If you’ve ever thought that you’d be willing to pay more to get Joe Biden to stop destroying America than you would to let him stay in office, we have good news for you: you would!
If you haven’t been naive lately, you may have noticed on Sunday that Joe Biden finally retired. He will not seek a second term as president.
“Serving as your president has been the greatest honor of my life,” Biden wrote.
“Although I intended to seek reelection, I believe it is in the best interests of my party and the country for me to step down and focus on fulfilling the duties of my presidency for the remainder of my term.”
— Joe Biden (@JoeBiden) July 21, 2024
Ah, what a shame. Former presidents often get rich off speaking engagements and corporate boards. Burisma You probably wouldn’t pay for this:
Needless to say, the medicine didn’t work. pic.twitter.com/3lYHnU476w
— Trump War Room (@TrumpWarRoom) June 28, 2024
But Hunter Biden Abandon a career as a starving artist Start making cold calls Carlos Slim and The CEFC man who was erased by the Chinese government Again, don’t be afraid.
because, National Taxpayers United Foundation Joe will actually get paid. more Now that he is no longer President, he is no more effective than when he was nominally Head of State.
In a news release two days before Biden announced what we all assumed was a fait accompli: that he would not seek a second term, the organization “calculated the total amount of pension benefits that President Joe Biden will receive each time he leaves the White House,” Demian Brady, NTUF’s vice president of research, said in a new issues brief.
“Combining Biden’s congressional career with his time as vice president and president, he will receive a pension of $413,000 per year from taxpayer money. As president, his salary is $400,000.”
How we get there is a bit complicated, so let’s explore that a bit.
First, there’s Biden’s congressional pension, a system established in 1946 that is determined by a congressman’s length of time in office. Capitol Hill Any office other At what age did they retire from the presidency, and what was their average salary when they left Congress?
Biden entered Congress in 1973 as a senator from Delaware and didn’t leave until 2009, when he became Barack Obama’s vice president, where he served another eight years.
And it’s not just that he’ll be given a big pension because he’s been in Congress for so long. when He was elected to parliament.
“Members elected before 1984 are eligible to participate in the Civil Service Retirement System (CSRS), which offers a generous contribution rate of 2.5 percent.” National University Corporation The same was noted in a separate report on the matter written by Brady.
“The starting pension amount is calculated by multiplying the number of years of service by the average of the three highest years of salary and multiplying by 2.5%. The starting pension amount cannot exceed 80% of final salary. There is also a formula that allows a portion of the benefit to be reserved for a spouse. After a former employee begins receiving a pension, the annual amount can be increased through cost-of-living adjustments.”
You will need to know all of this for the exam.
As vice president, he received $230,700. Parliamentary Pension This program caps your starting pension at 80 percent, so the amount you could get out of it is $166,374. You could switch to a different retirement program that was put into place in 1987, which would drop it slightly to $164,401, but the difference is so small and the details are so arcane that we’ll assume the former figure here.
Then there’s the presidential pension, which, under the Former Presidents Act of 1958 (“a law enacted in response to public concerns about Harry Truman’s financial situation after he left the White House five years earlier,” the NTUF noted), Former President “He will be paid a rank allowance and a pension equivalent to the annual salary of the head of the executive branch of the Federal Government.”
“Under the Ethics Reform Act of 1989, this salary level is adjusted annually based on the percentage change in the private sector wage and salary portion of the Employment Cost Index, but reduced by 0.5 percent to incorporate moderate reductions. The salary level is reported by the Office of Personnel Management at the end of each calendar year and will be $246,400 in 2024.”
Joe Biden’s net worth is estimated at about $9 million, which is on the low side of former presidents who receive pensions, but if you combine the two, he’ll receive $413,000 a year for the rest of his life. Yes, there’s no prohibition on “double-dipping” for both members of Congress and the House of Representatives. and Presidential pension!
“Joe Biden represents a unique situation,” Brady wrote in the report.
“Joe Biden stands to benefit greatly from both plans, potentially starting at about $413,000 combined, after his long tenure in Congress and then as vice president and president. Lawmakers should reconsider this loophole that allows people to double-dip on two different but generous pension plans.”
We’ve come a long way since our poor days. Harry TrumanSo here’s a better solution: Give out pensions to presidents when they leave office that are tied to their approval rating. If they’re not popular, they get no money. Given the amount of wealth that presidents have amassed, it’s not unfair to give them performance-based benefits.
Of course, given the events of the past four years and especially the past month, Joe Biden thanks to American taxpayers’ money. Unfortunately, we will probably never see that justice delivered, but one can dream. Instead, we will end up paying more money for Joe Biden. do not have We’ve screwed America up more than we’ve let him screw America up. Well done guys.
This article was originally published on Western Journal.
