Despite the perks of holding government office, some of America's esteemed elected officials
Despite the perks of holding government office, some of America's esteemed elected officials

have covered themselves in far more debt than they have glory. From Founding Fathers to
have covered themselves in far more debt than they have glory. From Founding Fathers to

lowly congressmen, these U.S. politicians have had the misfortune of losing all of their
lowly congressmen, these U.S. politicians have had the misfortune of losing all of their

money.
money.

Thomas Jefferson served the United States before it even became a country. He wrote
Thomas Jefferson served the United States before it even became a country. He wrote

the Declaration of Independence, was the second Vice-President in history, and then the third
the Declaration of Independence, was the second Vice-President in history, and then the third

President. He commissioned the Lewis and Clark Expedition, doubled the nation's size with
President. He commissioned the Lewis and Clark Expedition, doubled the nation's size with

the Louisiana Purchase, and ended the pirate threat in the Mediterranean. It would be difficult
the Louisiana Purchase, and ended the pirate threat in the Mediterranean. It would be difficult

to understate the importance of Jefferson to American history.
to understate the importance of Jefferson to American history.

So how did such an accomplished man end up as the country's most financially challenged
So how did such an accomplished man end up as the country's most financially challenged

Founding Father? It seems that he did the exact same thing millions of Americans do
Founding Father? It seems that he did the exact same thing millions of Americans do

today — he spent more than he had. Jefferson lived far beyond his means, and according
today — he spent more than he had. Jefferson lived far beyond his means, and according

to The Thomas Jefferson Foundation, the former President may have lived his entire adult
to The Thomas Jefferson Foundation, the former President may have lived his entire adult

life in debt.
life in debt.

In fairness, Jefferson did inherit a huge debt from his father-in-law early in his marriage,
In fairness, Jefferson did inherit a huge debt from his father-in-law early in his marriage,

but the main reason seems to be that Jefferson was a world class impulse buyer. The third
but the main reason seems to be that Jefferson was a world class impulse buyer. The third

U.S. President was known for spending amounts of money on building projects, furnishings,
U.S. President was known for spending amounts of money on building projects, furnishings,

clothes, scientific instruments, and wine.
clothes, scientific instruments, and wine.

"So they were rather heavy wines, and overly sweet."
"So they were rather heavy wines, and overly sweet."

A truly American President, Jefferson just liked to buy more than he could afford.
A truly American President, Jefferson just liked to buy more than he could afford.

Like most American Presidents of the time, Abraham Lincoln was a man of many talents.
Like most American Presidents of the time, Abraham Lincoln was a man of many talents.

He was a lawyer, wrestler, state politician, and the first Republican President. Lincoln
He was a lawyer, wrestler, state politician, and the first Republican President. Lincoln

also ushered in the end of the Civil War, so it's safe to say that he's kind of a big
also ushered in the end of the Civil War, so it's safe to say that he's kind of a big

deal. It wouldn't be strictly accurate to say Lincoln went broke, more like he continued
deal. It wouldn't be strictly accurate to say Lincoln went broke, more like he continued

in that state until achieving certain successes in politics. Born into poverty in that famous
in that state until achieving certain successes in politics. Born into poverty in that famous

log cabin, his mother died when he was 9, and he literally worked barefoot in the fields
log cabin, his mother died when he was 9, and he literally worked barefoot in the fields

alongside his father and sister. Lincoln's origins were the definition of humble.
alongside his father and sister. Lincoln's origins were the definition of humble.

When he was 24 years old, Lincoln and a friend bought a general store in Illinois. Lincoln
When he was 24 years old, Lincoln and a friend bought a general store in Illinois. Lincoln

didn't have the money, signing a promissory note to the previous owners instead. Unfortunately,
didn't have the money, signing a promissory note to the previous owners instead. Unfortunately,

Lincoln and his friend were competing against a larger store in town. As a result, Lincoln's
Lincoln and his friend were competing against a larger store in town. As a result, Lincoln's

store did little to no business.
store did little to no business.

