As President Obama embarks on a second term, Tevi Troy reminds us in a Politico column that few Americans have the financial resources to fill the role as the nation’s chief executive.

We have not had a poor president since Harry Truman, whose modest circumstances were the inspiration for legislation granting a lifetime pension for retired presidents. Bill Clinton and Gerald Ford were not rich by Mitt Romney standards, but they were certainly comfortable. Even though Clinton’s annual salary as governor of Arkansas was quite small — a mere $35,000 — his wife was a well-compensated partner at the Rose Law Firm. These examples aside, presidents are now far more likely to be part of the 1 percent than anywhere near those in the 99 percent: Think of Franklin D. Roosevelt, John F. Kennedy, both Bushes and Ronald Reagan. One reason is the office’s prohibitive cost. …

… We have come a long way since the initial, ungenerous approach to presidential expenses. Today, the president earns $400,000 annually, and the appropriation to run the White House is about $13 million, with $1 million more available for “unanticipated needs” of the president. In addition, Robert Keith Gray, author of a recent book called “Presidential Perks Gone Royal,” estimates that subsidizing Obama and his family costs taxpayers about $1.4 billion annually. In contrast, he notes, the British spend “only” $57.8 million subsidizing the royal family.

Even with all this, according to Jodi Kantor, author of “The Obamas,” the president and his family have found living in the White House quite costly. They do not pay for rent, official events or political events, but they have to pay for food and any nonofficial, nonpolitical guests and do so at what Kantor called “Ritz-Carlton” price levels. The president does have valets to service his needs and do his laundry, but they do not assist the first family in that regard. If a president does want personal servants for his family, he must hire them out of pocket, which Kennedy did by hiring a maid for his wife and a nurse for Caroline and John Jr.

When it comes to presidential vacations, while the U.S. government incurs large costs in transportation and security, the first family must reimburse the government for the cost of equivalent airline tickets and the hotel rooms, and they are on their own when it comes to food.

These outside costs put a significant dent in the presidential salary. As a result, while there are a host of good reasons for seeking the office — and recent presidents have done quite well financially after leaving office — building wealth on the job is not among them. Those looking at running in 2016 should recognize that living in the White House is still a rich person’s game.