The U.S. debt now exceeds $20 trillion. Needless to say, the federal government is strangling the American taxpayers by piling on the debt with wasteful spending. Besides the obvious like schools and paved roads, do you know what else the American taxpayer is paying for? We're paying for the U.S. President's pension long after they exit the White House. Yup, no matter what other income stream an ex-president has, he still gets a hefty monthly check courtesy of working Americans.

Fortunately, it looks like that may start to change. The Senate Committee on Homeland Security and Governmental Affairs just approved a bill that would slash a president's pension.

The bill was introduced by Republican Senator Joni Ernst, of Iowa, The measure would limit the pension to $200,000, with adjustments to account for the cost of living. The bill would not affect any security protection measures given to former presidents.

Here's another kicker in the bill: for any additional income the former president makes above $400,000, an equal amount would be subtracted from the pension. In other words, if the ex-president makes $400,001 for a Wall Street speech (à la Obama), then $1 would be taken out of the pension.

Speaking of Obama, the ex-Commander-in-Chief vetoed a similar bill during his final year in office. That should raise eyebrows; he liberally advocated for the wealthy paying their fair share, yet he's unwilling to lose a bit of pension money despite already having an estimated $40 million net worth.

The bill makes perfect sense. Just because someone sat in a White House for four or eight years does not mean he should be entitled to an extravagant sum of money - all on the backs of everyday working Americans.

Do you think this is smart legislation? Sitting in the Oval Office is a hard job, but does that mean presidents deserve a monthly check with a six-digit sum?

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