Former presidents who make big bucks with speaking fees, media deals or memoirs could find their taxpayer-funded benefits pared back if legislation introduced Monday by Republican Sen. Joni Ernst of Iowa becomes law.
The legislation, titled the “Presidential Allowance Modernization Act,” would provide former presidents with a pension of $200,000 a year and a $200,000 allowance per year with cost of living adjustments every year, but the bill would reduce the allowance if the former president earned more than $400,000 a year. Ernst told the Daily Caller News Foundation that with former presidents making massive amounts of money after their presidencies, taxpayers shouldn’t be footing their bills.
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“From speaking gigs to Netflix deals and much more, former presidents have been raking in the dough,” Ernst told the DCNF. “Americans should not be on the hook to support those who clearly are having no issues supporting themselves. This commonsense bill flips Washington on its head by finally prioritizing taxpayers over politicians.”
Ernst’s legislation would also increase the pension for surviving spouses of former presidents to $100,000 a year from $20,000 a year.
Under current law, former presidents receive a pension equivalent to the salary of a Cabinet secretary, along with an office allowance of $115,000 a year to pay staff for the first two and a half years before it drops to $96,000 a year.
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Ernst cited significant speaking fees provided to former President Barack Obama and former First Lady Michelle Obama as one justification for the legislation. The Obamas also reached a deal with Netflix to produce content and signed a $65 million book deal with Penguin Random House.
A previous version of the legislation introduced by Ernst passed the House and Senate in 2016, but Obama vetoed it on July 22, 2016.
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“It would impose onerous and unreasonable burdens on the offices of former Presidents, including by requiring the General Services Administration to immediately terminate salaries and benefits of office employees and to remove furnishings and equipment from offices,” Obama claimed in the veto message. “It would withdraw the General Services Administration’s ability to administer leases and negatively impact operations, with unanticipated implications for the protection and security of former Presidents.”
According to Newsweek, former President Bill Clinton has a net worth of about $120 million, while former President George W. Bush’s net worth was about $40 million.
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First published by the Daily Caller News Foundation.