Former U.S. President Joe Biden is experiencing tough days after leaving office. He has faced revelations about concealing cognitive decline and health deterioration during his presidency, which has put his term in jeopardy amid controversy, and fundraising for the library construction is also going poorly.
On the 24th (local time), The Wall Street Journal (WSJ) reported, "Democratic donors believe Biden has failed to keep his promise to serve as a bridge for the next generation of leadership after winning the 2020 election, making them reluctant to easily open their wallets for library construction and other projects."
When Biden left office in January, he had planned to pursue building a presidential library named after himself, as predecessors have done, and to write memoirs and embark on a speaking tour. However, with the controversy over his presidency escalating alongside his battle with advanced prostate cancer, fundraising has proven challenging.
A source told the WSJ, "Typically, donors expect to meet a former president at least a few years after leaving office, but Biden's illness might shorten that period significantly, reducing the likelihood of sponsorship."
Other revenue activities are also not going well. According to the WSJ, former President Biden's speaking fees range from $300,000 to $500,000, which is lower than that of former President Barack Obama. Furthermore, some corporations and organizations are hesitant to invite Biden, deemed a "political rival," for fear of political retaliation from President Donald Trump.
Amid this, former President Biden is under pressure to quickly secure wealth to leave for his grandchildren. Biden's eldest son passed away from a brain tumor at the age of 46 in 2015, and his younger son Hunter, who has been embroiled in various controversies including "substance abuse," has five children but lacks a stable job.
Biden's situation stands in stark contrast to Trump, who secured a substantial portion of the library construction expense in his first year in office. The inauguration committee successfully raised record amounts, and Meta and ABC News agreed to cease litigation with Trump and donate settlement funds for library construction. Moreover, Trump and his family are accumulating significant wealth through virtual currency and overseas investment projects despite controversies over conflicts of interest.