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Breaking: Obama and His Cushy Pension Just Got Massive Bad News From the GOP | Top Stories Today - Duration: 2:21.
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.
Bloomberg noted that former President Barack 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 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.
What do you think of this legislation?
Please Share this news and let us know your reaction to this bill moving forward.
Scroll down to comment below and don't forget to subscribe top stories today.
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