How much does the US president earn?

Despite being the leader of the free world, the President of the United States is still classified as a federal employee, earning a substantial salary along with a range of benefits.

Currently, the president’s salary is set at $400,000 per year, a figure established by Congress in 2001.

This increase was a response to the demanding nature of the role, marking a significant raise from the previous salary of $200,000, which had remained unchanged for three decades.

In addition to the base salary, the president receives an annual expense allowance of $50,000 and $19,000 designated for entertainment.

Furthermore, there is a $100,000 non-taxable travel account available to cover official travel costs.

Upon leaving office, the president continues to receive compensation.

Under the Former Presidents Act, former presidents are granted a pension equal to that of a cabinet secretary.

Currently, this pension amounts to approximately $230,000 annually. This arrangement ensures that former leaders remain financially supported after their time in office.

The vice president, meanwhile, earns $235,100 annually. Unlike the presidential salary, the vice president's pay is more flexible, subject to adjustments based on cost of living increases.

During President Trump’s term, attempts were made by House Republicans to significantly raise the vice president's salary, which had been frozen since 2010. Ultimately, a compromise led to a modest increase for all federal workers.

Despite the hefty salary, the president’s earnings fall short of the top 1% income bracket, which starts at approximately $788,000 per year. However, the presidential role still commands a salary six times higher than the average American’s income of around $63,795.

The financial structure surrounding the presidency not only reflects the significance of the role but also aims to prevent corruption by providing a stable income.

As taxpayers fund these salaries, there is an expectation of accountability and value for the money spent on the highest office in the land.

Will Banks and Schools Be Closed in the US for Election Day 2024?

As the United States gears up for Election Day on November 5, 2024, many residents are curious about the operational status of schools, banks, post offices, and shipping services.

Although Election Day is not a federal holiday, its observance varies by state. Most state offices will be closed, and 24 states, along with the District of Columbia, provide paid time off for voting. However, routine errands can still be managed, as most banks and post offices will operate normally.

Are Banks Open on Election Day? Major banks, including Bank of America, Truist, PNC, Capital One, and Wells Fargo, will maintain regular hours on November 5. ATM and online banking services will also be available throughout the day.

Are Schools Open on Election Day? Election Day will see many schools closed, especially in states like New Jersey, New York, Illinois, and San Antonio. In New Jersey, public schools will close to serve as polling places. New York City public schools will also be closed, with classes resuming on November 6. In Illinois, schools will be closed for the holiday, while private institutions may still hold classes. San Antonio will see several school districts close, allowing schools to function as polling locations.

These closures are designed to facilitate voting and ensure student safety during the election.

Are Post Offices Open on Election Day? Yes, post offices will remain open, and mail delivery will occur as scheduled since Election Day is not a federal holiday.

Are Shipping Services Open on Election Day? Both UPS and FedEx will provide their standard pickup and delivery services on November 5, with retail locations also operational.

As citizens head to the polls, essential services will be readily available to meet their needs throughout the day.