Congress' Median Household Net Worth: One Picture Is Worth 1000 Words

[Joanne98]

Congressional Members' Personal Wealth Expands Despite Sour National Economy
By Communications on November 17, 2010 11:00 AM
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FOR IMMEDIATE RELEASE

Contact: Dave Levinthal, 202-354-0111

WASHINGTON — Members of Congress are enjoying their own financial stimulus.

Despite a stubbornly sour national economy congressional members’ personal wealth collectively increased by more than 16 percent between 2008 and 2009, according to a new study by the Center for Responsive Politics of federal financial disclosures released earlier this year.

And while some members’ financial portfolios lost value, no need to bemoan most lawmakers’ financial lot: Nearly half of them -- 261 -- are millionaires, a slight increase from the previous year, the Center’s study finds. That compares to about 1 percent of Americans who lay claim to the same lofty fiscal status.

And of these congressional millionaires, 55 have an average calculated wealth in 2009 of $10 million or more, with eight in the $100 million-plus range.

“Few federal lawmakers must grapple with the financial ills -- unemployment, loss of housing, wiped out savings -- that have befallen millions of Americans,” said Sheila Krumholz, the Center for Responsive Politics’ executive director. “Congressional representatives on balance rank among the wealthiest of wealthy Americans and boast financial portfolios that are all but unattainable for most of their constituents.”

In 2009, the median wealth of a U.S. House member stood at $765,010, up from $645,503 in 2008. The median wealth of a U.S. senator was nearly $2.38 million, up from $2.27 million in 2008.

For all members of Congress regardless of chamber, median wealth in 2009 reached $911,510, up from $785,515 in 2008. This spike in personal wealth represents a notable rebound from the period between 2007 and 2008, when overall congressional wealth slipped by more than 5 percent. Federal lawmakers’ personal wealth climaxed in 2007 -- the pinnacle of nearly a decade’s worth of steady asset value expansion.

http://www.opensecrets.org/news/2010/11/congressional-members-personal-weal.html

[enlightenment]

1. Oligarchy.

We haven't had a representative democracy for a long time. We should call it what it is . . .

[Sal Minella]

2. Or kleptocracy. n/t

[Pacifist Patriot]

3. You're both right. Oligarchy via kleptocracy.

[spooky3]

4. And, it appears these #s generally don't include house values and vested pension benefits.

http://www.opensecrets.org/pfds/methodology.php

If they did, the gap would be even greater.

[Citizen Worker]

5. And don t forget crony capitalism. Something the newspapers here used to ridicule Russia for. You

might notice the lack of ridicule, even criticism, over the latest round of bailouts. No mention at all of crony capitalism.