Go Back   OKCTalk > News & Opinion > Politics

Politics Politics only and no political posts elsewhere!

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 11-08-2009, 01:08 PM
Banned
 
Join Date: Jul 2009
Total Posts: 819
Default Report: 237 millionaires in Congress

Interesting. Report: 237 millionaires in Congress - Erika Lovley - POLITICO.com

Quote:
By ERIKA LOVLEY | 11/6/09 12:14 PM EST




CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million.

Talk about bad timing.


As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.


Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.


CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8 million.


All told, at least seven lawmakers have net worths greater than $100 million, according to the Center’s 2008 figures.


“Many Americans probably have a sense that members of Congress aren’t hurting, even if their government salary alone is in the six figures, much more than most Americans make,” said CRP spokesman Dave Levinthal.
“What we see through these figures is that many of them have riches well beyond that salary, supplemented with securities, stock holdings, property and other investments.”


The CRP numbers are somewhat rough estimates – lawmakers are required to report their financial information in broad ranges of figures, so it’s impossible to pin down their dollars with precision. The CRP uses the mid-point in the ranges to build its estimates.


Senators’ estimated median reportable worth sunk to about $1.79 million from $2.27 million in 2007. The House’s median income was significantly lower and also sank, bottoming out at $622,254 from $724,258 in 2007.

But CRP’s analysis suggests that some lawmakers did well for themselves between 2007 and 2008, even as many Americans lost jobs and saw their savings and their home values plummet.


Senate Minority Leader Mitch McConnell (R-Ky.) gained about $9.2 million. Sen. James Inhofe (R-Okla.) gained about $3 million, Sen. Daniel Inouye (D-Hawaii) had an estimated $2.6 million gain, and Richard Shelby (R-Ala.) gained about $2.8 million.


Some lawmakers have profited from investments in companies that have received federal bailouts; dozens of lawmakers are invested in Wells Fargo, Citigroup, Goldman Sachs and Bank of America.


Among executive branch officials, CRP says the richest is Securities and Exchange Commission Chairwoman Mary L. Schapiro, with a net worth estimated at $26 million.


Secretary of State Hillary Clinton is next, worth an estimated $21 million. President Barack Obama is the sixth-wealthiest, worth about an estimated $4 million. Vice President Joe Biden has often tagged himself as an original blue collar man. The CRP backs him up, putting his net worth at just $27,000.


He’s hardly the worst off.


Rep. Alcee Hastings (D-Fla.), freshman Rep. Harry Teague (D-N.M.), Rep. Jeff Fortenberry (R-Neb.), Rep. John Salazar (D-Colo.) and Rep. Sander Levin (D-Mich.) each a net worth of less than zero, CRP says.

One caveat on those numbers: Federal financial disclosure laws don’t require members to list the value of their personal residences. That information could alter the net worth picture for many lawmakers.

Even so, Levinthal said, “It is clear that some members are struggling financially.


“Over a calendar year, one’s wealth can change drastically. Many peoples’ investments took a nose dive over night in the last year,” he said.

A number of lawmakers are estimated to have suffered double-digit percentage lossed in their net worth from 2007 to 2008. The biggest losers include Kerry, who lost a whopping $127.4 million; Warner lost about $28.1 million; Sen. Dianne Feinstein (D-Calif.) lost about $11.8 million; and Sen. John McCain (R-Ariz.) lost about $10.1 million.
Reply With Quote
  #2 (permalink)  
Old 11-08-2009, 02:17 PM
Participating Member
 
Join Date: Oct 2009
Total Posts: 43
Default Re: Report: 237 millionaires in Congress

Another reason to cut their pay in half, do away with their pensions and force them to participate in the healthcare scam they are so eager to shove down our throats.
Reply With Quote
  #3 (permalink)  
Old 11-08-2009, 02:20 PM
VIP Member
 
Join Date: Aug 2004
Total Posts: 3,179
Default Re: Report: 237 millionaires in Congress

More freedom, more money, more perks, more power... I need to run for office.
Reply With Quote
  #4 (permalink)  
Old 11-08-2009, 02:35 PM
Midtowner's Avatar
Gold Member
 
Join Date: Sep 2004
Total Posts: 9,470
Default Re: Report: 237 millionaires in Congress

Considering what it costs to run for office, this is hardly surprising.
Reply With Quote
  #5 (permalink)  
Old 11-08-2009, 02:37 PM
bluedogok's Avatar
Participating Member
 
Join Date: Aug 2006
Total Posts: 1,299
Default Re: Report: 237 millionaires in Congress

To be fair, some of them had money before they got into politics like Herb Kohl (Kohl's Department Stores, Kohler plumbing and engines, Milwaukee Bucks) and others married into it like John Kerry (his wife is a Heinz Foods heir). To me it would be more interesting to see which ones became millionaires AFTER they got into politics.
Reply With Quote
  #6 (permalink)  
Old 11-08-2009, 11:07 PM
so1rfan's Avatar
Participating Member
 
Join Date: Aug 2007
Total Posts: 348
Default Re: Report: 237 millionaires in Congress

Joe Biden worth $27K??

