Study: Nearly Half of Congress Members Are Millionaires
Posted on Nov 15, 2011
The shiny ideal of representative democracy starts dimming a bit when one considers factors and figures like those charted in a new study about U.S. Congress members’ personal finances. According to the Center for Responsive Politics, 249 current members are millionaires—that’s about 47 percent.
These findings are based on subjects’ 2010 financial records, and according to the center, California Rep. Darrell Issa is on top of the heap with an average net worth of $448 million! For the record, John Kerry didn’t do so badly for himself, either. Read it and weep. —KA
The Center’s analysis is based on the median values of lawmakers’ disclosed assets and liabilities.
That lofty financial status is enjoyed by only about one percent of Americans.
“The vast majority of members of Congress are quite comfortable, financially, while many of their own constituents suffer from economic hardships,” said Sheila Krumholz, executive director of the Center for Responsive Politics.
Republican Congressman Darrell Issa is not hurting for money, according to a new study.