Speaker of the House Paul Ryan, who tried his utmost to deprive the disadvantaged and the elderly of their benefits, will reap the full rewards of his pension.
Ryan announced he will not seek re-election after his term completes in January 2019. As the speaker of the House has spent approximately 24 years working in the Capitol Hill, he will be eligible to pension at age 50.
According to the Federal Employees' Retirement System, the annual retirement cash to a member is calculated based on his three highest-paying consecutive years of his career. For Ryan, his speaker’s salary of $223,500 would be his highest income. But as he has only been in the position for two-and-a-half years, only two years of that would have been calculated, if he had chosen to retire immediately. The third year’s salary would have been of his previous position which was set at just $174,000 — significantly less than what he earns currently.
However, Ryan decided to retire in January and thus overcame that particular snag. That’s a few months from his third anniversary as speaker of the House on Oct. 29, 2018. Having served three whole years in the position, his pension will now be based upon his speaker’s salary. That amounts to a whopping $84,930 per annum.
Ryan played his cards right but what’s hypocritical is the fact is the speaker has spent his career taking away benefits from the disadvantaged and the elderly.
One of Ryan’s biggest dreams was to repeal Medicare, which provides health benefits to 75 million low-to-middle income Americans. The speaker vowed not to change the program for people currently on it or who were within 10 years of eligibility. However, he proposed to provide future beneficiaries with vouchers for private insurance that would lose their value relative to health care costs, according to health care experts. That meant senior citizens would eventually end up footing the majority of their bills.
Thankfully, this particular bill was shelved for being too extreme.
Ryan was also pivotal in writing and passing the notorious GOP tax bill that experts estimate would lead to a $1.5 trillion U.S. deficit. To close the huge gap, the Republican Party proposed cuts on Social Security, Medicare and food stamps — meanwhile, giving the richest one percent of America enormous tax breaks.
Although Ryan was, thankfully, not successful in all of his proposals, many of his attempts were approved. He may be gone by January, but his horrific legacy will live on.
Banner / Thumbnail : REUTERS/Kevin Lamarque