E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > Political Talk

Political Talk
You may discuss anything regarding politics in this forum ONLY. If you cannot respect others opinions, your access to this forum will be removed.

Reply
 
Thread Tools Search this Thread Display Modes
Old 02-20-2013, 06:38 AM   #1
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
Should Barack Obama or the next president get a raise?

President Barack Obama’s salary pales in comparison to the average CEO. But does the president really need a raise? The historical data says “yes,” but the potential big payoff for newer presidents says “probably not.”

In 2011, the average Fortune 500 company leader made $12 million a year. President Obama has a $400,000 annual salary, gets a $50,000 expense account, and a really cool house to live in. But he has to buy his own food in some cases.

The debate over presidential pay dates back to the Prohibition era, when people were shocked in 1930 when baseball star Babe Ruth was given a salary that paid more than President Herbert Hoover’s.

Ruth legendary response was, “So what? I had a better year than he did.”

President Obama’s compensation is above average compared with other world leaders, including the leaders of China, Russia, the United Kingdom, Mexico, and Germany. Many are not far behind, though, with compensation in the US$200,000 – $300,000 range. And a handful are paid much more; the leader of Singapore gets about US$1.7 million a year.

The U.S. Constitution outlines how the president can get a raise and lets Congress decide on the timing through legislation.

Article II, Section 1 says that “The President shall, at stated Times, receive for his Services, a Compensation, which shall neither be increased nor diminished during the Period for which he shall have been elected, and he shall not receive within that Period any other Emolument from the United States, or any of them.”

President Washington received a salary of $25,000 in 1789, which was a lot of money at the time. It’s difficult to estimate the current value; projections range from $300,000 to $4 million in current dollars (depending on the economic barometer). But Washington also had to cover most of his own expenses. Luckily, the father of our country was a wealthy landowner.

Since the time of President Washington, there have been five presidential pay raises, which were effective in the next presidential term after Congress passed them. For example, in January 1969, the outgoing president was Lyndon Johnson; the pay raise took effect when Richard Nixon became president.

Pay hikes came in 1873 ($50,000), 1909 ($75,000), 1949 ($100,000), 1969 ($200,000), and 2001 ($400,000).

The chief benefactors of those pay raises were the first presidents to receive them, since they weren’t as susceptible to inflation. So in current 2012 dollars, Ulysses S. Grant received $945,000 in 1873; William Howard Taft got a hefty $1.9 million in 1909; Harry S. Truman received $950,000 in 1949; and Richard Nixon got $1.2 million in 1969. President George W. Bush’s pay was not considerably higher due to inflation over the past decade. But he did see his pay double compared with President Bill Clinton’s salary in 2000.

Basically, because there is no cost-of-living adjustment, the presidents make less each year they are in office.

Contemporary presidents do have a big advantage over their predecessors when it comes to making money after they leave office, and that is where they’re more competitive with CEOs.

Until 1958, presidents didn’t receive a pension after leaving office. Today, a president receives an annual pension equal to the current salary of a Cabinet secretary (about $200,000 per year) when leaving the White House.

In a 2008 report, the Congressional Research Service said that the three former presidents at the time (Jimmy Carter, George H.W. Bush, and Clinton) were receiving between $518,000 and $1.1 million a year in benefits from taxpayers, including pensions, office space, transportation, and other expenses.

Presidents George W. Bush and Clinton also signed lucrative book contracts after leaving office.

Clinton, in particular, has made out well financially. He told CNN in 2010, “”I’ve never had any money until I got out of the White House. But I’ve done reasonably well since then.”

Clinton made $16 million by giving speeches soon after he left office in 2001. By 2010, the website 24/7 Wall Street estimated that Clinton’s net worth was $55 million, and he had made $125 million before taxes.

On the 2012 campaign trail, candidate Mitt Romney floated the idea of a compensation plan that would make the president and other politicians more like CEOs, using incentives.

“I wish we had that happen throughout government–where people recognized they are not going to get rewarded in substantial ways unless they are able to achieve the objectives that they were elected to carry out,” he said.

However, that could backfire on a president. For example, the CEO of Walmart, Mike Duke, makes about $17 million in total annual compensation. Walmart also had a $16 billion profit in 2011.

