Economy

Rant

No recession for Elected Representatives

Posted 28 months ago|20 comments|1,154 views
Capitol Hill bursting with money
Written by
While #Occupy movement and #TeaParty argue on true causes of recession, elected representatives of the people manage to triple their income and net worth.

If you feel abandoned by the government, the truth might be that your own representatives are just selling you out. As majority of Americans get poorer, fat-cat politicians only get richer.

While 250 members – nearly 50 percent - of Congress are millionaires, one-in-ten residents of Washington DC live below half of the poverty line. The richest man in Congress, Republican Rep. Michael McCaul, currently holds $294.21 million in assets.

Now, while you think how you knew that it's no wonder how thos fat-cat Republicans support the rich, here is something to consider. Recent report reveals that Democrats are actually richer than their Republican colleagues.

Rep. Nensi Pelosi reported that her own wealth grew by 62% in 2010. While median net worth of majority of Americans is below $100,000, Pelosi and her husband have a net worth of $196 million.

Other Democrats are doing great in Congress too. I really wonder who said that Dems are trying to push socialist and communist agenda. Out of 10 richest congressional representatives, 7 are Democrats. Those figures do not correspond to the public image. The median net worth among members of the Senate Democrats is $2.58 million while Senate Republican median net worth is "only" $2.43 million.

President is doing great too. As an Illinois state senator, president Obama earned $60,000. According to the Obama's 2006 tax return, his net worth was $1.3 million. While recession hit most Americans hard, Obama does not show it. His net worth hit $10.1 million in 2010. This kind of net worth increase happened to less than 1% of US population.

Oh yes, all those nice gals and guys, led by commander-in-chief, say that millionaires and billionaires are evil people while being members of the same club. It looks to be an old issue of crying out "Catch the thief and... don't look at me."
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COMMENTS
Perfect Horizon
Perfect Horizon
Chicago, IL
28 months ago: Is it supposed to be a surprise that the people who make all the rules are the ones flourishing?

The President is an odd figure in this regard, as a large portion of his wealth has come from book sales so that may not be as "cheaty" as some of the other people in congress.

Also bear in mind that elected officials spend nearly every waking moment trying to earn more money so that they can get elected again (elections are EXPENSIVE). When you spend the majority of your time coming up with creative ways to get people to give you money it is no surprise that eventually you get good at it and find yourself rich.
28 months ago:
When you spend the majority of your time coming up with creative ways to get people to give you money it is no surprise that eventually you get good at it and find yourself rich.

Well, that's certainly one way of looking at things. The other is that being at the source of informations can help a lot in making the right business decisions and smart investment moves...
Perfect Horizon
Perfect Horizon
Chicago, IL
28 months ago: More or less the same thing. Inside information to the government decisions that impact investments leads to good decision making.
28 months ago: Good Post Dr, looks like Altruist is MIA on this one... the truth that there are fat-cats on either side of the fence isn't really supporting his fantasy. It is never a good idea to have the rich rule the poor... but if the poor rise-up, you can bet the rich guys on both sides of the fence will hold hands to keep them down.
Out Of The Box
Out Of The Box
 Moderator
28 months ago: Saint Nancy's husband earned 60 million in one year? That must lead to some awkward dinner conversations, what with Mrs. Pelosi's stance on the evil millionaires.

I have noticed her eye wrinkles have become a bit more pronounced. Must be from all the winking across the aisle.
Perfect Horizon
Perfect Horizon
Chicago, IL
28 months ago: Well, to be fair, she doesn't think millionaires are evil, she just thinks they should pay more taxes...
28 months ago: I think that most of them think that "other people" should pay more taxes. Well, sooner or later you run out of "other people's" money!

It all reminds me to Orwell's Animal Farm and "All animals are equal" rule becoming "All animals are equal, but some animals are more equal than others."
Out Of The Box
Out Of The Box
 Moderator
28 months ago: 'We Get The Sacrifice, They Get The Wealth': A Fired-Up Pelosi Tears Into GOP Deficit Plan http://tpmdc.talkingpointsmemo.com/2011/...


Who is this "WE" she is talking about? Who else do you know whose net worth increases 62% in one year?

60 million dollars in one year? And she has the gall to complain about CEOs who make exorbitant salaries.

She also said that 500 million Americans would lose their jobs if the stimulus bill wasn't passed. She is a very well paid patsy.
http://www.youtube.com/watch?v=-UR5M5tey...

Perfect Horizon
Perfect Horizon
Chicago, IL
28 months ago: The "WE" she is talking about would be her constituents. Politicians often talk in a third person narrative about their constituents ("we", "us" etc.)

I should point out that I really don't like Pelosi at all...I'm just pointing out information.
28 months ago: Aww... She just married well.
You know, somehow I find it hard to imagine Nancy as a gold digger...

