The Poorest US Presidents: How Wealthy Were They in Today's Standards?

With the current occupant of the White House facing numerous financial controversies, one can't help but wonder how broke he truly is. According to investigative reporter Greg Palast, the president is deeply in debt. But what about the historical context? Who were the poorest POTUS in US history, and how would their wealth translate to today's standards?

Barack Obama: Modern Financial Debts

That would be our current occupant of the White House. While the specifics of his financial situation are complex, investigative reporter Greg Palast believes he is in debt up to his ears. This raises the question: how broke is he, and where does he stand in the history of the POTUS in terms of wealth?

Harry Truman: A Modest Life

In modern times, Harry Truman was likely the poorest president. When Truman was elected in 1945, he was a failed businessman. He had entered politics through the Kansas City political machine but remained personally honest. By the time he left the presidency in 1953, Truman and his wife, Bess, returned to their modest home in Independence, Missouri. They lived off his Army pension and wrote books, but received no business deals or large speaking fees.

Based on historical records, Truman's net worth in today's terms would likely be the equivalent of $200,000, mainly in their home. While book royalties may have contributed to his financial situation later in life, his assets upon leaving the White House were predominantly modest. He and his wife lived a middle class lifestyle.

Calvin Coolidge: Low Wealth Background

Another contender for the title of poorest president is Calvin Coolidge. During the early stages of his career, Coolidge was a relatively poor man. He faced financial challenges and had modest means throughout his political career. While the exact details of his wealth are not well-documented, his background suggests he likely had limited personal wealth.

Richard Nixon: The Last Non-Millionaire

The most recent elected president who was not personally a millionaire before taking office was Richard Nixon. Nixon was elected before the significant inflation of the 1970s, which his policies and those of his immediate successors contributed to. After losing the governorship of California, Nixon purchased a modest house in Manhattan, which would be worth more than Barack Obama’s multi-million dollar home in Chicago today.

Conclusion

The wealth of US presidents has varied widely throughout history. While some, like Harry Truman, lived modestly, others had significant personal wealth. Understanding the context of each president's financial situation can provide insights into the challenges they faced and the public's perception of them.