Jim Geraghty of National Review Online explains why no one should worry about Minnesota Gov. Tim Walz’s personal finances.
Minnesota governor Tim Walz is, on paper, less wealthy than the typical vice-presidential candidate; he doesn’t own a home or many investments outside of pensions and a college-savings plan, according to past financial disclosures and tax returns. …
… I wouldn’t lose much sleep about Walz’s finances, though. Whether Kamala Harris wins or loses, it is extremely likely that at some point in the very near future, Walz will get a lucrative book deal. (It will be more lucrative if Harris wins, obviously. I’ll leave it to you to predict the title, but I’ll bet the words “Midwestern” and “dad” end up in there. Or maybe “coach.”)
If Harris wins, Walz will likely sign the book deal in between the election and swearing-in. There is no rule or law that bars a sitting or incoming president, vice-president or governor from signing a book deal, although U.S. House of Representatives sets limits on publishing contracts. Politicians seem to think that if they sign the deal before formally taking office, this makes it more ethical. The publisher and politician are not required to disclose the terms, but if Walz continues the tradition of the vice president releasing his tax returns, we’ll know in a year or two how much he made in the book deal in that year.Harris has written several books in her career. …
… Harris made $450,000 from book royalties in 2021 and $80,000 in 2022.
A generous book deal, with a large advance and publicity tour, is now standard issue for a Democratic official on the national stage. Plenty of Republicans sign generous book deals, too, as well as Supreme Court justices.
There are those who have questioned whether politicians’ book deals represent safe bets for publishers, or whether this is a backdoor way for the publishing industry to reward political figures it likes.
