The Millionaires Club: For 1st time in history-More Than 1/2 House & Senate Members=Millionaires

[kpete]

The Millionaires Club
For the first time in history, more than half the members of the House and Senate are millionaires, OpenSecrets found.

"Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012... The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 -- an increase from last year when it was $966,000."
https://www.opensecrets.org/news/2014/01/millionaires-club-for-first-time-most-lawmakers-are-worth-1-million-plus.html

[Kablooie]

1. Bravo! They certainly deserve it. Such hard working, dedicated public servants.

I don't have to put the sarcasm thingy here, do I?

[woo me with science]

2. And those who aren't...

...will be soon.

[Egalitarian Thug]

3. The real number is very close to 100%. These so-called disclosures are worse than a joke.

Some kind DUer looked up and used Nancy Pelosi's (I assume it was a previous version) that lists her as being "worth" somewhere between $8M and $181M... Now, that's quite an estimate!

Let me see here, I might have $100 in my wallet, but it might be $2,300, I'm not sure and it's basically the same, right?

[woo me with science]

5. They use the same scale as for the unemployment numbers. nt

[Egalitarian Thug]

6. LOL! I just knew there was something familiar about that scale...

[Adrahil]

4. I will say it's MUCH easier to be a millionaire today...

.... I mean, I'm not really "rich" but I calculate that I'll be paper "millionaire" in a little over 5 years.... faster if my house goes up in value significantly.

Don't get me wrong. I'm comfortable, but I'm not Daddy Warbucks comfortable.

[jsr]

7. Well, they're called the House of Representatives because they represent the people.

[Orsino]

9. Because they represent the house.

And, as we know, the house always wins.

[ProSense]

10. Interesting

<...>

This methodological change (to a system the Senate already uses) also appeared to affect Rep. Chellie Pingree (D-Maine). On her disclosure form covering 2010, she reported having an average net worth of $750,000. Then in 2011 she married hedge fund manager Donald Sussman, which increased her average net worth for that year to $85.8 million. Her report for 2012 shows a dramatic decline, to $42.4 million, because of the new reporting rules.

The least wealthy member of Congress in 2012, at least on paper, was Rep. David Valadao (R-Calif.) -- a slot he occupied the previous year as well. Valdao reported an average net worth of negative $12.1 million in 2012. That's actually a big improvement from 2011, when his average net worth was negative $19 million. According to Valdao's disclosure forms and our interviews with his staff last year, his debt is the result of loans for his family dairy farm.

The second-poorest member of Congress continued to be Rep. Alcee Hastings (D-Fla.), who for decades has owed millions of dollars for legal bills incurred in the 1980s, when he was charged with accepting a bribe while sitting as a federal judge. As we noted last year, Hastings was acquitted, but later impeached and removed by the Senate before running for Congress in 1992. His level of debt has not changed since 2005.

Although more members of Congress are millionaires than ever before, and the median net worth for all lawmakers is higher than ever, their total net worth -- the value of all their assets minus liabilities -- fell from $4.2 billion in 2011 to $3.9 billion in 2012. Again, that could be at least partly due to the change in the House reporting requirements for spousal assets and liabilities.

<...>

In 2012, was Valadao really the "least wealthy member of Congress"?

Net Worth, 2012

(by poorest)
http://www.opensecrets.org/pfds/overview.php?type=W&year=2012&filter=H&sort=A (House)
http://www.opensecrets.org/pfds/overview.php?type=W&year=2012&filter=S&sort=A (Senate)

(by richest)
http://www.opensecrets.org/pfds/overview.php?type=W&year=2012&filter=H&sort=D (House)
http://www.opensecrets.org/pfds/overview.php?type=W&year=2012&filter=S (Senate)

[Javaman]

11. as I have been saying for a long time...

most if not all our members of congress have zero concept of what it's like to live and survive in the US on a middle class, lower class and poverty level income.

if there is anyone, it's about only 1% of congress that can actually empathize. And that's the only 1% in this nation that I believe in. Bernie Sanders and Elizabeth Warren come to mind.

[woo me with science]

12. kick