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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Wednesday, November 02, 2011

They are the 1 percent

Not every Americans net worth has suffered in the last two years. We know about Wall Street. But how about Congress?

While American wages have stagnated and property values plummeted, the net worth of our elected officials -- you know the ones who are supposed to represent us?-- have done quite well, thank you very much. According to Roll Call's analysis of disclosure forms:
Members of Congress had a collective net worth of more than $2 billion in 2010, a nearly 25 percent increase over the 2008 total..
And just like with the population at large, it's really quite concentrated.
Nearly 90 percent of that increase is concentrated in the 50 richest Members of Congress.
We all know about the John Forbes Kerry-Teresa Heinz wealth. What's stark about this analysis is the growth in wealth in the House of Representatives, you know that hotbed of Tea Party support.
The minimum net worth in the House has jumped to $1.26 billion, and Senate net worth has climbed to at least $784 million, for a Congressional total of $2.04 billion.
With the billions in cash pouring into the system to finance campaigns and lobbyists, it's long been obvious that Congress has more in common with Wall Street rather than Main Street. Now we have some numbers to back up that suspicion.

Representative government? It is if you're among the 1 percent.

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Anonymous Anonymous said...

Would love to see a breakdown of net worth comparing to time spent in their office. I would wager long term incumbents fair better than the newbies.

November 02, 2011 9:10 AM  

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