Food for thought:
Congress voted to pay George Wasington a salary of $25,000 a year, about $566,000 in 2008 terms. Washington, already a wealthy man, refused to accept his salary; however, he asked for his living expenses to be covered. Theodore Roosevelt spent his entire $50,000 salary on entertaining guests at the White House. John F. Kennedy donated his salary to charities.
Traditionally, the president is the highest-paid public employee. President Bush currently earns $400,000 per year, along with a $50,000 expense account, a $100,000 nontaxable travel account, and $19,000 for entertainment.
The most recent raise in salary was approved by Congress and President Bill Clinton and came into force in 2001; prior to the change, the president earned $200,000, plus expense accounts.
Prior to passage by Congress of the Former Presidents Act (FPA) in 1958, retired presidents did not receive a pension. All living presidents in 1959 began to receive a pension of $25,000 per year, an office, and a staff. The pension has increased numerous times with Congressional approval. Retired presidents now receive a pension based on the salary of the current administration's cabinet secretaries (Executive Level I), which is $191,300 as of 2008. Some former presidents have also collected congressional pensions. The FPA, as amended, also provides former presidents with travel funds and mailing privileges.
Until 1997, all former presidents and their families were protected by the Secret Service until the president's death. The last president to have lifetime Secret Service protection is Bill Clinton; George W. Bush and all subsequent presidents will be protected by the Secret Service for a maximum of ten years after leaving office.
According to the National Taxpayers Union, former President Clinton will draw an annual pension of around $161,200 and could earn a total record-high pension of over $7 million, should he live to be 80.
Barack Obama is 47 years old; John McCain is 72. If John McCain were to be the next president, upon retiring he would receive $765,200 at the current pension rate, should he live to be 80. If Barack Obama were to win, he would receive $5.5 million by the time he reaches 80 years old. And this is only the salary pension they would receive...
Maybe we should vote for John McCain to save some of our taxpayer money in the future...
Just being facetious, but it is an interesting thought...
Tuesday, September 9, 2008
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