July 8, 2011 •
Highlighted Site Of The Week – All The Presidents’ Money
Did you know that 13 Presidents of the United States experienced debt problems? It is very easy to believe that once someone ascends to the post of President of the United States that they will never have to worry about their finances ever again, but this is not always the case. Some presidents-such as John F. Kennedy who was worth the equivalent of a billion dollars today-were born into money, but others like Bill Clinton were born poor and earned a modest income before becoming the leader of America.
This week’s Highlighted Site Of The Week, All The Presidents’ Money, shows both the amount of wealth each U.S. President possessed as well as the public debt that existed at the beginning and end of their presidency, each adjusted for inflation.
On this site you can see how the public debt has fluctuated, beginning at the equivalent of $939.8 million at the birth of America under George Washington, hitting its lowest point of the equivalent of $6.3 million under Andrew Jackson, and consistently creeping upward until it surpassed the equivalent of $1 trillion during WWII, and hitting its current mark of a record $14.1 trillion.
It might come as a surprise to some to see the actual worth of each president as opposed to grouping all U.S. Presidents into the category of wealthy elitists (although many would most certainly fit into that category). Nine presidents, including Abraham Lincoln, were worth less than the equivalent of $1 million. This chart also provides some facts relating to the personal finances of the Presidents such that Herbert Hoover donated his presidential salary to charity and that John Tyler inherited a 1,000 acre tobacco plantation, but eventually died in debt because of the Civil War.
With the current budget and national debt debates going on today, its fun to see how the debt has developed throughout American history.
Everyone have a great weekend!
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