Lawmakers are shocked and furious that Obama took a large amount of money and they are going to do something about it, said House Oversight and Government Reform chair Jason Chaffetz.
Being the president, or even a member of Congress, really has its perks.
While the salary these folks make is far above the national average, it’s not too outrageous in the grand scheme.
However, it’s the connections and the jobs they land after leaving office that really pay the big bucks, making even a single term in Congress incredibly lucrative.
But nothing compares to the perks of being a former president.
According to Read Conservatives, Obama was one of the less wealthy presidents we’ve had in some time, but that doesn’t change the fact that he’s part of the elite 1 percent now that his tenure is finished.
His pension payment alone will be $207,800 for the upcoming year, about half of his presidential salary, and he’ll get this every year until he dies.
That’s a lot of dough for running the nation into the ground and being nothing short of a disaster.
Another perk he’ll receive in perpetuity is Secret Service protection and allowances for things such as travel, office, and communication expenses, as well as top-shelf health care coverage.
Last year, republican Congress passed a bill that would have set a flat $200,000 a year in pension payments and capped other expenses at $200,000 a year per president.
But it hasn’t yet been signed into law, but is expected to soon.
The cost of living increases for the pension would be tied to the same formula used to increase social security benefits.
This sensible proposal means that the $400,000 may not be pocketed by ex-presidents that earn a lot of money themselves.
When signed, the law will cut pension and expense payments by a dollar for every dollar that a former president earns above $400,000.
Meaning that they get no money once their earnings eclipse $800,000, which is almost guaranteed to happen for Obama, considering he’ll get half that for a single speech on the speaking circuit.
The law makes perfect sense, but unsurprisingly, Obama vetoed the legislation when it crossed his desk.
He claimed he did so because the bill also would have terminated the salaries and benefits of former presidents’ staff, and made it harder for the Secret Service to protect former presidents.
Needless to say, taxpayers shelling out all this dough for super rich presidents is pretty annoying.
Obama will make in a single, one-hour speech what most people take a decade to earn.
I think Obama and all the ex-presidents can manage without the pension payments, or at least the other extraneous allowances they’ve been receiving.
Trump is asking Congress to readdress the issue and put together a sensible solution.
Source: Read Conservatives