As our nation gets ready to say goodbye to Obama and hello to Trump, the transition of power has us thinking: What do our presidents do after their terms in the Oval Office are completed? After passing the reigns to the next POTUS, do these former commanders-in-chief sell best-seller books, have talk shows or drink beer on their 40 acre ranches?
Turns out being an ex-president is a lucrative job. Their $400,000 presidential salary is nothing compared to the dough they rake in from book sales. According to CNN politics, “My Life” by Bill Clinton made $15 million in book sales while George W. Bush’s “Decision Points” earned him $7 million.
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Regardless of their prior financial situation, our presidential leaders are assured to be living above water once their terms are up. When President Truman struggled to make ends meet after his presidency, Congress was prompted to ensure these former leaders were never forced into professions “deemed unsuitable for a former head of state.” After they’ve served, a president is still on the government’s payroll and receives $200,000 in annual pension plus “health care, paid travel and an office.”
The Clintons and Bushs, however, are being accused of milking this wealth by using their name to boost income. According to U.S. News, after Bush’s presidency, he had over 200 talks, cashing in almost $100,000-175,000 per speech. Bill and Hillary Clinton have made a total of $153 million in speaking fees since 2001, says CNN.
While considering this possibly unethical, US News also notes that book writing is probably the most respectable way former presidents can gain wealth because they are adding to their legacy as well educating and adding to the “public’s understanding of history.”
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President’s approaching the end of their service might fantasize about kicking their feet up on a lawn chair in the sunshine on their picturesque farm country home, while sipping a beer … but they need the money to do it.
Do you think it’s okay for presidents to garner wealth from publicity, speeches, “tell-alls” and autobiographies? What do you think President Obama will do post-Oval Office? Let us know in the comments or tweet us at @entity_mag.