When the deadline on his note came due, Lincoln couldn't pay it. As a result, all of his possessions
When the deadline on his note came due, Lincoln couldn't pay it. As a result, all of his possessions

were confiscated. To make matters worse, his business partner died and died broke. Honest
were confiscated. To make matters worse, his business partner died and died broke. Honest

Abe assumed his half of the debt, and it took the future emancipator many years to pay it
Abe assumed his half of the debt, and it took the future emancipator many years to pay it

off in full.
off in full.

William McKinley was the 25th President and the first of the 20th century. He swiftly
William McKinley was the 25th President and the first of the 20th century. He swiftly

and successfully led the nation through the Spanish-American War, annexed the Republic
and successfully led the nation through the Spanish-American War, annexed the Republic

of Hawaii as a new American territory, and officially backed the dollar with gold. McKinley
of Hawaii as a new American territory, and officially backed the dollar with gold. McKinley

was also the third American President to be assassinated, although he was a pretty popular
was also the third American President to be assassinated, although he was a pretty popular

President who won reelection in a landslide.
President who won reelection in a landslide.

Although his family did well enough to send him to a good college, McKinley wasn't born
Although his family did well enough to send him to a good college, McKinley wasn't born

wealthy. He became wealthy with a busy legal career, which boosted his profile. McKinley's
wealthy. He became wealthy with a busy legal career, which boosted his profile. McKinley's

law career also made it easy for him to enter Congress, where he was very popular with the
law career also made it easy for him to enter Congress, where he was very popular with the

voters. Ironically, congressman McKinely would earn half as much as he did when he was a
voters. Ironically, congressman McKinely would earn half as much as he did when he was a

practicing lawyer.
practicing lawyer.

Years earlier, McKinley had cosigned on a debt for a friend that got him into financial
Years earlier, McKinley had cosigned on a debt for a friend that got him into financial

trouble after the friend went bankrupt. McKinley ended up in debt to the tune of $3 million
trouble after the friend went bankrupt. McKinley ended up in debt to the tune of $3 million

in today's dollars. As a result McKinley was forced to declare bankruptcy himself, while
in today's dollars. As a result McKinley was forced to declare bankruptcy himself, while

serving as the governor of Ohio. However, says the University of Virginia's Miller Center,
serving as the governor of Ohio. However, says the University of Virginia's Miller Center,

McKinley gained widespread public sympathy when his financial fortunes suffered. As a
McKinley gained widespread public sympathy when his financial fortunes suffered. As a

result, McKinley won favor with Ohio's voters, and was ultimately returned to the governor's
result, McKinley won favor with Ohio's voters, and was ultimately returned to the governor's

office.
office.

George McGovern was an accomplished man. He was a U.S. senator, U.S. representative, World
George McGovern was an accomplished man. He was a U.S. senator, U.S. representative, World

War II veteran, and historian. He flew bombing raids over Germany during World War II, earning
War II veteran, and historian. He flew bombing raids over Germany during World War II, earning

the Distinguished Flying Cross for heroism, and in his very first year in the senate,
the Distinguished Flying Cross for heroism, and in his very first year in the senate,

became the first congressman to criticize America's involvement in Vietnam.
became the first congressman to criticize America's involvement in Vietnam.

"Peace not war."
"Peace not war."

As his 2012 obituary in the Christian Science Monitor summarized, McGovern was, quote, "A
As his 2012 obituary in the Christian Science Monitor summarized, McGovern was, quote, "A

war hero who fought for peace." Unfortunately, McGovern is best known as being on the receiving
war hero who fought for peace." Unfortunately, McGovern is best known as being on the receiving

end of one of the worst U.S. election defeats in history, losing every state except Massachusetts
end of one of the worst U.S. election defeats in history, losing every state except Massachusetts

to incumbent Richard Nixon in 1972. Of course, that's not all he would lose.
to incumbent Richard Nixon in 1972. Of course, that's not all he would lose.

"We will shed no tears because all of this effort, I am positive, will bear fruit for
"We will shed no tears because all of this effort, I am positive, will bear fruit for

years to come."
years to come."

