Congress plans to cancel Obama's government pension following news of $400,000 speaking fees...

Daily Mail ^ | 5/5/17 | David Martosko

[Textide]

Congress could soon throw a monkey-wrench into Barack Obama's retirement finances, yanking his presidential pension since he is reportedly cashing in with six-figure speaking fees.

Former presidents currently receive $207,800 per year, the same amount cabinet secretaries are paid.

But lawmakers are considering a move to shrink that payment – dollar for dollar – for Oval Office retirees who collect more than $400,000 in income.

Last year Obama vetoed a bill that did just that.

[webheart]

Im no fan of Obama, but iit doesn’t look good. The democrats will love to say republicans will go after old people’s pensions, just look what they did to that poor old Barack Obama. I bet Hillary gets a pension for having been Secretary of State, Bill Clinton gets one and look how he rakes it in. If they do it because of Obama it will look bad.

[PGR88]

WTF? Talk about a distraction.

Fed.gov is $20 Trillion in debt. We have out-of-control government at all levels, and leftists battling conservatives at every turn.

And they want to fight a media battle over Obama’s $208K pension?

[blueplum]

works for me

[rbg81]

They should just let it go. It won’t make any difference to either Obama or the Federal budget.

[freedumb2003]

>>It’s a law that should be passed, but it will only effect future retirees from the office. Sucks, but there it is.<<

The argument can be: what is the date of the pension agreement?

Example: Here in Dallas they have passed laws that significantly change the Police pension plan, including key items such as payouts and contribution rates. These affect MANY current pensioners.

If they can pass laws affecting current police pensioners’ access to their pension plan, I am sure Congress can do the same (since the ex pos factos law also applies to States and municipalities).

It isn’t a cut and dried as people think.

[drypowder]

NO DC SOB SHOULD GET A PENSION NOR LIFE LONG PERKS. They don’t even deserve what they are getting paid for being in office. The DC shakedown is like and kind to paying criminal thugs for life for robbing you and the thug setting the amount you pay them. Seriously, is there a difference?

[Truth29]

This is dumb grandstanding and will be a distraction from vastly more important issues. It will also whip up Obama’s base and allow his spokesdrones to further accuse the GOP of being racist.

[blueplum]

maybe it’s time to do that. Pensions are for retired people. If a former president is speechifying at twice his pension, he’s not retired. Where else does one get a $200K pension for 4 or 7 years’ work?

[Valpal1]

Are those changes retroactive to current retirees or only going forward and are they defined benefit or defined contribution plans?

[Scrambler Bob]

You know this, but here is Fireman case, May 1 2017

Keep in mind that retirement is often based on last year’s salary, including overtime.

“We are short on firefighters, and are trying to hire. We ask for volunteers to do the overtime, so they are not forced to give up their time off.”

Lots of times a retiring Captain is given first chance at overtime, just for this purpose.

https://blog.transparentcalifornia.com/2017/05/01/la-firefighter-trio-earns-nearly-1-million-in-ot-pay-again/

Three Los Angeles Fire Department (LAFD) employees earned a combined $1.36 million last year — $974,779 of which came from overtime pay alone, according to just-released 2016 salary data from TransparentCalifornia.com.

Unsurprisingly, the LAFD trio earned the three largest overtime payouts of the more than 600,000 workers surveyed statewide:

Fire captain Charles Ferrari received $334,655 in OT, with total earnings of $469,198.
Fire captain James Vlach received $332,583 in OT, with total earnings of $469,158.
Firefighter Donn Thompson received $307,542 in OT, with total earnings of $424,913.

[yoe]

'Tho promised to give a % to charities, probably the Obama Foundation, the couple who want Socialism for everyone else...except them:

(The Obamas are getting a record-setting book deal worth at least $60 million)

The Truman's showed a lot of class by their restraint from the 'hi-life".

[Liz]

There most certainly was a huge brouhaha when the impeached, disbarred Clinton left office.

<><> Clinton wanted taxpayers to subsidize him in a posh expensive office suite ..... but taxpayers said no. He ended up w/ offices in Harlem.

<><> his first speech exploiting the presidency (to a financial firm) caused a massive outcry....the guy who arranged to have Clinton speak was fired.

=============================================

Obamacare is a stupid failed scam that depended on the stupidity of the American people to get passed (according to architect Jonathan Gruber). From the get go....Obama lied about the plan to dupe Americans. Democrats jumped onboard and continued the Obamacare charade.

It's beyond rational thinking to contemplate that the Cantor-Fitzgerald brokerage is paying Obama a four hundred thou speaking fee to speak as if he is an expert about "healthcare."

Cantor Fitzgerald
110 E 59th St
New York, NY 10022
TELE (212) 938-5000
EMAIL PAGE http://www.cantor.com/contact

[thefactor]

This is silly. He earned that pension. And whatever businesses wish to pay him now for his services, that’s up to them. Honor your contracts, Congress.

[discostu]

Pensions are for people who fulfilled the requirements. He’s an ex-president, he gets the cash. When my wife hits her 80 points she’ll leave her ASRS points accruing spot and start collecting that pension, but she will not be retiring (because she doesn’t want to, because she’s crazy).

[Brown Deer]

He earned that pension.

[Wuli]

I would have no problem making the pensions of presidents and Congress critters very good, and all of them with a provision that the benefit amount equals a stated benefit, minus their annual income from other sources. The pension would then go mostly only to presidents who do not financially exploit their former presidency; giving financial support when it is needed, but not otherwise.

I would also remove ALL secret service protection from ALL former presidents. It makes them a class like royalty, which they are not.

[jjotto]

Ex-presidents received almost no kind of consideration at all until 1958. Harry Truman’s relative poverty was a motivating factor, I believe.

[upchuck]

President Trump will have a sly smile on his face as he signs this bill into law. More winning!

[az_gila]

Easy, do it the Dem way...

95% tax on presidential speaking fees for the amount above the Presidential pension.

(D)s have been pressing for this tax rate for a while, tell them this is a test case...:^)

[freedumb2003]

>>Are those changes retroactive to current retirees or only going forward and are they defined benefit or defined contribution plans?<<

Defined benefit and retroactive to current pensioners (retirees).

There is something different about pensions than most contracts. There are probably a lot of weasel “subject to” words about what is REALLY can be paid after retirement. I think the employee contribution is the only thing that is legally protected.