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Tommy Tuberville threatens to end career of any GOP senator who blocks Matt Gaetz
(www.rawstory.com)
this post was submitted on 14 Nov 2024
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politics
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And lifetime pension regardless of time served.
The pension value can be up to 80% of the member's final salary, which is $174,000 per year. At an 80% rate, that's a pension benefit of $139,200. (The Speaker of the House has a salary of $223,500. The Senate President makes $193,400, as do the majority and minority leaders in the House and Senate.) All benefits are taxpayer-funded.
I don't think that's a necessarily bad thing. You don't want to pay politicians less money, when there is very little for anyone not rich or corrupt to run as it is.
In fact... I think we should raise all of their salaries to $200k a year, and implement a $10 national minimum wage. Each congress members salary is a multiple of 20 of the minimum wage in their state. So let's say your state has a $15 minimum wage, congratulations you make $250,000 rather than the base.
The salary is fine but not only is "insider trading" allowed but there's no divestment or blind trust requirement. Some politicians are "more equal" than others because they're already millionaires. The whole lawmaker thing is a side-gig.
Right... that's why there should be a high salary and good pension for running, getting elected and serving. If you can run once and technically retire decently, it would incentivize normal people to run. Hopefully once you have enough regular folk you can ban insider trading.
But even as it is, insider trading only really helps the people with money already. What am I gonna take the pittance I have in the bank and invest it? I would only be slightly less poor, even with some amazing trades.
The tradition of giving pensions (at least for the president) started under Eisenhower. Everyone took one so Truman wouldn’t be humiliated because he was one of the few who entered office without prior wealth.
According to Wikipedia the congressional pensions started in the 40s.
This is what I was thinking of. I guess presidents did not receive pension until 1958.
https://en.wikipedia.org/wiki/Former_Presidents_Act
That was almost a real time fact check! Well done.
When I really don't know the answer to something new or interesting, I have to look it up. These are both fun facts to know.