Author Topic: Report: Majority in Congress Millionaires for First Time in History  (Read 334 times)

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Offline mystery-ak

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http://www.breitbart.com/Big-Government/2014/01/09/Report-Majority-in-Congress-Millionaires-for-First-Time-in-History



 by Tony Lee 10 Jan 2014, 12:54 AM PDT

For the first time in history, a majority of lawmakers in Congress are millionaires at a time when Americans feel that Congress and those in the "Boomtown" that is Washington, D.C. are becoming more removed from their everyday lives.

According to a Center for Responsive Politics's analysis of "the personal financial disclosure data from 2012 of the 534 current members," 268 lawmakers in Congress had an average net worth of at least $1 million. That was up from 257 from the year before.

The Center for Responsive Politics found that 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." In the Senate, "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." According to the report, "the median for congressional Democrats was $1.04 million and, for Republicans, $1 million."

Rep. Darrell Issa (R-CA) is the wealthiest lawmaker in Congress with a reported average net worth of $464 million in 2012 and the "least-wealthy member was Rep. David Valadao (R-Calif.), who reported an average net worth of negative $12.1 million." According to the Center, Valadao is in debt "due to loans for his family’s dairy farm."

To calculate the net worth of members of Congress, "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." The average net worth of each lawmaker in Congress can be found here.

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Offline Olivia

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Re: Report: Majority in Congress Millionaires for First Time in History
« Reply #1 on: January 10, 2014, 01:44:27 PM »
 :nometalk: :nometalk: :nometalk: :nometalk:

Now tell me how they're going to relate to the average working man and woman?
Another thing, how did they all get so rich supposely working for us?  Hmmmm........

Truthfully, the most important thing in life is knowing what the most important things in life are, and prioritizing them accordingly.   Melchor Lim

Offline Atomic Cow

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Re: Report: Majority in Congress Millionaires for First Time in History
« Reply #2 on: January 10, 2014, 06:26:41 PM »
One question is how many were millionaires before joining Congress?

Given the cost of campaigns today, it means fewer and fewer non-wealthy people can do it.
"...And these atomic bombs which science burst upon the world that night were strange, even to the men who used them."  H. G. Wells, The World Set Free, 1914

"The one pervading evil of democracy is the tyranny of the majority, or rather of that party, not always the majority, that succeeds, by force or fraud, in carrying elections." -Lord Acton

Offline Rapunzel

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Re: Report: Majority in Congress Millionaires for First Time in History
« Reply #3 on: January 10, 2014, 06:33:01 PM »
One question is how many were millionaires before joining Congress?

Given the cost of campaigns today, it means fewer and fewer non-wealthy people can do it.

McCain was wealthy because he marred an heiress.  McConnell OTOH went from law school into congress and into the senate.  He was not wealthy when he started and today is worth a reported $90 million dollars.  Seems that $192K a year multiplied nicely.  Kerry (of course) married money.  Pelosi and her husband have become very wealthy thanks to her using her congressional position to funnel money to his business interests.  Remember Jack Murtha? In addition to money he managed to funnel back to himself via money he sent to PA he also became very wealthy helping out Pelosi's husband in some of their combined business interests on the West Coast... then there is the former speaker Hastert......  used his position to make some land purchases that just so happened to be very lucrative... actually quite a few Republican congressmen have done this - one in San Bernardino buying up property that was going to soon be zoned for an extension of a freeway........ he bought the land (which was pretty worthless at the time) and then sold for a lot of money for the freeway right of way..... the list is long.  Too long.
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