Rich Congressmen Keep Getting Richer
We hear about the economic divide between the rich and the poor. We mostly hear it from those who hold seats of power. They believe they can make the world a better place by taking money from some people and giving it to other people. Sounds reasonable, expect for two reasons: It’s immoral and it doesn’t work.
One of the best-kept secrets that politicians don’t want you to know is that the gap between the rich and everybody else is them. You don’t have to Occupy Wall Street to harass rich people. The terrible, horrible one-percenters are your own congressmen. If they really believe their own rhetoric, let’s see them let loose of their millions. It’s easy for a politician to tax the rich. They’re already rich. Higher taxes don’t affect people who already have fortunes; they only apply to new money. These rich taxers can look magnanimous, lord it over the rest of us, and still hold on to their fortunes.
The following is from the Economic Collapse Blog:
1. The collective net worth of all of the members of Congress increased by 25 percent between 2008 and 2010.
2. The collective net worth of all of the members of Congress is now slightly over 2 billion dollars. That is “billion” with a “b.”
3. This happened during a time when the net worth of most American households was declining rapidly. According to the Federal Reserve, the collective net worth of all American households decreased by 23 percent between 2007 and 2009.
4. The average net worth for a member of Congress is now approximately 3.8 million dollars.
5. The net worth of House Minority Leader Nancy Pelosi increased by 62 percent from 2009 to 2010. In 2009 it was reported that she had a net worth of 21.7 million dollars, and in 2010 it was reported that she had a net worth of 35.2 million dollars.
6. The top Republican in the Senate, Mitch McConnell, saw his wealth grow by 29 percent from 2009 to 2010. He is now worth approximately 9.8 million dollars.
7. More than 50 percent of the members of the U.S. Congress are millionaires.
8. In 2008, the average cost of winning a seat in the House of Representatives was $1.1 million and the average cost of winning a seat in the U.S. Senate was $6.5 million. Spending on political campaigns has gotten way out of control.
9. Insider trading is perfectly legal for members of the U.S. Congress – and they refuse to pass a law that would change that.
10. The percentage of millionaires in Congress is more than 50 times higher than the percentage of millionaires in the general population.
11. U.S. Representative Darrell Issa is worth approximately 220 million dollars. His wealth grew by approximately 37 percent from 2009 to 2010.
12. The wealthiest member of Congress, U.S. Representative Michael McCaul, is worth approximately 294 million dollars.