How Much Does the US President Make?

A president is an extremely high-ranking government official who enjoys an attractive salary and many perks, in addition to paying taxes on their earnings.

Congress increased their salary to $400,000 per year in 2001. They also receive a stipend for entertainment, a non-taxable travel account of $100,000 and free housing in the White House.

Salary

President of the United States does not receive as much of an income as corporate CEOs do, yet still receives a substantial annual salary – Joe Biden currently makes $400,000 per year but its inflation-adjusted value has significantly diminished over time – meaning their buying power has decreased since taking office.

Congress froze the vice president’s annual salary at $235,100 when they decided to cap it in 2014.

There have been five presidential pay raises over the last 200 years and 51 increase in salary of Supreme Court Justice since 1789. Furthermore, both President and Vice President also benefit from various perks, including free transportation on Marine One or Air Force One.

The public will only support an increase if they see tangible positive effects on the financial health of their country. Any increase should be linked to civil service reform or an overhaul of the presidential nomination process. Public opinion polls and arguments from opponents will not change their stance.Congress should focus on conveying to them the tangible improvements achieved with each increase.

Pension

Before the late 1950s, former presidents received few retirement benefits; it wasn’t until Harry Truman’s financial situation became public knowledge that Congress started funding pensions for former presidents. Since then, an ex-president receives an annual pension equal to that of an executive department head; they also gain office space, staff support and franking privileges as well as lifetime Secret Service protection for themselves and their family members, as well as paid official travel.

The President receives the highest salary of any United States government employee; only Supreme Court Justices earn less. Interestingly enough, his pay may actually be somewhat less than those of Congress members and state governors.

Although a President’s salary might seem like it covers most expenses associated with his or her job, their responsibilities are immense and expenses often far outweigh that figure. First Lady Laura Bush described having to cover such costs as dry cleaning and hourly wages for staff at private events during her husband’s presidency; additionally their children must be privately educated during that period as well as other associated costs; former Presidents receive substantial federal pensions to assist in covering such costs.

Perks

Presidents of the United States typically earn six-figure salaries, yet their benefits extend well beyond this paycheque, including free housing, meals, travel, security and access to classified intelligence that allows them to make informed decisions regarding national and international affairs. They may even gain invitations to exclusive events like Bilderberg (where only two former presidents have attended thus far).

Former presidents may receive substantial taxpayer-funded benefits after leaving office, including a pension equivalent to that of a Cabinet Secretary and expenses such as staff salary and office space rent, according to an analysis conducted by the National Taxpayers Union Foundation. Accordingly, total costs associated with such benefits may surpass $1 Million.

Another perk for former presidents is access to free health insurance; although not available to all former presidents, most do qualify and some even become eligible for Medicare. Furthermore, the government reimburses post-office travel costs such as trips to the grocery store or attending political summits in Europe.

These benefits do not exist to provide incentives to the president for his work; rather, they exist to compensate him for the risks and responsibilities involved with his job.

Retirement

Becoming President is certainly no ordinary job, yet the perks extend well past retirement – this includes receiving an impressive annual pension and Secret Service protection.

Since 1789, when President Thomas Jefferson first took office, his annual salary has only been increased five times; however, due to inflation over time the purchasing power has gradually diminished and now stands at an astounding $400,000 annually.

According to the Former Presidents Act, former presidents are entitled to an annual pension equal to that of one cabinet secretary’s salary – in 2024 that will amount to $246,424. Furthermore, ex-presidents may also collect a congressional pension for their years of service; Joe Biden could potentially collect two pensions starting around $413,000.

Former presidents are eligible for Social Security payments in addition to their salaries and benefits, since they contributed into the system like any federal employee. With one exception (Jimmy Carter during 1977 to 1981 who was covered by Civil Service Retirement System instead), all living former presidents who serve within 24 months after 1984 will qualify for Social Security payouts.

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