President Joe Biden will receive a wage increase when he eventually departs the White House.
According to a National Taxpayers Union Foundation analysis, his pension will be at least $13,000 greater than his current income of $400,000 because of his almost 50 years in federal government, first as a senator, then as vice president, and now as president.
“Joe Biden embodies a singular circumstance. Joe Biden stands to gain a significant deal from both systems because of his lengthy service in Congress and his subsequent roles as president and vice president. He might get a total payment of up to $413,000,” according to NTUF vice president of research Demian Brady.
He urged lawmakers on Capitol Hill to “reexamine” the gaps that permit the financial abuse of large pension plans supported by government dollars.
Here is what would happen if Biden were to win against former President Donald Trump in the fall and serve a second term, as Democrats desire.
According to Brady, Biden will get an executive branch pension of $246,400 and a legislative pension of $166,000. Of course, yearly cost-of-living hikes fall on taxpayers.
Presently, Biden has a $9 million net worth.
Brady said wealthy politicians are not the intended beneficiaries of the pension program, despite the fact that they are the ones benefiting from it.
“The initial intent of the presidential pension scheme was to benefit a purportedly struggling Harry Truman. Today’s taxpayers are providing enormous subsidies to ex-presidents who are billionaires, including one billionaire,” Brady stated.
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