The House easily passed legislation on Monday to reduce the pensions and federal benefits provided to…..
former presidents. Before approving the bill by voice vote, lawmakers expressed agreement that modern-day former presidents don’t need financial assistance from the government if they already earn salaries in the millions.
1958: Under a law established in 1958, former presidents are eligible for an annual six-figure pension, plus funds for staff salaries, office space and other expenses.
REP.JODY HICE: The author of the bill, questioned the necessity of providing funds for former presidents, who can make millions of dollars from book deals and speaking engagements.
Benefits for former presidents cost taxpayers $2.84 million in the fiscal year 2017, according to Hice’s office.
EXAMPLES: former President Clinton – as well as his wife, former first lady Hillary Clinton — earned an average of $210,795 for each paid speech from the time he left office in 2001 until her 2016 campaign launch, according to a CNN analysis.
Former President Obama and former first lady Michelle Obama also inked book deals that were reportedly in the tens of millions of dollars.
THE BILL: The legislation would reduce the presidential pension by about $4,000 to $200,000 per year and cap the budget for each former president’s office and staff expenses to $500,000 annually.