I, too, think it would be quite rude to not refer to Bill Clinton as president. Not only does it apply to political people but to pageaentry as well. Just because the term or run is over doesn't mean that the title just goes away. Bill Clinton and the many other presidents will always be and should be referred to as President.
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A wizard is never late, Frodo Baggins, nor is he early. He arrives precisely when he means to.