As President Barack Obama continues to collect enormous speaking fees from the very same Wall Street bankers he spoke against as President, a U.S. Senate Committee approved a bill this Wednesday which will provide a lower salary cap that former presidents are allowed to make. Ironically, President Barack Obama vetoed similar legislation back in 2015.
The Former Presidents Act which covers the issue of compensation for former presidents is responsible for the pension amount a former president receives and the amount of money taxpayers contribute to the overall cost of providing for them. The bill recently approved by the Senate will reduce the amounts in both of these areas. Senator Joni Ernst, a main sponsor of this amendment to the Former Presidents Act said, “Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reigning in Washington’s out-of-control spending. 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.” Senator Ernst did not mention President Obama specifically, but it seems that her comments were directed at the Obama’s and Clinton’s, families who have been taking advantage of the taxpayers for years.
Additionally, the Senate Committee on Homeland Security and Governmental Affairs gave their approval of the bill, and all that is needed now is a vote by the entire U.S. Senate. In the House of Representatives, a similar bill is being floated around with Rep. Jody Hice (R-Georgia) leading the charge.
Presently, former presidents receive a salary of $207,000 annually. The new legislation looking to reduce compensation former presidents receive will limit stipends to $200,000 but will not reduce the amount of security former presidents are entitled too.
The part of this new legislation, which will put a cramp in President Obama’s style, is the provision which will force former presidents off of the taxpayer dime as they find additional revenue sources from speaking engagements and book deals. Specifically, for every dollar Obama or any other former president makes above $400,000, the annuity would be reduced by $1. With Obama already making well over $400,000 this year in speaking fees, this means he would be getting a lot less money from the country which he attempted to fundamentally transform.
Former presidents are a significant expense for the American taxpayer. In 2017, (and we are not done with the year yet) former presidents cost the American taxpayer $2.8 billion including security, staff, and other amenities.
President Obama is the worst offender of all the former presidents considering his lavish vacations as President of the United States, treating the presidency and Air Force One like he was some sort of king. Now that he is no longer president, he seems to be determined to continually stick it to America.
In December 2009, then President Barack Obama said, “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.” Eight years after making that statement he is taking large sums of money from these same fat cat bankers he railed against. The hypocrisy should not surprise anyone. Sadly, this is something to be expected from America’s affirmative action President.
The issue at hand here is not Obama or any other former president collecting huge sums of money for speaking fees and book deals. The issue is that when they do so, the American taxpayer should not also be expected to pay money into something that isn’t necessary.
When Obama was President, he treated his position more like a King than anything. The disdain he showed toward the American people and especially the African-American community was amazing. After eight years of Obama, inner-cities like Detroit and Chicago still suffer from hundreds of young African-American teens murdering each other along with the staggering level of poverty which still exists. The Democratic machine and Barack Obama convinced people that he was going to be the best thing to ever happen to the African-American voter, and it was all a lie. Obama is a failure looking to take advantage of every financial incentive he can before President Trump and his supporters close the ATM that is the American taxpayer.