Deficit Quick Fix! Members of Congress Should Give up Their Salaries and Benies

[another saigon]

It obscene that Millionaires and Multimillionaires are right now trying to take away our Social Security, Medicare and any semblance of Health care from the masses. I say they should be volunteering their time on Capitol Hill and relinquish all of their health care benefits we pay for. Some one with a math brain should figure out how much we could save. It would also thin out the ranks of the craven parasites who do the Corporate bidding instead of ours.

And... I do know that the deficit is not even an issue right now but an excuse congress people use instead of genuine economic reform.





http://blog.progressivedem.com/2008/10/28/congress-a-millionaires-club-made-wealthier-by-paluson--perps.aspx?ref=rss


-snip-

It should be no surprise that the majority of the elected denizens on Capitol Hill are millionaires and multimillionaires, so they are not going to support regular Americans but other millionaires like themselves.

While typical, hardworking Americans are struggling to make ends meet and experiencing lower wages and benefits, these millionaires in Congress got 13% richer in 2007.

The Senate especially is truly the millionaires club with a median net worth of $1.7 million.

It appears that only the rich can run for the Senate and the House is not be far behind. Something is terribly wrong with this picture.



MicClatchy reports: "Times are tough, but don't worry about most members of Congress making ends meet.

http://www.mcclatchydc.com/2008/10/27/54838/tough-times-congress-grew-13-percent.html

"Their collective wealth grew by 13 percent last year, leaving them in better shape than most Americans to make it through an economic downturn, according to a new analysis of personal financial reports.

"Overall, nearly two of every three senators are millionaires. That includes presidential candidates Sen. John McCain, R-Ariz., and Sen. Barack Obama, D-Ill. In the House, 39 percent of all members belong to the exclusive club.

"Only 1 percent of all Americans are considered millionaires.

" 'With a median net worth of $746,000, most members of Congress have a comfortable financial cushion to ride out any recession,' said Sheila Krumholz, executive director of the nonpartisan Center for Responsive Politics, which conducted the study.

"In the House of Representatives, Rep. Jane Harman, D-Calif., ranks No. 1, with $397 million, followed by Rep. Darrell Issa, R-Calif., with $343 million. Rep Robin Hayes, R-N.C., ranks third, with $173.4 million. House Speaker Nancy Pelosi, D-Calif., ranks sixth, with $62 million.

"In the Senate, the two Democrats from Massachusetts claimed two of the top three spots.

"Sen. John Kerry led the pack, with $336 million, while Sen. Edward M. Kennedy ranked third, with $104 million. Sen. Herb Kohl, D-Wis., ranked second, with $241.5 million. Overall, senators had a median net worth estimated at $1.7 million.

"The 535 members of Congress, who earn average annual salaries of $169,000 and receive cost-of-living pay increases, had a total net worth of $3.7 billion last year. Although some are likely to take a hit from Wall Street's woes, their average net worth soared by 61 percent from 2004 to 2007.

"However, not all members are wealthy and some appear to be bankrupt. The study found that 16 House members and three senators had an average net worth of less than zero.

"Obama ranked as one of the biggest financial winners, with his net worth increasing from $800,000 in 2006 to $4.7 million last year, thanks mainly to royalties from his two best-selling books. McCain had a net worth estimated at $28.5 million, with most of the wealth attributed to his wife Cindy's family fortune.

"Authors of the study said it's impossible to give a precise net worth for members of Congress because their individual assets and liabilities are disclosed in broad ranges. To conduct the study, the Center for Responsive Politics determined a member's minimum net worth and maximum net worth and then calculated an average, which was used to rank the members.

"Because the law does not require them to do so, members of Congress don't disclose the value of their homes unless they produce income. As a result, a member's true net worth is likely to be much higher than what gets reported.

" 'Members of Congress don't make it easy for the public to keep tabs on their personal holdings and any conflicts of interest those holdings present,' said Dan Auble, who manages the center's database of lawmakers' financial information.

[Nicholas D Wolfwood]

1. That's really heading in the wrong direction.

The quickest way to ensure that ONLY millionaires ever become elected officials is to pay elected officials a paltry sum or nothing at all. Nevermind the graft and bribery that would proliferate.

[SidDithers]

3. +1...

Only the very wealthy can afford to work for free.

Good post.

Sid

[another saigon]

4. graft and bribery would proliferate?

what do you call what they do on capitol hill right now? I would call it graft, bribery, theft, prostitution, all of the above. It is exactly what was happening so egregiously at the turn of the last century.

[Mass]

2. It would make it worse. These people are not in it for the money, but the power.

(to do things, good or bad).

At least, with the current system, people like Sherrod Brown or Sanders can run.

The problem is that races are so expensive to run, not only in big states like California, but even in small states like New Hampshire or Massachusetts. Find a way to finance the campaigns so that they do not require that much money and you will solve half of the problem.

[emulatorloo]

6. Of course. Ted Kennedy was not in the senate to make Big Money

I really don't understand this article, it makes no sense.

[SidDithers]

5. Ballpark savings ~ $130 million per year...

if we assume an average salary and benefits package worth ~$250,000 for each Senator and Congresscritter.

'Course, the 2009 budget deficit was $1.42 trillion. A savings of $130 million represents about 1/10,000th of the deficit.

Sid

[emulatorloo]

7. thnks for the reality check n/t