There’s a new movement in Congress to dramatically cut the taxpayer-funded pensions given to former presidents, in an era when it’s never been easier for former presidents to make millions of dollars.
Reports this week said Bill and Hillary Clinton together earned more than $25 million since 2014, mostly from huge speaking fees that both are able to command. Even George W. Bush, who has kept a lower profile since leaving office, has earned large speaking fees.
A Congressional Research Service study from last year said taxpayers spent about $3.5 million to support all the former presidents, and that more than $400,000 was spent on office space for both Bush and Clinton.
George W. Bush received a total of $1.3 million in salary, benefits, pension, office space and other expenses in 2014, while Clinton was close behind at $950,000, that report said. George H.W. Bush received $837,000, and Jimmy Carter got $470,000.
But members of both parties are taking steps to clamp down on these expenses.
On Tuesday, the House Oversight and Government Reform Committee passed a bipartisan bill to cap former presidents’ annual pension and expenses at $200,000 each, and would start cutting their benefits for every dollar former leaders earn over $400,000.
That committee has been the site of many partisan battles over the last few years, but the bill from Reps. Jason Chaffetz, R-Utah, and Elijah Cummings, D-Md., passed in an easy voice vote.
“The next step is a vote by the full House,” Chaffetz said on Facebook.
By Thursday, three Senate Republicans proposed a similar bill, and said taxpayers are spending millions of dollars in benefits to a group of people who are generally very well off.
“Taxpayers should not be on the hook for subsidizing former presidents’ lives to the tune of millions of dollars,” said Sen. Joni Ernst, R-Iowa, the lead sponsor of the Senate bill.
“Although this is a narrow item, this is an issue of restoring taxpayer trust by looking at reforms in the allowances and perks given to these former presidents who generate significant incomes after leaving office,” she said. “At a time when we are more than $18 trillion in debt, it is critical that we stop talking and start cutting wasteful spending.”
The Senate bill is also sponsored by Sen. Marco Rubio, R-Fla., who himself is running for president and would see less of a payout later if he gets to retire from the White House.
“As Americans, we are grateful for the service of former presidents and have seen how many of them can go on to lead active and impactful careers once they’ve left office,” Rubio said. “But taxpayers no longer need to foot the entire bill for all the endeavors presidents undertake after leaving office, which is why I support Joni Ernst’s effort to reform the benefits afforded to former presidents.”