After McGovern left politics, he bounced around the world giving lectures. He seemed to be
After McGovern left politics, he bounced around the world giving lectures. He seemed to be

finally settling down in the late 1980s, and in 1988, he went all in on a property in Stratford,
finally settling down in the late 1980s, and in 1988, he went all in on a property in Stratford,

Connecticut, writing later in The Wall Street Journal,
Connecticut, writing later in The Wall Street Journal,

"Hotels, inns and restaurants have always held a special fascination for me."
"Hotels, inns and restaurants have always held a special fascination for me."

Regrettably, the former Democratic presidential hopeful didn't understand how private business
Regrettably, the former Democratic presidential hopeful didn't understand how private business

worked and had to file for bankruptcy just a year and half later. Years later, as he
worked and had to file for bankruptcy just a year and half later. Years later, as he

reminisced about his time as a businessman, McGovern commented that he would've been a
reminisced about his time as a businessman, McGovern commented that he would've been a

better politician if he had gone broke first.
better politician if he had gone broke first.

In 1981, Tom McMillen founded the McMillen Communication Corporation, which manufactured
In 1981, Tom McMillen founded the McMillen Communication Corporation, which manufactured

beepers. It was the 1980s and pagers were everywhere. They were so ubiquitous that by
beepers. It was the 1980s and pagers were everywhere. They were so ubiquitous that by

the end of the decade Sir Mix-A-Lot's classic track "Beepers" became the number two rap
the end of the decade Sir Mix-A-Lot's classic track "Beepers" became the number two rap

song on the Billboard charts. By 1992, however, McMillen was a congressman running for reelection,
song on the Billboard charts. By 1992, however, McMillen was a congressman running for reelection,

and his company was going bankrupt.
and his company was going bankrupt.

In a classic case of the Streisand Effect, the congressman changed the name of his company
In a classic case of the Streisand Effect, the congressman changed the name of his company

to the Pager Communication Corporation. The Baltimore Sun noticed, writing,
to the Pager Communication Corporation. The Baltimore Sun noticed, writing,

"Several disgruntled investors have charged that the [...] last-minute name change was
"Several disgruntled investors have charged that the [...] last-minute name change was

designed to shield Mr. McMillen [...] from the potential political embarrassment of being
designed to shield Mr. McMillen [...] from the potential political embarrassment of being

closely associated with a failing business."
closely associated with a failing business."

Sadly, McMillen lost his bid for reelection that year. The hits kept coming, though, as
Sadly, McMillen lost his bid for reelection that year. The hits kept coming, though, as

federal agents seized financial records from one of McMillen's bankrupt firms. In reporting
federal agents seized financial records from one of McMillen's bankrupt firms. In reporting

the story, The Baltimore Sun noted:
the story, The Baltimore Sun noted:

"Since 1992, McMillen has become involved in numerous business ventures, often in risky,
"Since 1992, McMillen has become involved in numerous business ventures, often in risky,

start-up companies that have flopped or suffered other problems."
start-up companies that have flopped or suffered other problems."

Although no charges were filed, he did lose his position as chairman of President Bill
Although no charges were filed, he did lose his position as chairman of President Bill

Clinton's Council on Physical Fitness and Sports.
Clinton's Council on Physical Fitness and Sports.

One might think that a seat on the Financial Services Committee of the U.S. House of Representatives
One might think that a seat on the Financial Services Committee of the U.S. House of Representatives

would require a member to not be in debt to the very banks they'll be regulating. However,
would require a member to not be in debt to the very banks they'll be regulating. However,

that is not always the case, as was demonstrated by long-time Texas Democrat Ruben Hinojosa.
that is not always the case, as was demonstrated by long-time Texas Democrat Ruben Hinojosa.

Hinojosa sat on the committee when he filed for bankruptcy in 2010 after accruing nearly
Hinojosa sat on the committee when he filed for bankruptcy in 2010 after accruing nearly

$3 million in debt. The Huffington Post reported on the congressman's financial troubles, writing,
$3 million in debt. The Huffington Post reported on the congressman's financial troubles, writing,

"Hinojosa attributed his bankruptcy to a loan he secured to rescue [...] a slaughterhouse
"Hinojosa attributed his bankruptcy to a loan he secured to rescue [...] a slaughterhouse

founded by Hinojosa's father and uncle, after the company declared bankruptcy in 2008."
founded by Hinojosa's father and uncle, after the company declared bankruptcy in 2008."

