Tags: Marco Rubio | Marco Rubio | finance

WaPo: Rubio's Financial Situation Similar to Most Americans'

By    |   Thursday, 11 Jun 2015 06:23 PM

The financial struggles reportedly tied to Florida Sen. Marco Rubio make him a typical American in many ways, according to a report.

The Washington Post breaks down some of the reports detailing Rubio's finances and concludes his situation is not unlike many Americans'.

A New York Times story
posted earlier this week discussed Rubio's spending and saving habits, which include a lot of debt, the purchase of a boat, and cashing out retirement accounts early.

As the Post notes, however, Rubio's habits are generally in line with the national average. He is in the bottom 90 percent of homes in terms of overall wealth, and his saving habits — most homes in that 90 percent group save almost nothing every year — put him in the average.

Rubio's decision to cash out a retirement account to reportedly buy a refrigerator and help pay his children's private school tuition is a choice that many Americans make every year, despite the financial risks associated with it.

Making matters more complicated, reports the Post, is the fact that Rubio's income has fluctuated from year to year. He earned $800,000 for a book advance in 2012, for example, but last year made $174,000 from his Senate salary and another $52,000 from book royalties and his job as a college professor.

In the past, he didn't make a whole lot as state senator in Florida but then saw his income increase when he worked at a law firm.

A report last month claimed more than 8 percent of working-age people with retirement accounts made at least one withdrawal between 2004 and 2005.

Many people have mocked the Times story criticizing Rubio, from Twitter users to comedian Jon Stewart.

The Times also came out with a piece detailing the driving habits of Rubio and his wife, Jeanette.

The situation resulted in CNN's Jake Tapper comparing the Times to a political campaign:

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The financial struggles reportedly tied to Florida Sen. Marco Rubio make him a typical American in many ways, according to a report.The Washington Post breaks down some of the reports detailing Rubio's finances and concludes his situation is not unlike many Americans'.
Marco Rubio, finance
360
2015-23-11
Thursday, 11 Jun 2015 06:23 PM
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