"Now I ain't sayin' she a gold digger
But she ain't messin' wit no broke, broke"
Out Of The Box
Out Of The Box
 Moderator
28 months ago: "The "WE" she is talking about would be her constituents."


Then who is the "they"? I took it to mean the Republicans. Are poor Democrats the only constituents of Nancy Pelosi? How in the world does she ever get re-elected? Are you saying there are no rich Democrats in the 8th district of California?
Perfect Horizon
Perfect Horizon
Chicago, IL
28 months ago: Of course there are tons of rich democrats in her district. What you seem to be missing is that her rich people are ok with paying more in taxes while the "they" rich people are not.
Altruist
Altruist
Eugene, OR
28 months ago: As Perfect pointed out Democrats aren't against the rich they just think they should pay their fair share. Both parties get millions from special interests but the democrats are more responsive to unions and individuals while the Republicans only cater to the 1%.

You all talk about the wealth of Pelosi, but her $35 mill looks like chicken feed compared to Darrell Issa who's income grew $60 million last year. He is now worth at least $220 million. Issa, R-Vista, chair of the House Oversight and Government Reform Committee is the one that is supposed to be keeping Congresspeople from benefiting from their offices. http://blog.sfgate.com/nov05election/201...

One of the perks of Congress is that they can benefit from insider trading.

All congressmen say that all of the money they receive doesn't influence their votes, but if you look at the votes you see that the Dems vote to help the common people and the Republicans only protect the rich. The Democrats are the only ones that try to get campaign financing, who try to overturn Citizen's United and to get money out of politics.

In 2006, Representative Baird (D-WA) and Representative Slaughter (D-NY) proposed a bill known as the Stop Trading on Congressional Knowledge (STOCK) Act to prohibit the trading of securities based on material nonpublic information obtained in Congress. However, the bill did not come to a vote. It was reintroduced in 2007, again on Jan. 26, 2009, and again on Mar. 17, 2011. As of May 25, 2011 the bill has not gotten out of committee.

Finally a Republican (Spencer Bachus) got on board after "60 minutes" did a piece on his stock trades, and co-sponsored a bill, but Eric Cantor blocked the bill. http://www.informationclearinghouse.info...

The average worth of a congressperson is now $900,000. Obviously these guys are a bit out of touch with the average family that makes $50,000. Are they really representative?

The Tea Party didn't help much. After they ran the elections in 2010 the wealth of Congress increased 25% because of all the millionaires they elected.
28 months ago: Wow... I never knew that Tea Party controls 25% of the Congress...

Altruist
Altruist
Eugene, OR
28 months ago: Actually the Tea Party probably controls more like 45% of Congress. They have weeded out all of the moderates and now all of the republicans are tripping over each other to prove who are the most crazy, to cater to the Tea Party Radicals.

Here are a few of the Tea Party Freshmen that were elected:
Richard Hanna of upstate New York's 24th district is worth between $11 million and $33 million amassed in the construction business.
Norfolk Marine-turned-Volvo dealer-turned-restaurateur-turned-congressman Scott Rigell of Virginia reports a fortune worth between $11.6 million and $48.2 million.
Nursing home operator and serial entrepreneur Rep. Jim Renacci of Columbus, Ohio has assets worth between $17.6 million and $39.9 million.
Nan Hayworth of New York and Diane Black of Tennessee are both former medical professionals whose husbands got rich in the health care business; Scott Hayworth (HHNW: $9.5 – $23.3 million) runs the dominant medical group in upper Westchester County and Black's (HHNW: $14.7 – 84.1 million) runs the country's preeminent drug testing lab.
North Dakota's Rich Berg is a commercial real estate tycoon ($19.3 – $59 million) who served in the state legislature since 1985 before being elected to Congress.
Two oilmen in the freshmen class are also filthy rich: New Mexico's Stevan Pearce ($8.4 – $38 million) and the Lone Star State's Blake Farenthold ($10.4 – $31.4 million).
Don Smith
Don Smith
Fairview, TN
27 months ago: You want real change ? Set a one million dollar limit for a campaign budget..
Perfect Horizon
Perfect Horizon
Chicago, IL
27 months ago: That number should be closer to $0. No ads, no paid spokespeople. Debates on Public TV. Spending limit = to travel costs.
27 months ago: I just love this idea!

Everything donated to the election fund over that $1 million should automatically be transferred to disaster relief fund, veteran's association, center for disease control or something similar.
Don Smith
Don Smith
Fairview, TN
27 months ago: Or pay back SS and Medicare..Consider that Obama has vowed to have 1 billion dollars for his campaign ( most of that coming from Soros ) ...Its long been said that everything has a price..Then elections can be bought and that is the main thing I want to see stopped..
Perfect Horizon
Perfect Horizon
Chicago, IL
27 months ago: I wrote this a while back, but I would like your thoughts on it:
http://www.rantrave.com/Rant/Campaign-Fi...

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