Others were less kind in their speculations on the reasons for Hinojosa's financial ruins,
Others were less kind in their speculations on the reasons for Hinojosa's financial ruins,

including reckless spending on the congressman's part. In 2011, The Daily Caller published
including reckless spending on the congressman's part. In 2011, The Daily Caller published

this report:
this report:

"In the five months since filing for bankruptcy, Texas Rep. Ruben Hinojosa has spent about
"In the five months since filing for bankruptcy, Texas Rep. Ruben Hinojosa has spent about

$1,800 on clothes, $680 on cleaning service and given his children a total of $540 in
$1,800 on clothes, $680 on cleaning service and given his children a total of $540 in

allowance."
allowance."

Furthermore, Hinojosa's political opponents had even more reason to be happy, when it
Furthermore, Hinojosa's political opponents had even more reason to be happy, when it

was revealed that Hinojosa was among several members of congress who were forced to return
was revealed that Hinojosa was among several members of congress who were forced to return

gifts worth thousands of dollars. According to The Hill, the gifts were given to the congress
gifts worth thousands of dollars. According to The Hill, the gifts were given to the congress

members on a trip that the government of Azerbaijan had sponsored.
members on a trip that the government of Azerbaijan had sponsored.

Harry Truman desegregated the military, helped rebuild Europe after WWII, and dropped the
Harry Truman desegregated the military, helped rebuild Europe after WWII, and dropped the

only nuclear weapons ever used in war. Not bad for a guy who became President after being
only nuclear weapons ever used in war. Not bad for a guy who became President after being

Vice-President for less than three months. Truman was also perennially unlucky with money
Vice-President for less than three months. Truman was also perennially unlucky with money

and would go on to have the less-than-flattering title of America's poorest President.
and would go on to have the less-than-flattering title of America's poorest President.

The son of a farmer, Truman did not grow into wealth. At the age of 14, he began working
The son of a farmer, Truman did not grow into wealth. At the age of 14, he began working

at a drugstore. Truman also lived in hobo camps along the Missouri River so he could
at a drugstore. Truman also lived in hobo camps along the Missouri River so he could

work at a railroad after school. After serving overseas during World War I, Truman opened
work at a railroad after school. After serving overseas during World War I, Truman opened

a haberdashery with an army friend. However, Truman had to close the store within three
a haberdashery with an army friend. However, Truman had to close the store within three

years, and was deep in debt as a result.
years, and was deep in debt as a result.

"When you get to feeling too good about something you've done, watch out."
"When you get to feeling too good about something you've done, watch out."

In recalling the experience, Truman had this to say:
In recalling the experience, Truman had this to say:

"It was a hard experience for me at the age of 38, to fail in a business venture in which
"It was a hard experience for me at the age of 38, to fail in a business venture in which

I had spent considerable money and time."
I had spent considerable money and time."

Then he became President, and began earning $100,000 a year. But after leaving the White
Then he became President, and began earning $100,000 a year. But after leaving the White

House, Truman's income dropped to poverty level until, according to Forbes, Truman earned
House, Truman's income dropped to poverty level until, according to Forbes, Truman earned

just $14,000 in 1954. The former President quickly rebounded by taking writing and speaking
just $14,000 in 1954. The former President quickly rebounded by taking writing and speaking

gigs and, within three years, Truman was making over $100,000. In response to Truman's post-Presidential
gigs and, within three years, Truman was making over $100,000. In response to Truman's post-Presidential

money problems, modern Presidents now have a full retirement package.
money problems, modern Presidents now have a full retirement package.

