One of the many perks of becoming the president of the United States is that you have been guaranteed an income for life worth millions of dollars, thanks to the American taxpayers — no matter what other earnings might be coming in.
However, the days of the federal treasury paying presidents huge amounts of money they’ll never need may finally be over thanks to a bill that is making its way through the Senate, The Daily Caller reported.
On Wednesday, the Senate Committee on Homeland Security and Governmental Affairs unanimously approved a bill that would cut presidential pensions, saving the taxpayers millions.
The bill, which was introduced by Republican Iowa Sen. Joni Ernst, would cap the pensions at $200,000, with adjustments made for the increase in the cost of living each year.
In addition, the legislation includes language that for every dollar above $400,000 that a president makes from things like speeches and other post-presidential events, one dollar would be taken off the pension. Bloombergnoted that former President Barack had Obama already made $400,000 from one speech 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.
With presidents making millions of dollars after they finish their time in office (which is perfectly fine), it makes no sense for the taxpayers to be providing them with an income regardless of their other arrangments.
Footing the bill for security is one thing, but just giving someone money because they used to be a president makes zero sense. 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.
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