Book Sales Bring Wealth to Celebrity Candidates

Sens. Hillary Clinton and Barack Obama have released their tax returns. The tax returns show that these candidates far outshine the typical working person when it comes to making money. The median income for a family of three in New York is $64,673. In 2006, the Clintons reported income of $20.4 million. This means that they earned 315 times more than the typical New York family. Thus, it does take a village--to equal the Clintons' earning capacity. The Obama family brought in a more modest $1.6 million during 2005 (and a trifling $983,826 during 2006). The Obama family income during their peak year was only 20 times more than the median income for an Illinois family of four. Thus, the Obamas only earned as much as a small residential street rather than a whole village.

The interesting thing about the Clinton and Obama earnings is its source. The presidential candidates did not rake in the big bucks from real estate or the stock market or wages. Instead, they cashed in on speaking engagements (for Bill Clinton) and book income (for Bill, Hillary and Barack). Over seven years, Bill Clinton earned $51.85 million from speaking engagements. During the same time, he received $29.6 million from two books and Hillary received $10.5 million from one of her books. (This did not include income from "It Takes A Village" which was donated to charity). Sen. Obama brought in about $1.7 million from his book, "The Audacity of Hope" during 2005 and 2006.

What is it about presidents and presidential candidates that allows them to earn so much money from speaking and writing? Is their intellect so formidable that an appreciative nation is willing to pay heavily for their insights? Are their books so brilliant that they outsell works by academics, clerics and unsung activists? I am going to go out on a limb here and say no. A book by Barack Obama, social activist from Chicago, would still have been interesting, but would not have attracted the same attention as a book from a rock star Senator. A book by Hillary Clinton, the corporate lawyer from Arkansas, would likely have remained obscure.

So what is happening here? Why are these politicians able to turn their books into substantial personal wealth? I think that part of the answer lies in the cult of celebrity. We want our leaders to do more than simply deliver competent governance; we them to excite us. Thus, some politicians are able to brand themselves as celebrities. Once they become celebrities, they can sell books which will make a lot of money. Of course, the books focus more attention on them which increases their celebrity and the ability to make more money still. The books may be brilliant, but that is secondary. What people are buying is the excitement. Thus, an exciting leader has the ability to cash in and become a wealthy one as well.