| Author |
Previous Topic | Next Topic |
|
GetLoans4me
2695 Posts |
 Posted - 11/07/2009 : 6:02:04 PM
|
Talk about bad timing.
As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.
Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.
CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8 million.
All told, at least seven lawmakers have net worths greater than $100 million, according to the Center’s 2008 figures.
“Many Americans probably have a sense that members of Congress aren’t hurting, even if their government salary alone is in the six figures, much more than most Americans make,” said CRP spokesman Dave Levinthal. “What we see through these figures is that many of them have riches well beyond that salary, supplemented with securities, stock holdings, property and other investments.”
The CRP numbers are somewhat rough estimates – lawmakers are required to report their financial information in broad ranges of figures, so it’s impossible to pin down their dollars with precision. The CRP uses the mid-point in the ranges to build its estimates.
Senators’ estimated median reportable worth sunk to about $1.79 million from $2.27 million in 2007. The House’s median income was significantly lower and also sank, bottoming out at $622,254 from $724,258 in 2007.
But CRP’s analysis suggests that some lawmakers did well for themselves between 2007 and 2008, even as many Americans lost jobs and saw their savings and their home values plummet.
Senate Minority Leader Mitch McConnell (R-Ky.) gained about $9.2 million. Sen. James Inhofe (R-Okla.) gained about $3 million, Sen. Daniel Inouye (D-Hawaii) had an estimated $2.6 million gain, and Richard Shelby (R-Ala.) gained about $2.8 million.
Some lawmakers have profited from investments in companies that have received federal bailouts; dozens of lawmakers are invested in Wells Fargo, Citigroup, Goldman Sachs and Bank of America.
Among executive branch officials, CRP says the richest is Securities and Exchange Commission Chairwoman Mary L. Schapiro, with a net worth estimated at $26 million.
Secretary of State Hillary Clinton is next, worth an estimated $21 million. President Barack Obama is the sixth-wealthiest, worth about an estimated $4 million. Vice President Joe Biden has often tagged himself as an original blue collar man. The CRP backs him up, putting his net worth at just $27,000.
He’s hardly the worst off.
Rep. Alcee Hastings (D-Fla.), freshman Rep. Harry Teague (D-N.M.), Rep. Jeff Fortenberry (R-Neb.), Rep. John Salazar (D-Colo.) and Rep. Sander Levin (D-Mich.) each a net worth of less than zero, CRP says.
One caveat on those numbers: Federal financial disclosure laws don’t require members to list the value of their personal residences. That information could alter the net worth picture for many lawmakers.
Even so, Levinthal said, “It is clear that some members are struggling financially.
“Over a calendar year, one’s wealth can change drastically. Many peoples’ investments took a nose dive over night in the last year,” he said.
A number of lawmakers are estimated to have suffered double-digit percentage lossed in their net worth from 2007 to 2008. The biggest losers include Kerry, who lost a whopping $127.4 million; Warner lost about $28.1 million; Sen. Dianne Feinstein (D-Calif.) lost about $11.8 million; and Sen. John McCain (R-Ariz.) lost about $10.1 million.
|
|
|
|
craigppls
2115 Posts |
Posted - 11/07/2009 : 7:10:23 PM
|
Having a net worth of a million dollars...isn't that hard...
I would have thought the number of 237 would have been higher. To run for a statewide office takes a lot of money... Most self fund their elections.
Having a poorer congress person is more likely because the election is local.
Having term limits would help some. |
|
|
CoolMtgGuy
9062 Posts |
Posted - 11/07/2009 : 7:45:04 PM
|
| The Senate is not a club for poor people ... most people already knew that. |
|
|
khoiey
2967 Posts |
Posted - 11/07/2009 : 7:47:32 PM
|
quote:
Originally posted by CoolMtgGuy
The Senate is not a club for poor people ... most people already knew that.
Yet, they still doesn't want to give up that nice health benefits that they all have. How many of them paying taxes? |
|
|
craigppls
2115 Posts |
Posted - 11/07/2009 : 8:44:06 PM
|
| Every year they post the numbers... You can bet they pay more in taxes for their income than a person with the same income not in politics. |
|
|
SHABONE
516 Posts |
Posted - 11/08/2009 : 1:31:28 PM
|
| I wasnt aware that Government job paid so well, and with benefits. |
|
|
darkstar
26249 Posts |
Posted - 11/08/2009 : 1:35:29 PM
|
>>>>You can bet they pay more in taxes for their income than a person with the same income not in politics.
Yeah, ask Rangel, he complains all the time about how much he pays... |
|
|
CoolMtgGuy
9062 Posts |
Posted - 11/08/2009 : 1:52:12 PM
|
The rich ones are there for the power ... not for money. Why would you expect anyone to voluntarily forgo great job benefits even if they are rich? That smacks of socialism and you would never suggest that we go there ... right?
quote:
Originally posted by khoiey
quote:
Originally posted by CoolMtgGuy
The Senate is not a club for poor people ... most people already knew that.
Yet, they still doesn't want to give up that nice health benefits that they all have. How many of them paying taxes?
|
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
