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Congress Is Now Mostly A Millionaires’ Club

August 20, 2015

Thank you for this blog, my friend! Our elected officials are supposed to be working for us. Instead, Congress has become a bloated, corrupt, self-serving entity. This is why our country will not waver from “Trickle Down” Economics; by granting tax breaks and incentives to the wealthy, the middle class and lower class will also benefit. This is why U.S. based companies are allowed to outsource jobs to third-world countries. This is why there are no tax brackets. I love this country. However, it seems our democracy is quickly evolving into an oligarchy…a rule of the few…

TIME

Congress 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…

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