The president of the United States has the privilege to be guaranteed revenue for life worth millions of dollars, thanks to the American taxpayers—regardless of other possible earnings.
According to The Daily Caller report, the Senate Committee on Homeland Security and Governmental Affairs collectively approved a bill that would put an end to federal treasury paying presidents huge amounts of money, saving the taxpayers millions.
The Republican Iowa Sen. Joni Ernst introduced this bill which would limit the pensions at $200, 000 with modifications made for the increase in the cost of living every year.
Additionally, the legislation includes language that for every dollar higher than $400, 000 that a president makes for speeches and other post-presidential events, one dollar would be removed of the pension. Bloomberg informed that former President Barack Obama had already made $400, 000 from the speech he has given to clients of Northern Trust Corporation.
The bill would not change any of the security measures provided to former presidents.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reining in Washington’s out-of-control spending,” Ernst explained.
The Washington Times noted that that Obama vetoed similar legislation in 2016 — his final year in office.
With presidents making millions of dollars after they finish their time in office (which is perfectly fine), it is unreasonable for the taxpayers to be providing them with an income no matter what their other arrangements are.
Footing the bill for security is one thing, but just providing someone with money just because they used to be a president is illogical. This is essentially high-dollar welfare for people who clearly don’t need it.
Let’s hope this legislation gets through the Senate and House quickly. This could save the taxpayers millions of dollars, which is something we sorely need right now.