For the first time in history, most members of Congress are millionaires, according to a new analysis of personal financial disclosure data by the Center for Responsive Politics.
Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates. The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 — an increase from the previous year when it was $966,000. In addition, at least one of the members elected since then, Rep. Katherine Clark (D-Mass.), is a millionaire, according to forms she filed as a candidate. (There is currently one vacancy in Congress.)Last year only 257 members, or about 48 percent of lawmakers, had a median net worth of at least $1 million.
Members of Congress have long been far wealthier than the typical American, but the fact that now a majority of members — albeit just a hair over 50 percent — are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code.
“Despite the fact that polls show how dissatisfied Americans are with Congress overall, there’s been no change in our appetite to elect affluent politicians to represent our concerns in Washington, said Sheila Krumholz, executive director of the Center. “Of course, it’s undeniable that in our electoral system, candidates need access to wealth to run financially viable campaigns, andthe most successful fundraisers are politicians who swim in those circles to begin with.”
The richest member of Congress was, once again, Rep. Darrell Issa (R-Calif.) chairman of the House Oversight Committee. Issa, who made his fortune in the car alarm business, had an average net worth of $464 million in 2012. Issa had ruled the roost as the wealthiest lawmaker for several years but was bumped from that perch last year by Rep. Michael McCaul (R-Texas).
via Millionaires’ Club: For First Time, Most Lawmakers are Worth $1 Million-Plus
Why is Darrell Issa so anti Veteran?
He wants to destroy the Postal Service. All lawmakers know the Postal Service is the largest employer of Veterans/Disabled Veterans.
Very well put Bernie! And true.
Issa and PMG has achieved something never done before:
Under the new rates there will be an ordinary citizen’s tax burden and a corporate tax cut: any company using postage meters like Pitney Bowes will get a 1 cent discount per every letter. So one of the top Wall Street Banks who mail one million letters will get a $10,000.00 discount; private mailing services who use postage meters will be able to under cut post offices selling stamps.
Great job of divide and conquer!
I don’t what % but you can bet it’ll be a Republican that shuts it down to one lane on the highway to hell, backing it up for miles.
They’ve started practicing it already.
Do all rich people go to hell when they die? Or just 99% of them?
The rich control all facets of life to contribute to their means of maintain and adding to their wealth. The Federal reserve monetary policies are determined by the rich board members from around the world. The rich use the working class for their own benefit. Production of products are manufactured in other countries at a low labor cost and sold in this country at a tremendous profit margin. Many retail clothing chains do not sell any clothing produced in this country. Ralph Lauren clothing made in China at minimum wage $1.76 an hour. Ralph Lauren shirts sold $79.00. American companies that manufacture socks, gloves
move production to Guatemala and other central American countries to increase profit margin without any concern for loss of jobs in this country.
The truly rich blue bloods off spring attend exclusive private schools and further their education at Ivy League
Colleges where they maintain their DNA and do not marry down. Wall street is controlled by the super rich to maintain financial climate that is for their benefit.
Many Ivy league aristocrats play politics as is illustrated by Bush family, Clinton, John Kerry Secretary State, Obama and the list continues. Most politicians are lords of the feudal system and working class serfs are used to maintain their wealth. Tax structures are determine by wealthy with political influence.
Working class people taxes are used to benefit wealthy
and pay welfare for those who have no desire to work which is an inherited trait or those whose employment has been eliminated by corporate America to increase bottom-line profit. Americans who have or acquire technological and medical skills have opportunity to maintain a middle class life style. Automobile production in this country provides opportunity. Manufacturing no longer provides employment opportunity. Without union contracts majority of wage earners would be in Wal-Mart MacDonald minimum wage with no benefits. Health care cost is outrageous as recent headlines reveled appendectomy operation with $27,000 bill.
Political control is. supreme ruler
The article said it best when it said yet people continue to elect these types of officials into office.
They tell you they care and will do what’s right for you to your face. And then once they get in their cozy office they turn their backs and do whatever they want or their friends want.
That’s all political parties. Not just one party.
Scott, why is nothing ever said about all the rich Democrats in Congress and the Senate, who are just as greedy and drunk with power as any Republican. Granted, Issa is the worst of the bunch, but Republicans are not the only rich people, though you cannot tell by the way the media portrays them.
Scott is correct. He’s not jealous of Issa, only another Republican would think that because that is how they think.
Issa for President….
You also know but failed to mention that the number of Democrat millionaires in Congress dwarves the number of Republicans. Those arent evil rich though, those are the good rich………….
Don’t be jealous to him
Hah. Issa was a car thief and then makes his millions from car alarms. It’s ultra rich bastards like him who can’t tolerate the thought that anybody else has a dime of their own. He believes he should have it all, as do most rich people. The intoxicating power and greed that comes with excessive wealth is a hallmark of Republicans especially, and creates a detachment to regular people that makes it impossible for them to put themselves in anybody else’s shoes. It’s a form of psychopathy, where those types can’t relate to anything but themselves either, in various degrees of severity.
Other rich assholes vote Issa in, as his district is a suburban area of San Diego, and very affluent. It’s people like him that help point out the flaws in the way the House of Representatives is structured. It is terrible that he can have as much power as he does when voted in by so few. We could use a lot less representatives, and make them subject to the votes of entire states and not just one part of a state where gerrymandering has been successful in guaranteeing life long appointments. So California, how about term limits? You can kick this guy out if you wanted to.
Issa needs a Mickey D’s happy meal, dudes a brick.