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POLITICS: White House

Say it ain't so, Joe: Biden claims he has no savings account, owns no stock (but his salary and benefits are pretty good!)

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Beltway Confidential,Opinion,White House,Vice President,Finance and Banking,Joe Biden,Becket Adams

Vice President Joe Biden said Monday he empathizes with the plight of working families, adding in a speech at the White House that he has no savings accounts and owns no stock.

“You know, you’re going to get to discuss all of these things today and more,” Biden said, “but if you excuse, as we used to say in the Senate a point of personal privilege, I can speak a little bit from my own experience.”

Biden continued, highlighting his “mildly expensive” suit and the fact that he supposedly owns no stock and has no savings account.

“But I got a great pension and I get a good salary,” Biden said to applause.

He eventually made his point: Although he has it pretty good right now, he knows from his experiences back in Pennsylvania just how tough things can be for American families.

But there are two things that should immediately be noted about the vice president’s claims.

First, as he suggested, he may be one of the poorest members of Congress, but he's definitely not hurting. As BuzzFeed reports:

When he joined the Obama ticket in 2008, Biden was the poorest senator (though, as PolitiFact reported at the time, poorest senator is still far wealthier than the average American.) In this year’s White House financial disclosure, Biden listed assets “valued at $276,000 to $940,000, including a rental property owned jointly with his wife, Jill,” according to USA Today. President Obama’s assets were “valued at about $2 million to $7 million.”

Second, Joe Biden definitely owns a savings account, contrary to what he told working families on Monday (courtesy TIME's Zeke Miller):

VP Certified 278 Cy2013

True, Biden only has between $1,001 and $15,000 in his savings. But that’s not quite the same as not having an account, is it?
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