Do you remember when Congress has put Barack Obama on notice and said his generous government pension could be taken away if he keeps living like a celebrity? Probably that day come.
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 update to the Former Presidents Act as the bill is called would cut the pensions of former presidents if they are raking it in as Obama did recently when he scored $400,000 for a single speech to Wall Street.
The bill, which was introduced by the sponsor of the Senate legislation, Sen. Joni Ernst, would cap the pensions at $200,000, with adjustments made for the increase in the cost of living each year.
In a statement, Iowa Republican Sen. Joni Ernst said: “Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reining in Washington’s out-of-control spending.”
He added: “It is ridiculous to continue asking taxpayers to help foot the bill for former presidents’ perks at a time when they already rake in millions of dollars from book deals, speaking engagements, and more.”
I am most assuredly in favor of this bill and would very pleased to see that entitlement completely abolished as stated.
It is not a lifetime employment. It is an elected position. The same should hold true for congressmen. Lifetime pension for minimal service is WRONG. IT was never supposed to be that way. Public office was supposed to be a service to the country, not a career with lifetime benefits. After they change the pensions for past presidents, they should then focus on pensions for Congress.
H/T: USA Supreme