Where does the money come from?

My article about the five homes owned and/or leased by President Obama produced some backlash.  Some people quickly rose to defend Obama.  My article was really a question, ‘How can they afford all of these homes’?  It seemed to me like a reasonable question.

One assertion was that there was no basis of fact to support the article.  Another was that Barack has/had income from book royalties.  Yet another challenged my Christianity for daring to publish the article.  It pricked my curiosity.  I checked the income of the Obamas.  The 2015 tax returns provided by the Obamas show a gross income of just under $450,000.00, with a net income of about $436,000.00.  That is obviously their total income, since it is their actual tax return.

So, I would ask,. “How does this add up”?

The mortgage payment on $20 million dollars worth of real estate, with a 20% down payment is over $200,000 per year. A quick look at real estate taxes would show that the annual bill on these homes could easily be another $200,000.00. Insurance and maintenance will add another $210,000.00.  Let’s not even consider utilities, decorating and absentee supervision and security.

That ads up to a whopping $610,000.00 per year.  One could reasonably assume that the Obamas would be responsible for an amount equal to the hard cost, whether rent or mortgage payment.  On a $450,000.00 income, that doesn’t leave much for college costs and groceries.  Am I the only one who wonders where the money comes from?  Maybe someone can provide me/us with factual information that clears up the confusion.  It would appear that the President must be managing his personal finances the same way he has been running the country.

Spending exceeds income.

 

***Gordon Howie is an author and CEO of Life and Liberty Media***

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