Earlier this week, Barack and Michelle Obama are “eyeing” a $10 million pad in New York City. The news broke not long after they dropped $8 million for a mansion in Washington, D.C.’s posh Kalorama neighborhood. After watching their reckless spending over the course of the past months, Republicans are furious, and the GOP has decided to take the one thing they love most.
Since Barack Obama was in office, Congress has been trying to pass a bill which would decrease the yearly pension former presidents receive after their term expires. As it stands, they collect a generous yearly stipend of $207,800, provided, of course, by the American taxpayer. In addition, they rake in all kinds of extra perks, like allowances for travel, staff, communications, and office space.
If there’s one thing the Obamas love, it’s living a lavish lifestyle on someone else’s dime. However, their gravy train is about to come to screeching halt. On Wednesday, the Senate Committee on Homeland Security and Governmental Affairs unanimously approved the language of a bill which would reduce how much former presidents receive in pension from taxpayers, as well as reduce the total amount of money taxpayers contribute to former commanders in chief, according to Daily Caller.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reining in Washington’s out-of-control spending,” said Senator Joni Ernst, who sponsored the Presidential Allowance Modernization Act of 2017. “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 look forward to seeing this commonsense legislation considered by the full Senate, and eventually signed into law,” she added.
According to the U.S. Senate, Ernst’s bill would:
- Establish a cap on former presidents’ monetary allowances and would reduce the allowance dollar-for-dollar by each dollar of income a former president earns in excess of $400,000.
- Set a former president’s pension at $200,000 per year and implement a first-ever cap on the monetary allowance at $500,000, gradually reducing to $250,000 over a period of 10 years.
- Affirm that nothing in the legislation relates to the funding of the security or protection of a former president.
As Mad World News previously reported, with lawmakers moving to shrink the payment for all former presidents who collect more than a $400,000 yearly income, removing $1 for every dollar they make over the limit, Obama will begin to forfeit his entire taxpayer-funded stipend the moment he charges for just one of his outrageously priced speeches.
At a time when the nation is in debt to the tune of $20 trillion, according to the US Debt Clock, the last thing taxpayers need to be burdened with is providing a cushy pension for past presidents like Obama who are already raking in millions through other means. It’s not as though when they leave office their earning potential immediately dries up. In fact, it expands exponentially.
As soon as Obama’s term ended, he was fought over by publishers offering him lucrative book deals and money was thrown at him to deliver speeches all over the world. He drops more money on a single vacation than most Americans make in a year. Clearly, he’s not hard up for the cash.
Frankly, the fact that Obama vetoed this legislation decreasing presidential pensions the first time around is a sickening reminder of how little he cared about the hardworking American taxpayer, and how far he was willing to go to pad his own pockets with the money other people made. He should be ashamed of himself.
Meanwhile, President Donald Trump is literally working for free. The difference between the two men could not be more distinct. Trump will undoubtedly sign Sen. Ernst’s bill when it hits his desk, unlike greedy Obama.