President of the United States, Barack Obama, is pushing for some strict legislation on tax reform. After the recent issue with the debt ceiling and now Cain’s 999 plan, Americans are left wondering how we as a country are going to get out of this financial burden. One of Obama’s big pushes has been that he wants to see significant increases in taxes for the wealthy. Personally, I think this is a great idea, but I don’t want to get stuck in this debate. Instead, I want to suggest a radical idea for working towards solving the debt crisis.
How Much Money Does Obama Really Make?
Have you ever wondered how much money the President of the United States makes? I know that I have. It isn’t that hard to figure out. If you google this, you will easily find that as president, Obama makes $400,000 each year. Considering the immense pressure that Obama is put under over the course of his term, I won’t try to argue that this is too big of a salary. I don’t think you could convince me to take this job for $400k a year.
What this doesn’t take into account, however, is that each and every president can make millions of dollars from publishing. In fact, this has been quite popular with past presidents. Previous presidents make millions from book sales and speaking engagements. If anyone has a secure financial future, it is the President of the U.S. Not only do former presidents not need to worry about their financial future, but they also have private security for the rest of your life. As if this were not enough, according to a report for congress, former presidents also receive a pension. As of 2008, this pension was approximately $191,000 annual salary. Talk about financial security!
How to Fix the Debt Crisis?
While I am not a professional economist, I do know the basics of personal finances. I understand that if you owe lots of money, one of the first things you need to do is to reduce your expenses. If we want to tackle the U.S. debt, why not start at the top? Here is what I am proposing. It is no secret that the Obama family is not struggling financially. I propose that Obama forfeits his salary and pension as an act of good faith. It is not that I don’t think he deserves it. Like I said, I wouldn’t even consider doing his job for the same price. However, this would demonstrate to the country that he is really looking out for the prosperity of the country and it would save the country lots of money by doing so. As a result, I think people would start to consider how they can contribute and start to tackle the debt crisis.
Mr. President, if you happen to read this, I ask you to consider my proposal. Not because I don’t think you earn that money, but because it might help inspire others to follow suit and think of others before themselves. Debt management is always a controversial topic, but with actions of just a few, we can work towards an appropriate future.
What Do you Think?
What do you think? Do you think my plan could help reverse the process and put the country on a path towards eliminating its debt?