Tuesday, January 14, 2014

File Under "U" For "Unsurprising"...

Fresh off the BLNN is this little tidbit that should surprise no one...

House of Millionaires: Most Hill lawmakers worth $1M-plus, report finds
Congress is making history, sort of. For the first time, most congressional lawmakers are worth $1 million or more.

The Center for Responsive Politics analyzed the personal financial disclosure data filed in 2012 by all 534 current members of Congress and found just over half -- at least 268, to be exact -- had an average net worth of $1 million or more.
Wow. So, who saw this comin'? More than half of our congresscritters are bona fide millionaires. A more interesting bit of information would be to find out who *started* as  millionaire before taking office as opposed to who *became* a millionaire while in office. And where that money came from.

Also interesting to see that it's split pretty evenly down party lines - with the average net worth of Republicans just a skosh less than the Democrats. That sure as heck isn't what the media caricature of the GOP looks like, is it?

As in life, follow the money - *someone* is getting something for enriching Congress, and it sure as hell ain't us.

That is all.

7 comments:

Garrett Lee said...

Keep in mind that simply because someone is worth $1M doesn't mean they are really rolling in the dough. I know a few ranchers down in Florida who, with the land, are easily millionaires and yet they wonder how they will keep the taxes paid on the property.

"Behind every cattleman is a wife in town paying the bills."

Dave H said...

I don't know if anybody remembers the TV show "Who Wants to Marry a Millionaire," but the millionaire who was the grand prize lived in a pretty average ranch style house in SoCal. He was a real estate investor, so most of his million was tied up in property. I doubt his cash flow was much better than mine.

Anonymous said...

no matter if its on paper,or in gold,they're all too comfortable..Vote them out,term limits,something!!

Ted said...

I'm surprised that there are so many who are NOT worth at least $ 1 M. Considering that it cost at least several 100K just to run a campaign to get elected in the first place

Jake (formerly Riposte3) said...

What Ted said. You almost have to be pretty close to a millionaire already just to afford to run for Congress. This is, in fact, probably a big part of what's wrong with our government today.

Murphy's Law said...

Heck, if Al Gore, Bill Clinton and Barry Obama could become millionaires while in office despite never having worked in the private sector...

It's all about the soft money flowing in. Donors can't give to them personally in exchange for favors so the politician writes a book and then the donors buy tens of thousands of copies and just warehouse them somewhere. The money still gets right into the politician's pocket. And who do you know that ever read Al Gore's book, or Barry Obama's books before they became "best sellers" (or even after)?

There are many other payoff scams out there, but all you need do is follow the money and see who got rich how quickly while in office.

Sendarius said...

A million of today's dollars won't buy what a million 1990 dollars would have bought.

With inflation and the housing bubble having such an impact, the house that I bought cheaply 20 years ago has made ME a millionaire by now.