Tough times for the Masses: But Congress grew 13 percent richer in 2007
Posted by "Pat Buchanan, Jr." on October 28, 2008 at 01:22 PM
By Rob Hotakainen | McClatchy Newspapers
WASHINGTON — Times are tough, but don’t worry about most members of Congress making ends meet.
Their collective wealth grew by 13 percent last year, leaving them in better shape than most Americans to make it through an economic downturn, according to a new analysis of personal financial reports.
Overall, nearly two of every three senators are millionaires. That includes presidential candidates Sen. John McCain, R-Ariz., and Sen. Barack Obama, D-Ill. In the House, 39 percent of all members belong to the exclusive club.
Only 1 percent of all Americans are considered millionaires.
“With a median net worth of $746,000, most members of Congress have a comfortable financial cushion to ride out any recession,” said Sheila Krumholz, executive director of the nonpartisan Center for Responsive Politics, which conducted the study.
The 535 members of Congress, who earn average annual salaries of $169,000 and receive cost-of-living pay increases, had a total net worth of $3.7 billion last year. Although some are likely to take a hit from Wall Street’s woes, their average net worth soared by 61 percent from 2004 to 2007.
Link to article.
Comments
There are 0 comments on this post. Post yours →
Post a comment
Required fields in bold.