The rich get richer

Register
Jan 15, 2014

 

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.

Surprise!

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.

Comments

gene44870

Yea and we as the voters are the ones that made them that way. And I can say that its not well recieved or earned

gene44870

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.
Well they should not use that avarage for the simple reason not everyone got that amount ,Heck some People did not get any funds from Uncle Sam

SamAdams

No, Gene, MOST people didn't get any funds from Uncle Sam. That $2,295 figure is what it COST each of us to fund the bailout!

Donegan

You are right Gene, The brain dead Liberal/democrats do not need bribes to vote for shysters who rob and steal from them.

The Big Dog's back

Repubs are in charge done again.

Donegan

You really do not know how things work, But as a typical brain dead liberal that is to be expected.

Unassumer

do you really know how things work? I doubt it. this liberal vs conservative argument is a cop out and speaks volumes about your intelligence.

From the Grave

It also keep us divided and WEAK. And they laugh all the way to the bank, republicans and democrats hand in hand.
We The Divided People...

Donegan

Really? A true conservative wants smaller government with lower spending which means lower taxes and less corruption at the top, A true Liberal wants the exact opposite expecting the table scraps not realizing they are being sold into debt by the same people they elect. I do know how things work and logic says repeating the same actions expecting different results is a sign of insanity or stupidity.

swiss cheese kat

Donegan
Thu, 01/16/2014 - 12:11am

You really do not know how things work, But as a typical brain dead liberal that is to be expected.

Like.

phroggy

Chuck Hoefert is a great writer.

The Hero Zone's picture
The Hero Zone

Thank you for this article. Take a rate-up of your favorite flavor: +1, Like, Fanned, Favorited, or Subscribed.

The Big Dog's back

darrel "grand theft auto" issa, richest one.

The Big Dog's back

chuck, if a Democrat was the richest person in Congress you would make front page news of it. But since it's a Repub, oh h*ll no.

Donegan

http://www.rollcall.com/50riches...
7 of the top 10 Democrats. Get a clue.

pntbutterandjelly

I will officially nominate Chuck Hoefert for President of Ohio. Do we have a second?

Fireside

maybe next year!

Contango

Re: "wealthiest Congress ever."

In 2013, the S&P was up 26.5%. Gotta think that investments had a large effect on the increase.

Thank the Fed. Resv.'s ZIRP & QE policies.

Contango

@ Mr. Hoefert:

So why are 7 of the 10 richest members on Capital Hill Democrats?

Altruism and redistribution must pay well.

Also:

"Top states for millionaires per capita"

http://www.cnbc.com/id/101338309

1. Maryland

7. Virginia

10. District of Columbia

It ain't just the politicos, it's also the bureaucrats and the lobbyists getting rich.

Really are you ...

Fire them all. Send them to prison. They are receiving money from lobbyists and special interest groups. We all know this. Congressmen we have now, are not doing a very good job. Not trying to make America any better than what it was, because of their own personal agendas.

Offer a police officer money the next time you get caught breaking the law. See how long you are a free person. The next time you go in front of a judge, offer him or her money and see how long you remain a free person. O'wait! Scratch that last comment. Must be some supplying lobbyists in DC trying to keep their dealers and users on the streets.

grandmasgirl

so....who hasn't already figured out that these guys have to be rich to run for office? It takes big bucks and lots of rich friends to even get on a ballot. How do you get rich friends? By being rich. This article is a no brainer to people who already know how the government works.

Really are you ...

Seeing a pattern here? If history repeats itself.

The former U.S.S.R. was military backed for survival. The Mighty Russian Bear, The Iron Sickle. Right? When the U.S.S.R. collasped what group of people prospered? The only ones who prospered where Russian military generals. Now, The United States is on the verge of imploding on itself. The ones who will prosper are our congressmen. O'wait I forgot big business and big oil who is funding congress, over their $174,000 per year salary plus expenses, whatever they may be..

Contango

Re: "O'wait I forgot big business and big oil who is funding congress,"

Also should be mentioned: Big unions, Big senior orgs. (AARP), Big laywers, Big green energy, et. al.

"Top All-Time Donors, 1989-2012":

http://www.opensecrets.org/orgs/...

KURTje

Really are you - You are right! Especially your last post. Same to you Chuck. People are sick of do nothing takers.

Contango

Re: "People are sick of do nothing takers."

How much is the monthly amt. of your govt. check for doin' nuthin' there kurtie?

“Thanks for my government check/military.”

- kURtje, 10/23/2013

Centauri

OHIO Democrats dumped Dennis Kucinich because he was too honest and had little money.

KURTje

Well again non-veteran it is called service for a reason. Course you'll never have a DD-214. It was you who cried about me being active in Norwalk City Council ( your friend Bob bigot). You aren't living here yet you blow & do nothing. pdb the end

Contango

Re: "Well (snip)"

You whine about "takers" and then you expect to continue to receive taxpayer money for once protecting cows in GER.? lol

You went to a city council mtg.? WOW! When's the unveiling of the statue in Suhr Park?