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Wednesday, February 19, 2025

Multi-Millionaires Obama, Clinton May Soon Be Cut Off from Taxpayer-Funded Pensions

'Americans should not be on the hook to support those who clearly are having no issues supporting themselves...'

(Luis CornelioHeadline USA) Taxpayers could soon be relieved of footing the bill for the generous pensions and annual allowances of former presidents Barack Obama, George Bush, and Bill Clinton, thanks to proposed legislation by Sen. Joni Ernst, R-Iowa. 

Titled the Presidential Allowance Modernization Act, the proposed law would cap pensions and allowances for former commanders-in-chief earning less than $400,000 annually. Both would be set at $200,000.  

Individuals who make more than the limit could see their taxpayer-funded perks reduced, effectively affecting all current former presidents. Ernst has not clarified whether disgraced former President Joe Biden would also be targeted.

“From speaking gigs to Netflix deals and much more, former presidents have been raking in the dough,” Ernst said in an interview with the Daily Caller, which was first to report on the legislation. “Americans should not be on the hook to support those who clearly are having no issues supporting themselves.” 

Ernst described the bill as “commonsense,” arguing it “flips Washington on its head by finally prioritizing taxpayers over politicians.” She introduced the bill on Wednesday, according to Congress.gov.

Under current law—the Former Presidents Act of 1958—former presidents receive an annual pension of $246,000, equal to a cabinet secretary’s salary. They also receive an office allowance of $115,000 per year for the first two and a half years after leaving the White House. 

According to the National Taxpayers Union Foundation, the widows of former presidents can receive $20,000 annually, though Ernst’s bill would increase it to $100,000. 

These perks pale in comparison to the multi-million dollar deals former presidents have secured since their elected office ended. 

For instance, take Obama, who signed a $65 million book deal with Penguin Random House after 2016. He, along with his wife, Michelle Obama, inked a multi-year deal with Netflix. 

Bill and Hillary Clinton, the twice-failed presidential candidate, made $240 million from 2001 to 2016, according to Forbes. 

Bush is no average Joe either.

With a net worth of approximately $40 million, Bush owns a 1,600-acre ranch in Texas and purchased a home in Dallas that is currently valued at $2.5 million. He made $15 million within the first two years of leaving office, according to CNBC.

Despite their high-paying deals, none of these former presidents have renounced their taxpayer-funded pensions.  

In stark contrast, President Donald Trump donated his entire salary during his first term. “If I’m elected president, I’m accepting no salary,” Trump said before taking office in 2017. 

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