Becoming President of the United States does not pay anywhere near as well as a job as the CEO of a Fortune 500 company but the money that can be made afterwards could be extremely more lucrative.
But former presidents, like former President Obama, have just gotten some bad news about their financial futures.
In October there was a unanimous vote by the Senate Committee on Homeland Security and Governmental Affairs to cut presidential pensions.
The bill was introduced by Republican Iowa Sen. Joni Ernst and is designed to cap the pensions at $200,000, with increases for cost of living.
But there is one part of the legislation that would crush both former President Clinton and former President Obama and would leave them getting nothing.
The bill includes language that would subtract a dollar from the pension for every dollar above $400,000 that a president makes giving speeches, attending events or any other paid appearances.
It would not change any of the former president’s security.
Helping The Deficit.
Sen. Ernst explained that the deficit is out of control and any cuts to spending would help.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reining in Washington’s out-of-control spending,” she said.
During his last year in office, former President Obama vetoed similar legislation and it is not surprising.
Since he left office the former president has secured a $65 million book deal and has more than $1 million in speeches set.
His predecessor, former President Bill Clinton, and his wife Hillary, have accrued more than $153 million in speaking fees since they left the White House in addition to the millions they have made writing books.
Former President George W. Bush, on the other hand, has mainly stayed out of the public eye since the end of his presidency, choosing not to cash in on his time as Commander-in-chief.
It is highly unlikely that President Donald Trump would do many speaking engagements when he leaves office considering his age and his financial security, which means there is no reason for him to veto the legislation.