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The rich get richer

Register • Jan 15, 2014 at 6:20 PM

You know it’s the dead of winter when the hottest news coming out of Washington about the 113th Congress is how they have become the wealthiest Congress ever.

Wow! Just when you thought they were worthless.

Turns out the median net worth for the current Congressional members who were in Congress as of last year’s May filing deadline was $1,008,767 and no sense.

Err, make that no cents.

According to personal financial disclosure data that members of the 113th registered last year on their 2012 net worth, the Center for Responsive Politics reported last Thursday that at least 268 of the 535 current members of the 113th US Congress have an average net worth of $1 million or more.

The most recent census states the median net worth of American households was $66,740 in 2010. The Center for Responsive Politics, a nonpartisan research group, reported last week the median net worth of the 94 freshmen members of the 113th was just a smidgeon higher.

If you can call a million dollars a smidgeon. The yearly net worth for the newly elected members of the 113th was a smidgeon $1,066,515 at the end of 2011.

Bipartisanship does work for the 113th when it comes to yearly net worth. For Republicans it rose 10.3 percent, while Democrats experienced an 11.6 percent increase.

In the House of Representatives, net worth increased 4.6 percent, from $856,000 to $896,000.

In the Senate, there was a 10.8 percent increase in median net worth for all senators as it went up from $2.5 million to $2.794 million.

Brother, can you spare a dime? Part 1 — The lucky thing for Congress is they are not required by law to live only on the yearly $174,000 and expenses that are provided to them from taxpayers.

The lucky thing for Congress is they are the ones required by law to make, or in their case, not make, the law that requires them to only live on the yearly $174,000 and expenses while serving in their elected office.

Brother, can you spare a dime? Part II — The Center for Responsive Politics does not list the yearly net worth of Congressional spouses.


Hmmm … good thing they’re in the public eye. Otherwise, they might be tempted to set up their spouses to keep separate names in order to help conceal shady forms of income.

Nah. Congress wouldn’t do anything like that when they can do it in the wide, wide open.

The Center for Responsive Politics found that investing in the stock market, after declining for several years, is again on the rise with Congressional members. More members invested in the top 50 stocks of 2012 than in 2011, with financial powers like Bank of America, JP Morgan Chase and Wells Fargo among others, making up most of the top 10 congressional investments.

That’s right! The fail to jail while they were bailed out by the very elected government that is now very, very, very much, as elected citizens, investing in the banking firms that firmly gripped and ripped the taxpayer’s bailout money.

Now you know why Congress did what they did. Or rather, didn’t do.

President Obama in the final 3 years of his “Lame Duck Dynasty” more than likely will not, so far he hasn’t, point out Congress’ rise in yearly net worth because in Washington our elected officials tend to drive both ways on a one way street.

I’m sure years from now, when the Obama Presidential Library opens in Martha’s Vineyard, his financial records will disclose that our former president knew the shortcut from the White House to the penthouse was to take Wall Street.

Literally and figuratively.

Bribery in politics is against the law. Unless you’re Congress, whose $700 billion bailout, an estimated $2,295 per taxpayer, turned out to be legal, over-the-table bribery.

Evidently over the years when we all believed the do- nothing 111th, 112th and 113th Congress was doing nothing — they “cha-ching” weren’t.

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