President Obama in Danger of Falling Out of the One Percent

U.S. President Barack Obama speaks on the economy at Florida Atlantic University on April 10, 2012 in Boca Raton, Florida. The President made the case for the Buffet Rule, a principle for fairness that ensures that millionaires pay at least the same effective tax rate as middle class families pay
Reaching Joe Biden levels of poverty. Photo: Marc Serota/Getty Images

President Obama can still count himself as a member of the "One Percent," but for how much longer? The Obamas took in a measly $789,674 in income in 2011, according to tax returns released by the White House today — down sharply from the $1,728,096 they reported in 2010 and a far cry from the $5,505,409 they earned 2009. At this rate, President Obama will finish the decade in a state of virtual penury, begging on the street next to a sign that says "Will Orate for Food." Or, he could write another book, on anything. Barack Obama's Guide to Birdwatching would probably bring in $3-4 million.