BREAKING: Republicans Just Gave Obama MASSIVE Bad News About His CUSHY Pension
However, we must give credit where credit is due, and a new bill targeting the pensions received by former presidents is something we can all agree on. It’s no secret that past presidents take in an exorbitant amount of money when they leave office, from both book deals, speaking engagements, and other well-paying activities, so it makes no sense that taxpayers should be forking over hundreds of thousands of dollars a year in what amounts to high-end welfare.
So on Wednesday, a bill introduced to the Senate by Joni Ernst was passed out of the Senate Committee on Homeland Security and Governmental Affairs that would scale back pas president’s pensions by a large margin, the Daily Caller reported.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reigning in Washington’s out-of-control spending,” the Iowa Senator said in a statement.
It’s worth noting that Barack Obama vetoed a similar measure last year before leaving office, and it doesn’t take a rocket scientist to figure out why. Since he’s left the White House, he’s been on extravagant vacations and traveled the globe, all while being paid hundreds of thousands of dollars for speeches while still taking in his presidential pension.
In fact, just one speech yielded the former White House squatter $400,000, Bloomberg News reported.
However, under Ernst’s proposal, not only would his pension be capped at $200,000 a year, but every dollar over $400,000 he made in the private sector would be deducted from his annual stipend from taxpayers.