Author Topic: For the first time, the majority of congress are millionaires  (Read 231 times)

0 Members and 1 Guest are viewing this topic.

Online rangerrebew

  • America defending Veteran
  • TBR Contributor
  • Hero Member
  • *****
  • Posts: 65,790
  • “It’s easier to fool people than to convince them
For the first time, the majority of congress are millionaires
« on: January 09, 2014, 04:55:57 PM »

Congress Is Now Mostly A Millionaires’ Club

For the first time, more than half of congressional lawmakers are worth at least $1 million

By Andrew Katz @katzJan. 09, 20144 Comments   




   

   
 

      
 

   
   inShare.
      
 
Read Later










      

Furloughed federal employee holds sign on the steps to the U.S. Capitol after the U.S. Government shut down last night, on Capitol Hill in Washington
Larry Downing / Reuters
A furloughed federal employee holds a sign on the steps to the U.S. Capitol after the government shut down on Capitol Hill on Oct. 1, 2013.




Email
   Print
   Share   










   Comment
 

 Follow @TIMEPolitics
       
Congress is loaded, if you weren’t already aware.

The Center for Responsive Politics analyzed the personal financial disclosure data from 2012 of the 534 current members of Congress and found that, for the first time, more than half had an average net worth of $1 million or more: 268 to be exact, up from 257 the year earlier. The median for congressional Democrats was $1.04 million and, for Republicans, $1 million even.

To calculate the net worth of lawmakers, the Center added together members’ significant assets, such as corporate bonds and stocks, then subtracted major liabilities such as loans, credit card debt and property mortgages.

Here’s the breakdown: the median net worth for all House members was $896,000 (Democrats averaged $929,000 to Republicans’ $884,000) and, for Senators, $2.5 million. The median net worth for Senate Democrats was $1.7 million, down from $2.4 million in 2011; for Republicans: $2.9 million, up from $2.5 million in 2011.

Richest and Poorest Members

Rep. Darrell Issa (R-Calif.), the chairman of the House Oversight Committee who made his millions in the car alarm business, was the richest lawmaker in Congress with an average net worth of $464 million in 2012.

The least-wealthy member was Rep. David Valadao (R-Calif.), who reported an average net worth of negative $12.1 million. Valadao is in the red, the Center found, due to loans for his family’s dairy farm.

Who’s Investing In What

The group also analyzed the members’ investments. General Electric was the most popular holding; the minimum Democratic investment was $927,777 and the smallest Republican investment was $2,130,657. The top five rounded out with Wells Fargo, Microsoft Corp., Procter & Gamble, and Apple Inc.

The full list of 2012 personal financial disclosures from members of Congress can be found here.


Read more: For the First Time, the Majority of Congress Are Millionaires | TIME.com http://swampland.time.com/2014/01/09/congress-is-now-mostly-a-millionaires-club/#ixzz2pwOBPr7Z
Abraham Lincoln:

There is no grievance that is a fit object of redress by mob law.
--January 27, 1838 Lyceum Address

Don't interfere with anything in the Constitution. That must be maintained, for it is the only safeguard of our liberties. And not to Democrats alone do I make this appeal, but to all who love these
great and true principles.
--August 27, 1856 Speech at Kalamazoo, Michigan

Let us then turn this government back into the channel in which the framers of the Constitution originally placed it.
--July 10, 1858 Speech at Chicago


Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf