This would benefit all living former presidents but take a look at the numbers. Do you think former presidents need more of a retirement fund? Let us know in the comments.
As he heads toward presidential retirement, Barack Obama is asking for a 17.9% increase in “appropriations for expenditures for former Presidents” in his Fiscal Year 2017 budget. This would add approximately $588,000 to FY2016’s “former presidents budget” of $3,277,000, according to the Congressional Research Service.
This is all under the auspices of “The Former Presidents Act,” which was put in place in 1958 in order to provide former presidents with a sort of pension.
All living former presidents make use of this fund. Since the year 2000, Jimmy Carter and George H.W. Bush have received $9.2 million and $13.4 million respectively. Since 2001, Bill Clinton has received $17.1 million, and since 2009, George W. Bush has received $8.3 million.
Since 2009 alone, the biggest spender has been George W. Bush with an average yearly expenditure of $1.18 million. A close second is Bill Clinton with $1.07 million. George H.W. Bush and Jimmy Carter are a distant third and fourth.
The Former Presidents Act has come under increasing scrutiny over the last several years, as former presidents tend to make exorbitant amounts of money from speaking fees and book sales.