Biden's pension to surpass presidential salary after leaving office
Joe Biden, after leaving office, will receive a higher salary from taxpayers than he currently does, writes MarketWatch.com, citing calculations by the National Taxpayers Union.
7:46 AM EDT, July 22, 2024
This organization, a conservative Washington think tank, closely monitors taxpayer expenses. "They estimate that Biden might be on track to receive a public pension of up to $413,000 annually (approx. $1.6 million - editor's note), which is slightly more than the $400,000 he currently receives as president," the report states.
According to "Forbes," Joe Biden's net worth is about $10 million. "This pension would be in addition to any other money Biden would earn after leaving office," it adds.
MarketWatch.com points out that the amount of Biden's future pension pales in comparison to the pensions paid to former corporate executives.
On Wall Street, CEOs would consider $413,000 a year as 'pocket money' - the report states.
Joe Biden began his Senate career in 1973. This means that "he had the opportunity to join the very generous federal retirement plan, the Civil Service Retirement System, before it was closed to new members in 1984," the service indicates.
Biden's resignation: What now?
On Sunday, Joe Biden announced that he is withdrawing from the election campaign and immediately endorsed Vice President Kamala Harris. However, this does not automatically make her the Democratic Party's presidential candidate. The key is what happens from August 19 to 22.
On August 19, in Chicago, the Democrats plan to hold their convention. It is at this convention that the party is expected to officially nominate its presidential candidate. This will be done through a delegate vote. This group of individuals effectively nominates the presidential candidate by casting their votes. And they must nominate Kamala Harris for her to be able to run for the presidency.
