The President of the United States, also known as the POTUS, is the head of state and head of legislature of the United States of America. The president coordinates the executive part of the federal government and is also the commander in chief of the United States Armed Forces.
Ever since it was first developed, the authority and power of the presidency has increased considerably, as has the authority of the federal government as a whole. While the presidential power has been changing and fluctuating over time, one thing has remained constant and has only been increasing is the solid role of the American presidency in the United States political life since the start of the twentieth century. A remarkable development was made during the administration of Franklin D. Roosevelt.
In contemporary occasions, the president is additionally viewed as one of the world’s most impressive political figures as the head of the main global superpower. As the head of the country with the biggest economy by nominal GDP, the president has critical domestic and international hard and soft power. Moreover, like the average American, the leader of the United States is also on salary.
So, how much money does the president make? The article covers this question, therefore, keep on reading to find out.
How Much Money Does The President Make?
This is one question that most wage workers must ask themselves every time they reach their nine to five workplace. The position of the president of the United States is a powerful position and the salary he receives mirrors this fact. The president earns an annual salary of $400,000. Other than that, they also receive an extra $50,000 as an expense allowance, a non-taxable travel account worth $100,000 and they also receive $19,000 for entertainment.
How Much Money Does The President Make In An Hour?
Before we figure out how much money the president makes in an hour, let us look at how many hours he works in a day. In one of his interviews, former president Barack Obama said that he worked for 13 hours a day, where 10 hours were from the Oval Office, while the remaining three are from home. Therefore, given these stats, let us assume that the president works 13 hours every day. Being the head of the state requires the president to be on call 24/7. So, for sake of making it simple, let us just say that he works the entire seven days a week, which means that weekends are included.
One thing that needs to be taken into account is the number of days the president takes off for a vacation. This solely depends on the president. John Adams holds the record for taking the most vacation and is also often criticized for it. He only came to his office for 4 months while the rest 1799 days of his tenure, he was on a holiday. The current president Donald Trump, has taken a total of 24 days off (as of yet), while the previous president Barack Obama took 112 days off in his entire tenure of 8 years. So on an average, the president works for 49 weeks in a year.
Based on these estimated figures, the president works for roughly 4459 hours in one year. Thus, with an annual salary of $400,000, the president of the United States makes $89.71 in an hour.
How Much Money Does The President Make In A Day?
Keeping the aforementioned estimate in mind where the president makes $89.71 in an hour, we can figure out how much he makes in a day, given that he works for 13 hours. So, on average, the president makes $1166.23 in a day.
Does The President Get Paid For Life?
In 1928, the Congress passed The Former Presidents Act. This act made sure that U.S. presidents get paid for life and basically came into being to provide for President Harry Truman who faced many financial difficulties after his presidential tenure. With this Act, the former presidents of the United States receive a pension. Moreover, they also get funds for travel, for office space, to support staff, and mailing costs. Each staff person’s salary starts from $150,000 a year for the first 30 months and $96,000 a year afterward.
The pension that former presidents receive is equivalent to that of a federal government executive department. In 2020, these Executive Level 1 employees received $219,200 which means that the former president also gets $219,200. The president starts to receive the pension immediately after leaving the office. Apart from that, ex-presidents also receive seven months of transition services that cover the costs of winding down the outgoing authorities and briefing the incoming ones.
Along with receiving a pension, the former president can also earn money by publishing memoirs, becoming a part of corporate boards and giving speeches to audiences all across the globe. There is no limit to how much the ex-president earns this way. Clinton received more than $65 million just for the speeches he gave after his presidency and got another $15 million for his published memoirs.
How Much Does The First Lady Make?
The First Lady gets no pay. The duties incorporate SVP of communications and strategic planning, head of program management, and VP of Global Affairs. Some First Ladies surrendered rewarding jobs to go into the White House. Hillary Clinton was a partner at Rose Law Firm in Arkansas. Michelle Obama was a chief at the University of Chicago hospitals. In case that the ex-president passes away, leaving behind a widow, the wife of the deceased president is given a pension of $20,000 for life, along with the benefit of free postage.
Who Pays The President?
The president works for the United States government and is its most noteworthy official. Thus, just as is the case with the rest of the United States government employees, ranging from the most minimal ranking civil employees and military officials to the individuals from the U.S. Congress and the U.S. High Court, along with the rest of the central government employees, the president is also completely paid by the United States government, explicitly the U.S. Division of the Treasury.
The monies paid out are produced fundamentally from different sorts of federal tax revenues, despite the fact that the U.S. government has a few extra income sources from different charges, fines, customs obligations, tariffs, and so forth and sporadically from the sale of different government resources, including land, natural resources, and other real estate properties and an overflow or surplus of equipment.
Therefore, when it comes to who pays the president, it is us, the citizens of the United States, through our federal income taxes. We give most of the President’s, along with any other federal government worker’s pay and benefits.
Presidents Who Did Not Take The Salary
The Constitution requires a president to take a salary. The Founding Fathers needed to shield even rich presidents from adversity that could entice them to accept bribes. The compensation may have additionally been intended to guarantee that an absence of personal riches would not restrict an elected president from taking office. However, there have been four presidents who have denied a pay. They either gave away all of it, or part of it. These four presidents are:
- Donald J. Trump: Trump donated his annual presidential salary of $400,000 to various federal departments. According to Forbes, his net worth is $3.1 billion.
- John F. Kennedy: He donated his $100,000 income to charity. Moreover, he also retained the $50,000 entertainment allowance. A multimillion dollar trust fund was also inherited by Kennedy. He had also donated his salary while serving 14 years in Congress.
- Herbert Hoover: He split up his income between different charities and gave some of it to his staff as well. In 1913, Hoover’s net worth was around $4 million which is worth $103 million today.
- George Washington: George Washington donated his $25,000 salary, but used some of it for travel costs. He needed a special chariot to travel through the dusty and rocky roads of the South. He had also refused an income while he was the commander of the United States military.
Who Is The Richest President?
The richest president in history is believed to be Donald Trump, who is often considered the first billionaire president. Although his precise net worth is still a mystery because the Trump Organization is privately held, according to a few recorded estimates, the peak net worth of the 45th president of the United States is $3.1 billion.
Donald Trump was born into a rich family and acquired approximately $413 million from his father, as per the New York Times. In the wake of assuming control over his father’s real estate business, he became significantly more wealthy and now possesses billions of dollars in land. Truman was among the least rich United States presidents, with his total assets being way under $1 million.
Salary History For Presidents
Current Equivalent: $673,451
Current Equivalent: $992,777
Current Equivalent: $1,954,850
Current Equivalent: $967,315
Current Equivalent: $1,254,610
Current Equivalent: $519,979
In 225 years, the salary of the president has been increased five times. It has been doubled three times from 1789 to 1873, 1949 to 1969, and 1969 to 2001. However, despite this apparent increase in the salaries, if we calculate the modern equivalent of these presidential incomes, the current one is the lowest in history.
Now that you have read the article, you know that the president of the United States makes 400,000 dollars a year, excluding the money they receive for travel expenses, as an allowance, for entertainment etc. When looking at the history of the salaries that U.S. presidents have been receiving, the current president earns the lowest.