The federal government annual deficit for the same year was $1.3 trillion.

http://www.philly.com/philly/news/Sh...t_a_raise.html
__________________


Quote:
Originally Posted by M3Inline6 View Post
If there is one thing I despise most it's blacks always pulling the race card. It's so annoying and is often misplaced.
bimmerfan08 is offline   Reply With Quote
Old 02-20-2013, 07:12 AM   #2
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 334
My Ride: Beach Cruiser
Send a message via AIM to Act of God
You have to add the costs of vacations to his compensation along with pension and health care for life. I'm pretty sure most presidents end up R-I-C-H after office so this is a silly conversation. Oh yeah, he can also participate in insider trading.
__________________
“They have the guns and therefore we are for peace and for reformation through the ballot. When we have the guns then it will be through the bullet.” - Saul Alinsky, quoting Lenin

"You don’t burn books because they’re irrelevant. You burn books because you’re terrified that they’re not. You don’t muzzle people who have no audience. You muzzle people only when their voices are amplified far beyond your liking."
Act of God is offline   Reply With Quote
Old 02-20-2013, 07:29 AM   #3
casino is no lie
Registered User
 
Join Date: Jan 2012
Location: CDT
Posts: 76
My Ride: M54B30
Obama is paid plenty. And being President essentially guarantees job security for the rest of their lives. Congress on the other hand should take a pay cut.
__________________
casino is no lie is offline   Reply With Quote
Old 02-20-2013, 09:18 AM   #4
Rhumb
Registered User
 
Join Date: Apr 2007
Location: Virginia
Posts: 107
My Ride: 2001 M3 Coupe
Or perhaps most CEOs are making far too much beyond what they deserve?
Rhumb is offline   Reply With Quote
Old 02-20-2013, 09:21 AM   #5
customisbetter
Registered User
 
Join Date: Sep 2011
Location: East Lansing
Posts: 255
My Ride: 02 325xi
The president and congress should only make minimum wage.
__________________

Last edited by customisbetter; 02-20-2013 at 09:21 AM.
customisbetter is offline   Reply With Quote
Old 02-20-2013, 09:39 AM   #6
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
Quote:
Originally Posted by Rhumb View Post
Or perhaps most CEOs are making far too much beyond what they deserve?
You're comparing companies who derive their own profits through their work while competing amongst other companies who all want to be the best and a government that simply takes up taxes. There is no direct competition for our government or incentives to shine above the rest. Apples to oranges.
__________________


Quote:
Originally Posted by M3Inline6 View Post
If there is one thing I despise most it's blacks always pulling the race card. It's so annoying and is often misplaced.

Last edited by bimmerfan08; 02-20-2013 at 10:46 AM.
bimmerfan08 is offline   Reply With Quote
Old 02-20-2013, 09:56 AM   #7
2000_328CI
DK Jack Sparrow
 
2000_328CI's Avatar
 
Join Date: May 2004
Location: Isla de Muerta | DC/VA
Posts: 29,025
My Ride: 328Ci | Range Rover
Send a message via AIM to 2000_328CI Send a message via MSN to 2000_328CI
Most CEOs DON'T have the ability to make a million bucks doing a single appearance after they leave the oval office.
__________________

Everything you need to know on muffler deletes : http://forum.e46fanatics.com/showthread.php?t=745244
Wrapping an E46 in Vinyl : http://forum.e46fanatics.com/showthr...ghlight=bronze
2000_328CI is offline   Reply With Quote
Old 02-20-2013, 11:17 AM   #8
mistrzmiasta
Registered User
 
Join Date: Dec 2006
Location: NYC
Posts: 999
My Ride: GLK350,ML63, Duc1098
Quote:
Originally Posted by casino is no lie View Post
Obama is paid plenty. And being President essentially guarantees job security for the rest of their lives. Congress on the other hand should take a pay cut.
mistrzmiasta is offline   Reply With Quote
Old 02-20-2013, 06:07 PM   #9
MDydinanM
Registered User
 
Join Date: Sep 2004
Location: East Coast
Posts: 754
My Ride: is a ///M
No, and No. And I also don't like the fact that Congress gets pay raises with their recent track record. That, and how they can vote on their own pay raises which is virtually unanimous.

Is this age of looming sequestration, deficits, etc, Congress voted to increase their pay. I guess no one would want to be a politician if it wasn't lucrative.

Last edited by MDydinanM; 02-20-2013 at 06:07 PM.
MDydinanM is offline   Reply With Quote
Old 02-20-2013, 06:11 PM   #10
MDydinanM
Registered User
 
Join Date: Sep 2004
Location: East Coast
Posts: 754
My Ride: is a ///M
Quote:
Originally Posted by Act of God View Post
You have to add the costs of vacations to his compensation along with pension and health care for life. I'm pretty sure most presidents end up R-I-C-H after office so this is a silly conversation. Oh yeah, he can also participate in insider trading.
Most Presidents are set for life after their presidency. They have a pension, plus they earn money from any guest apperances, royalities from any books they publish, or whatever else they decide to do.

As far as insider trading goes, I know Congress used to do that, but recently (especially after that 60 minutes episode aired) passed a law/ethics reform called the Stock Act where it is illegal for Congress, the President, and Federal workers to do so: http://www.huffingtonpost.com/2012/0...n_1373081.html.

