Barack Obama was planning to use his annual $200,000 pension to take lavish vacations all over the world for the rest of his life. That’s why what President Donald Trump just did came as such bad news to him… Concerned about the fact that our nation is $20 trillion in debt, Iowa Republican Sen. Joni Ernst has presented a bill that would lower former president’s pensions, and Trump is likely to sign it.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reigning in Washington’s out-of-control spending,” Ernst said, according to Freedom Daily. “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.”
Former presidents currently receive around $207,000 every year, but Ernst’s plan would cap stipends at $200,000 per year, adjusted each year for cost of living increases.
In addition, Ernst’s bill would push former presidents who find an additional stream of income slowly off the taxpayer’s support. For every dollar a former president makes above $400,000 from speaking engagements or other post-presidential work, the annuity would be reduced by $1 in Ernst’s bill. Earlier this year, Obama made around $400,000 in one speech to a Wall Street private equity firm.
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