The 43rd President leaves office
Even as he leaves office as one of the most unpopular presidents in American history, George W. Bush won’t be needing payday loans, or really anything else for that matter. The 43rd President of the United States leaves office for his ranch in Crawford, Texas, and will be soon moving into a large home outside of Dallas in an elite neighborhood called Preston Hollow. Preston Hollow is one of the most affluent neighborhoods around Dallas, and most homes there go for over $1 million very easily. Dallas Mavericks owner Mark Cuban will be a few streets down.
He may not be President anymore – but we still foot the bill
In the late 50s, the idea that former US Presidents still needed to draw some sort of a paycheck was on then President Dwight Eisenhower’s mind. His predecessor, and former boss, Harry Truman was running out of funds keeping an office open, and it was thought to be a great injustice. Though the issue had come up as early as 1912, it was decided by Congress that it was a good time to do something about it, and they passed the Former President’s Act. The Act entitled all former Presidents at the time and all who followed after to an annual pension, free medical care at any military hospital, and an allowance for staffers and assistants.
They also receive a fund for travel and any other office leaving expenses available for seven months after the date of leaving office, and with it they may travel to wherever they are going, and obtain office space, equipment, and any printing or postage associated with leaving office. The going rate for a former chief executive is about $191,300 per annum, and it is indeed taxable, so they won’t need payday loans again, for life.
A pension plan has never been refused
It is noteworthy that some Presidents didn’t really need any money going into office, as some presidents, such as Kennedy and Washington, outright refused to be paid, Washington asking only for living expenses getting covered. That being said, no president has ever refused the pension upon leaving office, and former presidents can earn millions publishing memoirs and going on speaking tours.
Other benefits include up to ten years of Secret Service security detail, and a pension for former First Ladies upon the death of their husbands of $20,000 per annum, along with a Secret Service detail for ten year’s upon leaving office. The law previously was that outgoing Presidents received lifetime details, but it was changed during the later period of the Clinton administration. Bill Clinton is the last president to receive a lifetime detail. It should be noted that only one former president has refused secret service protection, though he maybe needed it due to his unpopularity – Richard Nixon, who discharged his detail in 1985.
A pension in hand is worth a lot to Bush
Say what you want about him, the office has taken a toll. One year in office extracts about two to four years of ordinary wear and tear on a person, and analysts have said that his administration has put about sixteen years of strain in eight on him at least. However, his benefits package is so good that he won’t be needing payday loans ever again.
Wow. Even as a “former” president of the United States, you will still receive special treatment. I mean, being a U.S. President is huge and it will carry on throughout your whole life. Fortunately for George Bush, he won’t have to worry about the little expenses that many of us strive to keep up with. Thank goodness for payday loans.