Former presidents who make big bucks with speaking fees, media deals or memoirs could find their taxpayer-funded benefits pared back if legislation introduced Monday by Republican Sen. Joni Ernst of Iowa becomes law.
The legislation, titled the "Presidential Allowance Modernization Act," would provide former presidents with a pension of $200,000 a year and a $200,000 allowance per year with cost of living adjustments every year, but the bill would reduce the allowance if the former president earned more than $400,000 a year. Ernst told the Daily Caller News Foundation that with former presidents making massive amounts of money after their presidencies, taxpayers shouldn't be footing their bills.
"From speaking gigs to Netflix deals and much more, former presidents have been raking in the dough," Ernst told the DCNF. "Americans should not be on the hook to support those who clearly are having no issues supporting themselves. This commonsense bill flips Washington on its head by finally prioritizing taxpayers over ..."
