By Erika Lovley
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.
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INSIDER TRADING ?
The Attorney General had no problem investigating Martha ? sounds like some of Congress should be taking the same little " vacation"
I'm glad when people make lots of money -
long as it's made legally & morally. But the fact that "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" just oozes with the probability of cconflicts of interest.
We as citizens should be asking if investigations are underway to determine what these legislators knew prior to their votes. If it turns out they were aware that their votes helped enriched themselves, they need to be taken to task.
Has Everyone Lost It
Everybody is so upset about our congressmen having money. Would you rather be represented by a homeless guy with zero net worth or someone that is successful?
The lady that runs the drive through window at Wendy's can surely understand the struggles of the worker but I wouldn't want her spending my tax dollars, I don't even trust that I'm going have a straw for my soda.
I'll betcha
I'll bet that you and many others check your drive through order the minute that you get it, and won't hesitate to call the place up on it when they don't get it right, but how many of you/us check our representatives' voting record to see how well they are working in our best interests, and call them up when they don't get it right?
Beyond concerns
There's making money then there's living a life that puts you beyond the concerns of your constitutents. That is the problem with being a millionaire and trying to represent people far below you. At that level, you don't know what it is like to have to decide which bills do you pay. You don't have to worry about whether or not you can afford health insurance. Transportation issues are even beyond you. When you make that much money, you lose the ability to care about those who have problems you don't have to worry about.
You can bet that if our representatives had to be concerned about paying for healthcare and/or health insurance for their families, it would have already been resolved and there wouldn't be any debate about it.
Marcherva- You have to be
Marcherva-
You have to be blooming crazy right? You trust congress before you would trust a lady giving you a straw through a drive-thru? lol- you made my day! Congress is spening YOUR money wisely? Thanks-that was a good one!
No suprise
First thing anyone with money knows is that the more money you have the more of a percentage you lose when the market goes down. The less you have the less you lose. This is no suprise. If someone has $1,000 and another has $1million, a 10% lose will be more for the $1m.
Now, the real truth. Does anyone believe that a congressmen or anyone voted into an office that has millions of their own dollars really care what happens to the people that elected them. As loose as their financial statements are, they could be getting payoffs from China and we wouldn't know about it. Is it right for someone to vote themselves a pay raise when so many are losing their jobs, homes, and everything they worked for. When a state or city calls for hiring freezes and job cuts, the so called elected officials sit inside their protected jobs sliding in a pay raise with a job cut for the blue collared workers. Look at our own city council. Noone in those seats can live on $24k and drive BMW's and Benzes. They get kickbacks from developers and subcontractors that end up cutting jobs because the companies need the money for kickbacks to the council that votes them into jobs for the city.
and terrific insurance
Mega bucks, great perks, insurance that you can't afford to buy. Does something sound out of sync here? Hardly folks that can relate to us poor folk who pay for everything!!
Doesn't match out with the general population
I'll bet the areas they represent don't have that high percentage of millionaires. And the middle and lower classes wonder why they don't feel as if they are being represented? Millionaire representatives don't have to worry about affording healthcare, housing, sound operating vehicles . . . none of the things their constituents have to deal with day to day. They're not worried about tort reform either. When your head is above the clouds you don't worry about the rain falling beneath them.
Term limits sound like the only answer at this point. That and take away their ability to vote their own pay increases.
And they dont care
Many are there as a career, they could care less about the taxpayer.
Career politicians? Can anyone say TERM LIMITS!
So what...
Being rich isn't a crime. I've got just over a million and change in my IRA and mutual funds that I've worked hard all of my life to obtain by saving and investing wisely. I don't consider myself "rich". A million dollars just isn't what it use to be.
I remember the famous quote from Everett Dirksen, a Congressman in the 60's who said, “A million here, a million there, sooner or later it adds up to real money.” Now days, replace the word million with a billion, maybe even a trillion.
And how many of these
pay their taxes on this money? Do they know how to use Turbo Tax? How many are behind on paying their taxes?
greater disadvantage
Some may immediatley think that all these millionaires gained their wealth by illicit means, but of course, most did not. But that is not the point. Over the last fifty years or so, there has been a shift in our economy that has favored the wealthy over the middle class. Now, the percentage of the population who are very wealthy as evidenced by net worth has shrunk, and the broad middle class has given up wealth, so the division of our nation into the haves and have nots has gotten much greater. What is most surprising about this is how many middle and lower middle class citizens suppport the very policies that have created these widening gaps in attainment of the american dream. Perhaps they really believe that by doing so, they can get there as well; regretfully, by supporting the "private enterprise at all cost" view, they are simply placing themselves at greater disadvantage.
Wow
Wow, spoken like a true Marxist.
I guess
it is pertinent as to how many millionaires there are in congress. A more pertinent questons is: How many made their millions after being elected?
Its why I dont trust them.
Especially when they talk it over with themselves about how health care and buisness :should: be. I find it interesting the amendment that required the congressfolks to take the public option themselves. Predictable results.
well
Is anyone surprised? Most are on the NRA or ACLU's payroll.
"Most are on the NRA or ACLU's payroll."
I'd think more like the future payrolls of the insurance, banking, real estate, health, manufacturing and defense industries.
I wonder if I was the only NRA member who got his hackles up when you mentioned my Association's name in the same sentence with those left-leaning wing-nuts.
Can't Relate To Anything
No wonder they do not want to reform healthcare, or begrudgingly pass UE benefits...they know no struggle or anxiety. When they do get introduced to struggle and anxiety, they have a gun next to their heads ready to end it all because they can't deal.
What??
These are the same people that are supposed to have OUR best interest at hand? I don’t think so. They are listening to who helps them live better. They have no idea how it is living from pay check to pay check. There should be a law, if you make over $70,000 you can not run for office. You lose touch of who you are representing, and end up having big companies sticking money in your pockets! Am I to believe they really understand our troubles and can relate to me-PLEASE. I always knew they had money, but not that much. While people have no jobs, and losing their homes these congressmen/women are living high on the hog. Makes me sick!