Seems a little high.
Reply With Quote
  #7 (permalink)  
Old 11-09-2009, 11:26 AM
Participating Member
 
Join Date: Mar 2008
Total Posts: 2,527
Default Re: Report: 237 millionaires in Congress

My understanding is that on a normal Congressional salary, it is extremely difficult to live in DC while maintaining a home in your own state. I would also imagine the time needed to conduct a campaign can't be done by a normal person like you or I while trying to feed your family. So, under the current system, it is skewed towards those who can afford to campaign for office, raise money, run for office and maintain two homes while serving in office. Its unfortunate, but a fact of life.
Reply With Quote
  #8 (permalink)  
Old 11-09-2009, 09:38 PM
dismayed's Avatar
Participating Member
 
Join Date: Dec 2006
Total Posts: 1,711
Default Re: Report: 237 millionaires in Congress

I am not so sure that the current system has not in fact always been the system that we have had. If we look at who was in that first continental congress every one of them was a lawyer, a judge, a noted explorer, a wealthy merchant, a land owner, a former British noble, a military general, a plantation owner, or some combination of all of the above.
Reply With Quote
  #9 (permalink)  
Old 11-09-2009, 11:29 PM
Participating Member
 
Join Date: Mar 2008
Total Posts: 2,527
Default Re: Report: 237 millionaires in Congress

Quote:
Originally Posted by dismayed View Post
I am not so sure that the current system has not in fact always been the system that we have had. If we look at who was in that first continental congress every one of them was a lawyer, a judge, a noted explorer, a wealthy merchant, a land owner, a former British noble, a military general, a plantation owner, or some combination of all of the above.
Everyone else had to work for a living. But then, try to get a normal Joe (or Josephine) like Sarah Palin and she gets crucified by the left and has to endure a constant barrage of character destruction by entertainers. I don't care that she's more conservative for my tastes or not, she was a regular person who had regular problems and was mercilessly maligned by the left. Her mistake is she was to be VP, not a Congressman, so the spotlight went on her when she wasn't prepared for it.
Reply With Quote
  #10 (permalink)  
Old 11-10-2009, 08:32 AM
PennyQuilts's Avatar
Participating Member
 
Join Date: Sep 2007
Total Posts: 5,034
Default Re: Report: 237 millionaires in Congress

Quote:
Originally Posted by Midtowner View Post
Considering what it costs to run for office, this is hardly surprising.
Some use their own money. Some use primarily donations. Which means the candidates have to tow the party line to have a shot to be elected. Most people can't afford glitsy ad campaigns even if they have their own funds.

But money begats money. When you run with an affluent crowd, you are more likely to be tapped to run for office, cleaned up, provided your speech writers, talking points, research staff, etc. Joe Blow is going to have a heck of a time competing when the battleground is increasingly being fought in the media.

On the other hand, the internet has helped the average Joe because anyone can afford it.
Reply With Quote
  #11 (permalink)  
Old 11-10-2009, 09:46 AM
fire121's Avatar
Participating Member
 
Join Date: Sep 2007
Total Posts: 529
Default Re: Report: 237 millionaires in Congress

Quote:
Originally Posted by so1rfan View Post
Joe Biden worth $27K??

Seems a little high.
Just read Chapter 3 of Michelle Malkin's recently released book "Culture of Corruption". It's called Vetting the Veep, The Myth of the "Average Joe" Biden.

Just another entrenched, crooked, selfish politician.

It won't seem high at all.
Reply With Quote
  #12 (permalink)  
Old 11-10-2009, 12:28 PM
Participating Member
 
Join Date: Nov 2006
Total Posts: 1,983
Default Re: Report: 237 millionaires in Congress

I think revoking these damn mailings they send you it seems every 3 mos.
Allowing them lifelong House Floor privileges which makes them hugely paid lobbyists.
Making their highly desirable health insurance only for the limit of their terms.
Reply With Quote
  #13 (permalink)  
Old 11-10-2009, 01:21 PM
PennyQuilts's Avatar
Participating Member
 
Join Date: Sep 2007
Total Posts: 5,034
Default Re: Report: 237 millionaires in Congress

I DEFINITELY think that if a health bill is passed, congress should be required to have it. That would be a deal breaker, for me.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
Congress Gets Highest Approval Rating in Two Years mecarr Politics 0 02-17-2009 10:39 AM
Voters Favor Democrats in Congress mecarr Politics 18 01-30-2009 06:49 PM
Global Climate Change dismayed Politics 155 05-01-2008 11:03 AM
Report: Drinkers Earn More than Non-Drinkers Midtowner Politics 25 09-20-2006 01:36 PM
Report confirms Louisiana took necessary steps PUGalicious Current Events 0 09-14-2005 07:28 AM


All times are GMT -5. The time now is 07:14 PM.


Copyright OKCTalk.com © 2004 - 2007

SEO by vBSEO 3.2.0