enterprises could accrue a nice nest egg but still nothing like 12 million.
Husband and wife, both of whom worked in the nonprofit, public service sectors, made enough to purchase a $ 2 million home while he was but a part-time worker. How does one do this? The Dissenting Democrat has listened to the plight of members of the Minnesota Legislature whose devotion to public service, with corresponding lower incomes and limited prospects, has rendered them unable to get a mortgage on a 300,000 dollar home. How did this couple of part-time and nonprofit employment swing a 2 million dollar mortgage?
How did the President and First Lady without known sources of income capable of accruing millions become millionaires?
[NOTE: As noted in the Comments, the President’s salary is $ 400,000 a year, not $ 200,000. However, it still does not explain the acquisition of a $ 12 MILLION estate]