Kirsters Baish| There are a lot of perks to being the President of the United States, even when you are no longer the President of the United States. Former President Barack Obama knows this all too well, and he has been really enjoying his retirement from his former position on the dime of the American taxpayers. One major perk of being a President of the United States is that you are guaranteed an income for your entire life, and that income is worth millions.
Things may be changing, however, and Barack Obama isn’t going to be happy about these changes. The days of the federal treasury paying old presidents may be coming to and end due to a bill that is working its way through the Senate.
The Senate Committee on Homeland Security and Governmental Affairs met on Wednesday. They approved a bill unanimously that would cut all presidential pensions. This would save the American taxpayers millions of dollars.
Republican Iowa Senator Joni Ernst first introduced the bill. If it passes, it will put a cap on all presidential pensions at $200,000. There would, however, be adjustments in order to compensate for the increase in the cost of living every year due to inflation.
On top of that, this piece of legislation also states that for every single dollar above $400,000 that a president receives from outside sources, such as speeches and different post-presidential events, a dollar will be taken off of their pension. Bloomberg also noted that Barack Obama already made $400,000 from a singular speech. (The speech was given to clients of Northern Trust Corporation.) This would mean that his pension is gone if this bill were to pass.
The bill wouldn’t change any security measures given to any former president. They would still receive the same extent of security that they are receiving now.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reining in Washington’s out-of-control spending,” Ernst stated.
The Washington Times reported that Obama had actually vetoed a closely related piece of legislation back in 2016. (Interesting that it was also his last year in office.)
It really doesn’t make sense for American taxpayers to be spoon feeding former presidents with an endless income since these former presidents are making millions after leaving office anyway. It’s an entirely separate thing to talk about paying for their security, but for us to just hand over our money because they were the president at one point doesn’t make much sense. Basically, if you think about it, this is a form of welfare for people who don’t need it.
It would be a huge win for the American people if this bill were to pass. Keep your fingers crossed the it passes through the Senate and the House soon! If this works out, we could stand to save millions in taxes. God knows we need the savings right now.