A new bill introduced in the House this week by Rep. Jason Chaffetz, R-Utah, aims to reduce the annual pension paid to former presidents.
U.S taxpayers pay former presidents $203,000 per year for the rest of their lives, in addition to annual expenses that can easily reach more than $1 million, reported USA Today.
Chaffetz says that most former presidents don't need that money, and his new bill would decrease the annual pay to $200,000 and cap expenses at $200,000. If a former president brings in more than $400,000 per year, the expense budget would be further reduced, dollar-for-dollar. Once a president makes more than $600,000 in a year, the expense account would be entirely eliminated.
"This simple legislation is designed to end unnecessary government payments to former presidents who earn substantial income from post-presidential work. History shows that former presidents do very well financially after they leave office. In fact, all living former presidents are millionaires, making it very unlikely that they depend upon their taxpayer-funded allowances to make ends meet," said Chairman Chaffetz and Ranking Member Cummings in a press release.
Presidents often bring in substantial income by writing books, speaking at events and running foundations. Former President Bill Clinton, for example, made $104.7 million in speaking fees from when he left office in 2001 through 2013, according to The Washington Post.
"The basic premise here is, if they want to go fishing in Utah for the rest of their lives, they can do that. They will be well compensated for the rest of their lives," Chaffetz said, according to USA Today. "If they're going to make millions of dollars, the taxpayers shouldn't have to subsidize them."
Chaffetz's bill would, however, bump the pension of presidential widows from $20,000 per year to $100,000, because, "They've sacrificed a great deal, and they need to be taken care of as well," he said.
On the topic of women in the White House, President Barack Obama told an audience in Charlotte, N.C., on Wednesday that "there is clearly not equal pay in the White House," CNN reported.
"Let me say, Michelle would point out that first ladies get paid nothing. So there is clearly not equal pay in the White House, when it comes to her and me," he said.
Chaffetz's bill died the last two times it was introduced, but he's more confident this time around, telling USA Today, "It will certainly make it out of committee. I can promise you that."
Democratic Rep. Elijah Cummings of Maryland is a co-sponsor, and Chaffetz is now the chairman of the House Committee on Oversight and Government Reform.
