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Mrs. Obama’s Lucrative “Public Service” March 2, 2008

Posted by tkcollier in philosophy & politics, Politics.
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The Corner on National Review Online
As she has many times in the past, Mrs. Obama complains about the lasting burden of student loans dating from her days at Princeton and Harvard Law School. She talks about people who end up taking years and years, until middle age, to pay off their debts. “The salaries don’t keep up with the cost of paying off the debt, so you’re in your 40s, still paying off your debt at a time when you have to save for your kids,” she says.

“Barack and I were in that position,” she continues. “The only reason we’re not in that position is that Barack wrote two best-selling books… It was like Jack and his magic beans. But up until a few years ago, we were struggling to figure out how we would save for our kids.” A former attorney with the white-shoe Chicago firm of Sidley & Austin, Obama explains that she and her husband made the choice to give up lucrative jobs in favor of community service.

What she doesn’t mention is that the helping industry has treated her pretty well. In 2006, the Chicago Tribune reported that Mrs. Obama’s compensation at the University of Chicago Hospital, where she is a vice president for community affairs, jumped from $121,910 in 2004, just before her husband was elected to the Senate, to $316,962 in 2005, just after he took office. And that does not count the money Mrs. Obama receives from serving on corporate boards. She would have been O.K. even without Jack’s magic beans.

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