For First Time, Majority of Congress Are Millionaires


congressCongress is loaded, if you weren’t already aware.

The Center for Responsive Politics analyzed the personal financial disclosure data from 2012 of the 534 current members of Congress and found that, for the first time, more than half had an average net worth of $1 million or more: 268 to be exact, up from 257 the year earlier. The median for congressional Democrats was $1.04 million and, for Republicans, $1 million even.

To calculate the net worth of lawmakers, the Center added together members’ significant assets, such as corporate bonds and stocks, then subtracted major liabilities such as loans, credit card debt and property mortgages.

Here’s the breakdown: the median net worth for all House members was $896,000 (Democrats averaged $929,000 to Republicans’ $884,000) and, for Senators, $2.5 million. The median net worth for Senate Democrats was $1.7 million, down from $2.4 million in 2011; for Republicans: $2.9 million, up from $2.5 million in 2011.

Read more: TIME

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  1. Not just term limits – income limits. Something like, no more than the constitutionally-prescribed annual salary for elected federal officials plus earned income from non-legal practice.

  2. Don’t necessarily agree on income limits; however, why should this even be an issue? Furthermore, why should political party be an issue?

    IMHO, what is most diabolical about the wealth of members of the Federal Legislature is that they vote themselves pay increases even though this is legal.

    Otherwise, stories like this one are written to create divisiveness between Democrat and Republican and between the wealthy and the not-so-wealthy.

    I am frankly am much more concerned about the types of laws that our lawmakers enact rather than how much money they make. If they acquire their wealth legally, they can be trillionaires as far as I am concerned. It is not against the law to be wealthy.

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