Politicians like Obama, when they stay in office long enough, get wealthy, yet they still reap millions of tax-payer dollars in crazy pensions worth millions.
That is all about to change for presidents!
On Wednesday, the Senate Committee on Homeland Security and Governmental Affairs unanimously approved a bill that would cut presidential pensions, saving the taxpayers millions.
If passed into law, the law would shrink a former president’s pension dollar-for-dollar for each dollar above $400,000 earned in a year.
Ex-President Obama just delivered one speech to a major Wall Street investment firm for the sum of $400,000.
He and former first lady Michelle Obama have reportedly signed estimated $65 million multi-book deal.
There is no longer any need for ANY former president to need a pension.
In Obama’s case, his pension would likely shrink to nothing.
The Conservative Tribune reports:
“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. Bloomberg noted 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.
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 makes no sense for the taxpayers to be providing them with an income regardless of their other arrangements.
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.
We really need to take a hard look at all politician pensions. No one would want a public servant to go broke in retirement, but when so many make millions after office, let the tax-payer off the hook.
I think it is a great plan. If they go into obscurity and need it, keep it. If you make millions, don’t take tax-payers hard earned money.
“The basic premise here is, if they want to go fishing in Utah for the rest of their lives, they can do that. They will be well compensated for the rest of their lives,” Chaffetz said. “If they’re going to make millions of dollars, the taxpayers shouldn’t have to subsidize them.”
Of course, then there is the never-ending hypocrisy for the left. Massachusetts Sen. Elizabeth Warren, who has benefited from the tax-payer many ways, and before she was even in public office, is disgusted that Obama made $400,000 for a speech period.
She said she is “troubled” by news that former president Barack Obama is getting a lucrative paycheck for an upcoming speech to a Wall Street firm.
Obama is set to earn $400,000 for a speech in September to investment bank Cantor Fitzgerald, according to a recent report.
“I was troubled by that,” Warren said in an appearance on Sirius XM’s “Alter Family Politics” show, launching into a critique on money in politics.
Whaaaa! It is called the free market Pocahontas. As much as Obama tried to damage it, I am glad to see any American live the dream.