We all are well aware that former President Obama is out of a job right now, and is headed to the Palm Springs soon after Donald Trump’s election. The Obamas are renting an 8,200-square-foot house in Washington, waiting for their daughter to complete her high school there.
So is the former president still receiving any salary from the Government after his term has ended? The answer is yes. All the recent ex- Presidents receive a pension which may amount to $205,700 (approx.) annually.
Let’s have a look at what salary does a US president receives.
#1. How much money does the President make?
Being a President is a full-time job, and hence he is paid for completing his duty hours. How much do you think does the president makes? Yes, he makes quite a lot. Looking back at the history of U.S Presidents, George Washington, the First President elected in 1789 had a salary of $58,000 which kept increasing over the time. The salary rose to $100,000 during Harry Truman’s term, which again hiked to $200,000 with Richard Nixon’s election in 1969. George Washington’s entry in the White House in 2001 doubled the President’s salary.
This makes the present President’s salary to be a whopping $400,000 a year. Apart from the salary, the President gets $100,000 for travel, $50,000 expense account, and $19,000 for entertainment purposes as additional benefits. Unlike the clichéd health benefits that normal employees receive from their companies, the president gets to travel for free; be it in a Marine One Helicopter or a fancy Limo. What’s more is that he along with his family gets to lodge in the White House, assisted by a personal chef and other staff members. For absolutely free!!!
Surprisingly enough, peeping in the history again some of the former US presidents did not accept any salary for their presidency. Washington refused a paycheck believing that being the commander-in-chief of the Continental Army and the first president, it was his duty to serve the nation. Congress was speculative of his decision because they thought that no salary would leave room for the President to accept bribery. Other Presidents who refused their salary were Hoover, Kennedy and Donald Trump.
(Image Courtesy: The Economic Times)
#2. How Much Does The President Make After He Leaves Office?
Just as any other government employee who receives annual retirement pensions, the President gets it too. The president remains on the government payroll and is paid with an amount nearing to $200,000 per annum. The government is also accountable for paying his health care benefits, travel expenses, and his office maintenance.
The President could enjoy all of these retirement benefits only if he were not removed from the position because of any political accusations or impeachments.
Although a President’s salary package seems good enough to fulfill all his needs, the real money they make comes from book deals, tours, and speeches. They generate money in multi-millions of figures.
Up till now, the records suggest that Bill Clinton made nearly $15 million from his published memoirs and Bush made $7 million for his first 1.5 million book copies that he sold. These figures suggest that the former President Barack Obama along with wife former First Lady Michelle Obama must have earned anywhere between $20 million to $45 million in the various book deals and tours that they make shortly.
#3. What Happens To The Money If The President Dies?
(Image Courtesy: FirstMalta )
In the case of sudden death or natural demise of the President, his widow receives an annual pension of $20,000, plus free postage for the rest of her life. To accept this amount from the government, she has to wave off her rights over any other incomes being credited to her account by any other legislative body or person.
Do you think that the Indian Presidents gets paid as much as the Us Presidents? Let us know in the comment section below.
(Featured Image Courtesy: Business Insider)