Recently, the White House released the financial disclosure forms for President Barack Obama and Vice President Joe Biden. The form shows that large portion of the President’s wealth is seated in Federal debt.
CNN’s White House blog reported, “The President and first lady Michelle Obama had assets valued between $2.8 million and $11.8 million in 2010. And between $2 million and $10 million of their assets are invested in super-safe U.S. Treasury securities, according to the disclosure form. That’s up from $1.5 million to $6 million reported invested in Treasury notes and bills in 2009.”
Because the form uses broad ranges to report the President’s income (a result of each asset being reported individually), it is impossible to tell exactly how much the President is profiting from the United States’ debt.
The President and first lady, however, are not in debt.
The forms are a requirement of the Ethics in Government Act of 1978, which requires Federal officials in the upper echelons to publicly disclose their personal financial interests, to prevent conflicts of interest.