Even though he was the general who won the Civil War, Ulysses S. Grant's tenure as President
Even though he was the general who won the Civil War, Ulysses S. Grant's tenure as President

has not received the best reputation over the years. He may have defeated the Ku Klux
has not received the best reputation over the years. He may have defeated the Ku Klux

Klan as President, but today, Grant's two terms are best remembered for the various
Klan as President, but today, Grant's two terms are best remembered for the various

financial scandals that consumed his administration. In fact, financial trouble defined much of
financial scandals that consumed his administration. In fact, financial trouble defined much of

Grant's life.
Grant's life.

After fighting in the Mexican War, Grant was stationed in what would become Washington
After fighting in the Mexican War, Grant was stationed in what would become Washington

state. It was there that the future President became involved in several investments that
state. It was there that the future President became involved in several investments that

went bust. After resigning his commission in 1854, Grant began farming in Missouri on
went bust. After resigning his commission in 1854, Grant began farming in Missouri on

property his father-in-law set aside for him. The farm failed within a few years, and Grant
property his father-in-law set aside for him. The farm failed within a few years, and Grant

was forced to accept working as a clerk in his father's store in Illinois, before his
was forced to accept working as a clerk in his father's store in Illinois, before his

time as a Civil War general and U.S. President.
time as a Civil War general and U.S. President.

Once his presidency had ended, Grant, who by then was already the most famous man in
Once his presidency had ended, Grant, who by then was already the most famous man in

America, was determined to make a fortune in investment banking. He lost it all quickly,
America, was determined to make a fortune in investment banking. He lost it all quickly,

however, and within two years was borrowing money from his son. Grant tried making money
however, and within two years was borrowing money from his son. Grant tried making money

again, this time with help from his son, but was robbed by his son's business partner.
again, this time with help from his son, but was robbed by his son's business partner.

After being diagnosed with cancer, Grant started writing his memoirs, as he saw no other way
After being diagnosed with cancer, Grant started writing his memoirs, as he saw no other way

to provide for his family. He was almost swindled again until Mark Twain stepped in and offered
to provide for his family. He was almost swindled again until Mark Twain stepped in and offered

the Civil War hero a fair publishing contract.
the Civil War hero a fair publishing contract.

Despite being born into a fairly wealthy family, President James Monroe, who has often been
Despite being born into a fairly wealthy family, President James Monroe, who has often been

called "The Last Founding Father," didn't have the easiest upbringing. His parents both
called "The Last Founding Father," didn't have the easiest upbringing. His parents both

died when he was a teenager, forcing him to leave school at 16 to manage the family property
died when he was a teenager, forcing him to leave school at 16 to manage the family property

and raise his younger brothers.
and raise his younger brothers.

Monroe entered politics as public sentiment against the British was at an all-time high.
Monroe entered politics as public sentiment against the British was at an all-time high.

So when the Revolutionary War began, Monroe enlisted into the Continental Army. His legal
So when the Revolutionary War began, Monroe enlisted into the Continental Army. His legal

and political career took off quickly, going from the Virginia House of Delegates to the
and political career took off quickly, going from the Virginia House of Delegates to the

U.S. Senate to the Presidency. Being President didn't pay much then, and Monroe left the
U.S. Senate to the Presidency. Being President didn't pay much then, and Monroe left the

White House in debt.
White House in debt.

After his presidency, Monroe tried to pay off his debts. According to The Miller Center,
After his presidency, Monroe tried to pay off his debts. According to The Miller Center,

one way Monroe tried doing this was by pressing the federal government for tens of thousands
one way Monroe tried doing this was by pressing the federal government for tens of thousands

of dollars that were due to him from past services. Monroe also began writing books,
of dollars that were due to him from past services. Monroe also began writing books,

including his autobiography.
including his autobiography.

Monroe even tried selling his personal correspondence with Thomas Jefferson to the former President's
Monroe even tried selling his personal correspondence with Thomas Jefferson to the former President's

family. Needless to say, Jefferson's family declined the offer. Finally, and after much
family. Needless to say, Jefferson's family declined the offer. Finally, and after much

prodding, Monroe was able to get Congress to pay him a portion of what he felt he was
prodding, Monroe was able to get Congress to pay him a portion of what he felt he was

owed so he could settle his debts.
owed so he could settle his debts.

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