But who knows if that will stop them.

Last edited by MDydinanM; 02-20-2013 at 06:14 PM.
MDydinanM is offline   Reply With Quote
Old 02-20-2013, 06:48 PM   #11
Rhumb
Registered User
 
Join Date: Apr 2007
Location: Virginia
Posts: 107
My Ride: 2001 M3 Coupe
Perhaps their salaries should be set as some percentage of the national median wage--if they raise the average Joe's salary, then they raise their own. Prez might be 20x, VP 19x, on down the line.

As in the private sector, ought you not attract and pay for the best talent?
Rhumb is offline   Reply With Quote
Old 02-20-2013, 07:33 PM   #12
Zell
Registered User
 
Zell's Avatar
 
Join Date: Jun 2009
Location: wow such city
Posts: 5,746
My Ride: Has no throttle
For the job that they do, they do get underpaid IMO.
__________________
Zell is offline   Reply With Quote
Old 02-20-2013, 08:08 PM   #13
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
Quote:
Originally Posted by Zell View Post
For the job that they do, they do get underpaid IMO.
No
__________________


Quote:
Originally Posted by M3Inline6 View Post
If there is one thing I despise most it's blacks always pulling the race card. It's so annoying and is often misplaced.
bimmerfan08 is offline   Reply With Quote
Old 02-20-2013, 11:12 PM   #14
rapier7
Registered User
 
Join Date: Dec 2008
Location: ATL
Posts: 78
My Ride: Subaru BRZ
The job is not about money. Being President is the ultimate dream job for certain types of people out there.

They live on the taxpayers' dime while in office. And they have a ballin' ass pension and command ridiculously high speaker fees when they leave office. No need to boost their salary.
__________________
http://meta-rhetoric.com - Unfiltered Reality
rapier7 is offline   Reply With Quote
Old 02-21-2013, 01:02 PM   #15
Rhumb
Registered User
 
Join Date: Apr 2007
Location: Virginia
Posts: 107
My Ride: 2001 M3 Coupe
Quote:
Originally Posted by 2000_328CI View Post
Most CEOs DON'T have the ability to make a million bucks doing a single appearance after they leave the oval office.
Most CEO's don't need to make money doing appearances after they've socked away the millions they've reaped from raiding corporate coffers, golden parachutes and lavish if Byzintine compensation packages into obscure offshore bank accounts and other tax havens.
Rhumb is offline   Reply With Quote
Old 02-21-2013, 01:04 PM   #16
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
Quote:
Originally Posted by Rhumb View Post
Most CEO's don't need to make money doing appearances after they've socked away the millions they've reaped from raiding corporate coffers, golden parachutes and lavish if Byzintine compensation packages into obscure offshore bank accounts and other tax havens.
You sound so grumpy and spiteful. Be happy with what you have
__________________


Quote:
Originally Posted by M3Inline6 View Post
If there is one thing I despise most it's blacks always pulling the race card. It's so annoying and is often misplaced.
bimmerfan08 is offline   Reply With Quote
Old 02-21-2013, 01:11 PM   #17
mkodama
Registered User
 
mkodama's Avatar
 
Join Date: Oct 2006
Posts: 33,171
I think that's pretty reasonable money for being the president. Maybe a bit on the low side, but I'm sure the job covers a lot of expenses.
__________________

mkodama is offline   Reply With Quote
Old 02-21-2013, 01:13 PM   #18
SLVR JDM
Registered User
 
Join Date: Nov 2005
Location: Work
Posts: 1,526
My Ride: reclining rear seats
No.
__________________


** Removed **
SLVR JDM is offline   Reply With Quote
Old 02-21-2013, 01:31 PM   #19
badfast
Registered User
 
Join Date: Feb 2008
Location: Northern Korea
Posts: 557
My Ride: A Car
Quote:
Originally Posted by Zell View Post
For the job that they do, they do get underpaid IMO.
Quote:
Originally Posted by bimmerfan08 View Post
No
What are you getting at bf?
badfast is offline   Reply With Quote
Old 02-21-2013, 02:05 PM   #20
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Hampton Roads, VA
Posts: 4,891
My Ride: Phoenix Yellow M3
Quote:
Originally Posted by badfast View Post
What are you getting at bf?
Like others have said. Look at the grand scheme of things. A healthy pension every year for their lives, book contracts, speeches, medical coverage, staffers, security, and sometimes a travel budget. Not to mention all of the perks and amenities while in office. At the expense of taxpayers of course.
__________________


Quote:
Originally Posted by M3Inline6 View Post
If there is one thing I despise most it's blacks always pulling the race card. It's so annoying and is often misplaced.
bimmerfan08 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Censor is ON





All times are GMT -5. The time now is 06:27 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use