According to one expert in social media, former President Barack Obama and his wife Michelle are going to stay in the upper 1% of financial society for a long time to come, earning more fore their speeches than even those rapacious speechmakers, Bill and Hillary Clinton.
Peter Shankman, founder and CEO of social media, advertising and marketing and PR technique firm The Geek Factory, represents high-profile clients such as Walt Disney World, American Express, and the U.S. Department of Defense. He told Fox Business, “No doubt [former President Obama’s] first speech could easily [command] $250k at minimum. Michelle will also see numbers around [$250K per speech] for the first year as well. Those fees probably won't drop anytime soon, when you stop and think about it, especially if Obama continues to be vocal, as he [has] said he would.”
Fox Business noted that Bill Clinton was making slightly under $250K per speech in 2011, according to Hillary Clinton’s filings for the calendar year; his wife made roughly $235K a speech. They earned $153 million combined for speeches in the time between 2001 and Hillary Clinton’s presidential campaign.
The fees for speaking will be just the tip of the iceberg for the former president and his wife. Obama’s three prior books, Dreams From My Father, The Audacity of Hope and Of Thee I Sing have earned him over $10 million; The New York Times reported last September that the Obamas could “sign post-presidency book contracts for what literary agents and major publishers say could amount to $20 million to $45 million — more than enough to pay the estimated $22,000 monthly rent for the nine-bedroom home they will occupy in the Kalorama neighborhood of Washington and foot the bill for flights on private jets.”
The fees for speaking will be just the tip of the iceberg for the former president and his wife.
There’s good news and bad news regarding the Obamas’ imminent bonanza: the bad news is that a failed president can reap enormous benefits just from having served as president.
The good news is that Barack Obama once said, "I think when you spread the wealth around it's good for everybody." So with the huge fees he is going to make, we can all expect some checks soon, right?