How to get rich by running for president
The year 2008 was great for Mike Huckabee—but not as a politician. The former Arkansas governor bailed out of the presidential race in March of that year after losing steam in the early primary elections. But simply running for president elevated Huckabee to the status of celebrity, while helping him build a devoted following among southern and Midwestern evangelicals. Huckabee has since converted the renown that comes with running for national office into a business enterprise that has made him wealthy, with a palatial beachfront home, access to private jets and other perks of the 1%.
Huckabee is running for president again, of course, which makes him one of perhaps 12 or 15 candidates likely to enjoy free media attention and additional publicity funded by donors—even though polls show they have virtually no chance of winning. The presence of so many obscure candidates in the 2016 race—Jim Gilmore, Lincoln Chafee, James Webb, George Pataki, and so on—prompts an obvious question: Why are they running? Huckabee’s experience suggests one answer: Because running for president can be a highly lucrative form of work.
No serious candidate* will admit to running for president purely as a self-promotional stunt. Some may be trying to gain exposure for a more serious run for office in the future. Others may be using a run to promote their companies or personal brands, like Steve Forbes in 1996 and 2000 and Donald Trump now. And many candidates no doubt feel they have a serious message to convey to voters, while perhaps also angling for a Cabinet position, ambassadorship, or other plum job if their party’s nominee ends up winning the White House. “You can emerge from the campaign as a power broker, as somebody influential with the media and with lobbyists,” says Julian Zelizer of Princeton University’s Center for the Study of Democratic Politics. “I’m sure that’s on the mind of some of these candidates.”
Still, savvy candidates can nonetheless parlay the fame that comes from televised debates, a decent showing in a couple of early primaries, and wall-to-wall media coverage into a juicy 7- or 8-figure income. Huckabee serves as a good case study of the business of running for president because his financial disclosures represent an instructive before-and-after story. Huckabee was Arkansas governor for 12 years, from 1996 to 2007, living for most of that time on a modest salary of around $70,000. He announced his first run for president almost immediately after leaving the governor’s office, in January 2007, when he also started giving paid speeches and accepting other business offers fitting an ex-governor.
At the time, Huckabee was comfortable but far from rich. On the 2007 disclosure form he filed (required for all presidential candidates), Huckabee listed business income of about $325,000, including his governor’s salary, book royalties and a one-time consulting fee of $40,000. He also earned speaking fees of nearly $140,000 during the 15 months prior to filing the 2007 disclosure form, most of it in the first quarter of 2007. Overall, his annual income back then was close to $400,000.
That was pretty good, but life was about to get much better for "Huck," as he's known. After dropping out of the 2008 race, he scored a Fox News TV show and a national radio program. Huckabee had written several books before running for president, but the books he’s written since then have sold much better, including his 2015 bestseller "God, Guns, Grits & Gravy."Huckabee now earns two to three times as much for giving a speech -- and he gives a lot more of them. He also runs a group of companies called Blue Diamond that handle his travel, publishing ventures and other lines of business, with his wife Janet on the payroll of at least one of them....
I just love how Yahoo! states that Huckabee was 'far from rich' whilst earning $400,000 a year. Which is about 1400% more than the US' individual median. But evidently...still...not enough.
There’s nothing inherently wrong with cashing in on fame, as countless other Americans have done in just about every industry. Huckabee, for his part, is an entrepreneurial character with a folksy personality that makes him popular in broad patches of middle America. Santorum has gravitated away from a traditional revolving-door career and found a way to make a living that's more in line with the conservative social values he espouses as a candidate. Both are capitalizing on opportunity in ways many other Americans would if they could.
Besides, Huckabee and Santorum are serfs compared with some other prominent candidates. Democrat Hillary Clinton typically earns at least $225,000 per paid speech, and she pulled in nearly $12 million in speaking fees in the 15 months ended March 31 of this year. Her husband Bill, the former president, earns even more....
The best thing about the business of running for president is that other people typically pay for it. A few superrich candidates fund their own campaigns—as Donald Trump is doing, and Steve Forbes and Ross Perot did before him—but most candidates spend only what they’re able to raise from donors. Huckabee raised about $16 million when he ran in 2008. All of it came from donors, meaning none of his campaign spending was self-financed. But Huckabee’s haul was a tiny fraction of what party nominees John McCain and Barack Obama raised, which limited his staying power in the primary races.
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Huckabee, who now resides in Florida, has reportedly developed a taste for the good life, prompting controversy over whether he’s duping donors into funding what is basically a private venture that principally benefits himself and his family. But Zelizer of Princeton says most donors know what they’re paying for when they help fund a low-probability candidate. “Some of these donors may be gullible, but I think they’re making other bets,” says Zelizer. “Maybe they’re able to walk into the room with a power broker.” There are worse ways to spend money, if you've got a lot to spend.
There's the problem, right there. We're talking about someone making a high six-figure income as if he were working poor, and the same person making millions as a relative 'serf'. And the billionaires above that level, well of course it's all monopoly-money, play-money if you will. And inevitably, someone with that much spare cash, will play with it. Why the fuck not ? You could never spend it it in your lifetime, you've already got trusts set up for your children & grandchildren; What else are you going to do with the excess cash ? Burn it in a giant bonfire for kicks & giggles ?
The best economic arguments for more progressive taxation are fiscal ones, but above and beyond that, closer and closer concentration of wealth, is inherently toxic to democracy.** The US has at this point passed the boundary from 'nominal democracy' to outright plutocracy. And the tone of this article suggests that the media at any rate, are still in total denial about that fact, so removed from ordinary economic realities as they would seem to be. Eight decades ago, even the more radical right-wing American politicians saw the dangers of continuing inequality, the threat of outright revolution if they couldn't contain the rot. Today, we're leaving the former gilded age behind, and entering uncharted territory. Whatever happens next, like as not, won't be pretty.
* Huckabee is a serious candidate ?
** Especially when idiots in the Supreme Court decide, à la Citizens United, that somehow money and free speech are one and the same, and that there should be no upper limits or restrictions on expenditure to buy elections.
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