How wealth of members of Congress has TRIPLED in 25 years (snip)

Daily Mail UK ^ | Dec. 27, 2011 | David Richards

[COUNTrecount]

# Median net worth of member of Congress rose from $280,000 to $725,000 between 1984 and 2009 # Over same 25 years the wealth of the average U.S. family slipped from $20,500 from $20,600 The wealth gap between those governing the U.S. and the people they represent has dramatically widened, research shows.

Against a backdrop of a vast budget deficit and fears of the fragility of the economy, analysis by the Washington Post shows that the median net worth of a member of Congress has nearly tripled over 25 years while the income of an average U.S. family has actually fallen.

It calculated that their median net worth, between 1984 and 2009 and excluding home equity, rose from $280,000 to $725,000. Over those same 25 years the wealth of the average U.S. family slipped from $20,500 from $20,600, a University of Michigan study shows.

In 1984, one in five House members had zero or negative net worth and by 2009 that number had dropped to one in 12. 1984 was chosen as the starting point for the analysis because it is the earliest year in which consistent wealth statistics are available, the newspaper said.

[COUNTrecount]

This graphic shows the level of U.S. debt which has grown dramatically in the past 30 years

As an indication of the different lives some politicians lead, the Hawaii Reporter revealed that Congresswoman Nancy Pelosi (right), who served as Speaker of the House and is believed to have a $196million fortune, is spending her Christmas at the Four Seasons Resort Hualalai (left) on the island of Hawaii.

Ms Pelosi, estimated to have a $196million fortune, has spent the past two Christmas holidays in the same hotel in a suite which costs $10,000 a night.

[Scotsman will be Free]

I wouldn’t mind the lying, cheating thieves so much if they only had the decency to be competent at running the country.
However, to be a lying, cheating thief and an incompetent to boot is too much for me.

[WilliamofCarmichael]

Anyone remember that magic House Bank?

You can take money out but you don't have to put money in.

Barbara "Check Bouncer" Boxer was so good at it that she was promoted to Senator.

Oh.. her checks didn't really bounce the House Bank had magic overdraft protection -- the overdraft was covered by withdraws from taxpayer banks. What a deal!

That bank is gone and things are even better!

[isthisnickcool]

Many of this nations founders died or lost everything in service to this republic. Most of Congress cannot even remember the names of these great people.

[vanilla swirl]

And why aren’t the Occupy people protesting these crooks?
Never mind

[Atlas Sneezed]

This wealth tripling in 25 years reflects an inflation rate of 4-5%.

Not as alarming as you might think.

The question is how the wealth growth of Congress has compared to the wealth growth of other Americans.

[Iron Munro]

COMMON SENSE REFORMS NEEDED:

1. - Term Limits; Lifetime 6 years max in congress and senate totaled together.

2. - No Retirement Plan other than Social Security.

3. - No special laws applying only to elected officials

4. - Must resign from one office before running for another.

5. - Maximum limit on money that can be spent on election campaign running for office is the amount that will be earned in that office for the elected term. Running for two years in congress? The limit would be two years congressional pay.

6. - No lawyers in Congress or Senate.

7. - Staff for Congress and Senate limited to six paid employees (no volunteers allowed). Maximum money allocated for staff and office expenses each year is an amount equal to the officeholder’s annual pay.

8. - Lobbying by anyone other than an individual citizen is outlawed.

9. - No gifts of any kind to the office holder or family allowed. That includes providing research, office volunteers, providing pre-written bills, making employment offers, consulting contracts, travel junkets and “fact finding” trips, etc.

10. - Campaign contributions limited to $100 by individual citizens only. No “bundled contributions”, no contributions from businesses, labor unions, PACs, charities, non-citizens, foreigners, wetc..

[thesharkboy]

From the post above:

"It calculated that their median net worth, between 1984 and 2009 and excluding home equity, rose from $280,000 to $725,000. Over those same 25 years the wealth of the average U.S. family slipped from $20,500 from $20,600, a University of Michigan study shows."

It appears that these numbers take inflation into account, since the wealth of the average U.S. family was calculated as dropping from $20.6k to $20.5k.

[Venturer]

I like your style.

Every one of those rules makes sense.

I would like to add the Congress sits in session for 6 months and then closes down till the next year.Budget must be passed in first month.

[mewzilla]

Folks can go here.....

opensecrets.org Personal Finances

.....to check out personal financial info for their pols.

Read it and weep.

[Dysart]

For more read

I downloaded this book for only $9.00 on my Kindle. It's a really eye-popper. Warning: after reading you won't have much affinity or even respect for politicians and our current federal government system, which little reflects its founders ideals or blueprint for governance. Party affiliations don't really matter here: on the whole they're all on the take (we all know this intuitively, right?) but this book explains exactly how they accomplish it. And yet we enable them. Hmm.

[mewzilla]

Why do pols have to live in DC at all anymore? Jeez louise, if the POTUS can get top secret briefings and telecommute when away from DC, why can’t members of Congress do it routinely?

[DManA]

Between 1984 and 2009, the median net worth of a member of the House has risen 2 1 / 2 times, according to the analysis of financial disclosures, rising from $280,000 to $725,000 in inflation-adjusted dollars.

Over the same period, the wealth of an American family has declined slightly, with the median sliding from $20,600 to $20,500, according to the Panel Study of Income Dynamics from the University of Michigan.

http://www.washingtonpost.com/business/economy/growing-wealth-widens-distance-between-lawmakers-and-constituents/2011/12/05/gIQAR7D6IP_story.html?hpid=z1

[presently no screen name]

I wouldn’t mind the lying, cheating thieves so much if they only had the decency to be competent at running the country.

Lying thieves don't have decency.

[DManA]

11. Random drug tests administered at least 5 times a year.

[sodpoodle]

11. Staff members should be term limited. No revolving door for the unelected ‘aides with agendas’.

[Doe Eyes]

Ms Pelosi, estimated to have a $196million fortune, has spent the past two Christmas holidays in the same hotel in a suite which costs $10,000 a night.

That's what's wrong with this country. Too many "rich people" spending too much money on things they shouldn't. There should be law against this.

[Iron Munro]

11. Random drug tests administered at least 5 times a year.

That requirement should also apply to congressional staffs, as well as White House residents and staffs!

[Atlas Sneezed]

Thank you. I stand corrected.

[COUNTrecount]

Thanks! I sent that out to a lib, he thanked me.