The Past President's Club

Jeff Jacoby compares the financial doings of several past presidents, and how things have changed since Harry Truman left office. Given the recent news of the $40 million in earnings that Bill Clinton has made in 6 years, it's almost hard to believe Harry Truman's story:

WHEN HARRY Truman left the White House in 1953, historian David McCullough records, "he had no income or support of any kind from the federal government other than his Army pension of $112.56 a month. He was provided with no government funds for secretarial help or office space, not a penny of expense money." To tide him over for the transition back to private life, Truman had to take out a bank loan. One of the reasons he and his wife moved back into their far-from-elegant old house in Independence, Mo., "was that financially they had little other choice."

Nevertheless, Truman refused to cash in on his celebrity and influence as a former president. He turned down lucrative offers, such as the one from a Florida real estate developer inviting him to become "chairman, officer, or stockholder, at a figure of not less than $100,000." He wouldn't make commercial endorsements, accept "consulting" fees, or engage in lobbying. He wouldn't even take the free car that Toyota offered him as a gesture of improved Japanese-American relations.

"I could never lend myself to any transaction, however respectable," Truman later wrote, "that would commercialize on the prestige and dignity of the office of the presidency." He did sell the rights to his memoirs for a handsome sum to Life magazine. But he turned down every other enticement to trade on his former position for private gain.

Half a century later, Truman's rectitude seems as quaint and obsolete as George Washington's wooden teeth.

Needless to say, no former presidents since Truman have had to live in such austerity. You can read the rest of it here.