How much is George H. W. Bush worth?
|Net Worth:||$25 Million
|Profession:||41st U.S. President|
|Date of Birth:||June 12, 1924|
|Country:||United States of America|
Who Is George H. W. Bush
George Herbert Walker Bush was born on June 12, 1924, in Milton, Massachusetts. Following are the key facts that are important to understand when studying the life and presidency of the forty-first president of the United States.
George H. W. Bush had a net worth of $25 million dollars at the time of his death in 2018.
George H. W. Bush was the son of Prescott S. Bush and Dorothy Walker Bush. His father was quite successful as a businessman. He also served as a Senator. His family had many servants including a chauffeur. Bush attended private schools including the prestigious Phillips Academy.
World War II Veteran
Bush joined the military to fight in World War II at the age of eighteen. He was stationed in the Pacific as a naval aviator. In June 1944, he was flying a mission and made a forced water landing in which the navigator was killed. He was saved by a submarine. In July 1944, he helped sink a cargo ship. In September, his aircraft was hit while attacking Japanese installations. He bailed out after completing his mission. Three of the four-man crew were killed, and Bush was rescued by a submarine. He received the Distinguished Flying Cross. When the Japanese surrendered, Bush was honorably discharged from the military.
Married Barbara Pierce
George H. W. Bush married Barbara Pierce on January 6, 1945. She was raised in a wealthy family. The pair met as teenagers and became engaged before World War II. Together, they had six children. Their son George W. Bush would become the 43rd President of the United States.
As first lady, Barbara Bush was well-loved and respected. She espoused many causes including fighting AIDS and homelessness and promoting literacy. She created the Barbara Bush Foundation for Family Literacy in 1989 and currently serves as its honorary chairman.
Was an Ambassador to the UN and Unofficially to China
Bush was elected to the U.S. House of Representatives in 1966. He was soon to the powerful House Ways and Means committee.
President Richard Nixon appointed Bush as U.S. ambassador to the United Nations, where he served until 1973. After this, he was named chairman of the Republican National Committee. He was the chairman during the Watergate Scandal.
When Gerald Ford became president, he appointed Bush to be the unofficial ambassador to China because there was no official embassy in China at the time.
Was Director of the CIA
In 1976, President Ford appointed Bush to be the director of the CIA. He was replaced when Carter became president.
Bush tried to get the Republican nomination for president against Reagan but lost. Instead, he was chosen as Reagan’s vice president.
Easily Won the Presidency in 1988
In 1988, Bush gained the Republican nomination for the presidency. During Bush’s acceptance speech, he said the following: “Read my lips: no new taxes.” This would be a big issue for him when he came up for reelection. Bush won after an extremely negative campaign with 54 percent of the popular vote and 426 out of 537 electoral votes.
Was President During the First Persian Gulf War
From 1990 to 1991, the United States led a United Nations coalition against Iraq in what became the First Persian Gulf War. Saddam Hussein ordered the invasion of Kuwait. When Iraq did not leave Kuwait, the U.S.-led coalition used precision air attacks in Operation Desert Storm. Finally, Iraq removed all forces from Kuwait. Bush called off all military activity and Hussein remained in power.
Saw the Fall of the Soviet Union While President
While Ronald Reagan was president, Mikhail Gorbachev became the Soviet Premier. He introduced a new era of openness and added some democratizing forces into the Soviet Union. These actions eventually led to the breakup of the Soviet Union. When bush came to power, he worked with Gorbachev and in July 1991, the Cold War officially ended. By December 1991, the Soviet Union had broken apart into individual sovereign nations.
Economic Issues Doomed His Reelection Chances
Economically, Bush had hurt himself with his ‘No new taxes’ promise. In 1985, the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act was passed. This bill required Congress to match tax cuts with spending cuts. If Congress did not make this match, spending cuts would automatically come into play. Eventually, Bush was required to agree to an increase in taxes to meet the requirements of the bill.
In addition, the Savings and Loan Scandal erupted during Bush’s presidency. Savings and Loans had been gradually deregulated while Carter and Reagan were president. Some of these institutions began to make risky loans. Eventually, when these risky loans resulted in default, many of the Savings and Loans had to take bankruptcy. Bush signed a bill in 1989 to bail out these Savings and Loans at taxpayer expense.
During the 1992 election, Bill Clinton used these economic issues to easily win the presidency.
Has Been Active During Retirement in Helping Disaster Victims Around the World
After his loss in 1992, Bush retired from public service. However, he has remained quite active in retirement. He and former president Bill Clinton have worked together to raise awareness and money for victims of the tsunami that hit in Thailand (2004) and Hurricane Katrina (2005).