Former President Barack Obama is about to become the most expensive ex-President ever, eclipsing his predecessor in expected income from the government in 2018.
According to The Washington Times, Obama has requested $1,153,000 from the federal government for his post-Presidency 2018 budget – $100,000 higher than George W. Bush’s request.
George H.W. Bush, according to the outlet, will receive $942,000 while Jimmy Carter will receive $456,000.
As The New York Post reports, all former Presidents receive funding for an office, expenses and often even a pension thanks to a 50s-era law designed to prevent Presidents from going broke after leaving the Oval Office.
That’s fair enough, of course, but back in the 50s Presidents didn’t have the sort of post-office financial opportunities afforded them in the 21st Century.
Barack Obama, for example, made a whopping $400,000 from a single speech before bankers mere months after leaving office.
Obama was already no broke before entering office, earning quite a bit of money from book royalties.
As Newsweek reports, he’s also signed numerous book deals worth a combined $65 million. He lives the life, too, partying with the likes of billionaire Richard Branson.
Obama, of course, isn’t the only President doing alright for himself after leaving office; as Newsweek points out, a modern President’s time in office typically sees them earning the least amount of money they ever will again.
So why is it that, while people in Texas will be struggling trying to rebuild their lives for years to come, the tax money they’ve contributed prior to falling on hard times will go towards padding the wallets of former Presidents – especially one with celebrity status like Barack Obama?