Former US President Joe Biden has amassed a massive pension amount following his retirement, accounting for the largest sum any president in US history has acquired. According to a New York Post exclusive, the Democratic leader is now getting $417,000 as part of his taxpayer-funded pension, which also happened to be significantly higher than what he earned while he was still in office.
National Taxpayer Union Foundation Vice President Demian Brady has since told the Post that Biden would be able to rake in the huge payout thanks to two pension funds during his first year as former president. Brady further described the amount as “historically unusual,” considering no other ex-president has taken away such a big cheque after their official term.
Even Biden’s own predecessor and former boss Barack Obama didn’t receive such a hefty sum. Comparing the 46th POTUS’ pension amount to what other previous presidents were blessed with, Brady told the NY Post, “I would have to say that it’s the largest.”
Obama’s pension vs his presidential salary
In 2017, Barack Obama became a federal retiree. Consequently, his pension payment was estimated to be $207,800 for the following year, as per the years-old CNN report. It happened to be half of his presidential salary.
With Biden now listed to receive $417,000 as annual pension, his sum is double what Barack Obama has gotten after his White House departure.
Trump’s US President salary explored
Be it Donald Trump, Joe Biden or Barack Obama, a US president’s annual salary figure has been set at $400,000, as per a 2001 Congress mandate. And so, the presidential salary has remained the same all through the 21st century.
This means that Biden’s pension payment is $17,000 more than what he earned as a US president.
Beyond the $400,000 a year salary, American presidents also get an extra expense allowance of $50,000 a year, a $100,000 non-taxable travel account and $19,000 for entertainment. According to CNBC, there have only been five pay raises for the US president between 1789, when George Washington became the commander-in-chief, and present day.
The most recent presidential salary hike was obviously reported in 2001 when Congress doubled it from the 1969 figures. As per CNBC’s inflation calculator, the rising salary figures were as follows: $25,000 (1789), $50,000 (1873), $75,000 (1909), $100,000 (1949), $200,000 (1969) and $400,000 (2001).
Beyond the salary amount, US presidents also get free transportation in the form of the presidential limousine, Marine One and Air Force One. They undoubtedly even secure free housing in the White House. On the other hand, if these top politicians can expand their earnings after retirement beyond the tax-payer funded pension by landing book deals and other speaking gigs.
As an exception, Trump happens to be the first billionaire to become a US president. But most importantly, his vast net worth is barely ever funded by the presidential salary. His billionaire status predominantly relies on his business ventures like cryptocurrency projects and limited-edition merchandise, among other things.
Throughout his first and current presidential terms, the MAGA leader has donated his entire annual salary to federal agencies, including the National Park Service and the Department of Health and Human Services.
He only formally accepts $1 per year in salary as a symbolic gesture in accordance with Article II, Section 1 of the US Constitution, according to The Palm Beach Post.
