American taxpayers are paying millions of dollars to former presidents, including a healthy pension and administrative costs, long after they leave the Oval Office. These ex-presidents almost always possess significant personal wealth and have numerous options available to earn additional income. The National Taxpayers Union Foundation has released a new study that explores the generous taxpayer-funded benefits afforded to former presidents.
Once they leave the White House, former presidents are provided with a pension, office space, personnel, office furniture and equipment, travel expenses, postage and other communication costs reimbursement, and other perks with the costs passed on to taxpayers. In addition, they receive lifetime Secret Service protection and taxpayer funded funerals when they die.
While Americans are dealing with out-of-control debt, rising inflation, and unchecked spending, reforms are needed to protect taxpayers from overly subsidizing these wealthy individuals. The current ex-presidents have accumulated substantial net worths: Jimmy Carter ($10,000,000), Bill Clinton ($120,000,000), George W. Bush ($50,000,000), Barack Obama ($70,000,000), Donald Trump ($2,000,000,000), and Joe Biden ($9,000,000). Since 2000, these benefits and perks for former presidents have cost taxpayers $125 million.
Demian Brady, NTUF’s Vice President of Research, writes:
The vast wealth former presidents have amassed before and after leaving the Oval Office and the $35 trillion federal debt creates a compelling case for reforming these taxpayer giveaways. Reforming these benefits is not just a matter of fairness; it’s a matter of fiscal responsibility.
If you would like to speak with NTUF’s Vice President of Research, Demian Brady, about the perks afforded to former presidents, please contact NTUF Communications Manager Courtney Manley at courtney.manley@ntu.org.