237 Millionaires In Congress, Even After Members' Average Wealth Declined In 2008

Washington lawmakers are feeling the effects of the recession, reports the Center for Responsive Politics -- just not as much as the rest of us.

According to a study of personal financial disclosure reports by the CRP, the median wealth of members of Congress dropped nearly 5 percent in 2008 compared to the previous year.

Don't feel sorry for them: Despite the drop, 237 members of Congress are still millionaires.

Senators' median worth currently stands at $1.79 million, down from $2.27 million the year before. House members' current median income is $622,254, down from $724,258 in 2007. Fifty lawmakers have an estimated wealth of at least $10 million.

"Generally speaking, members of Congress are wealthy by comparison with the vast majority of Americans. That doesn't mean they're immune to the effects of this ailing economy -- they're not," said Sheila Krumholz, the CRP's executive director, in a statement. "But they are much better positioned to withstand financial pressures than the people they represent."

The members of Congress who have lost most amid the economic downturn are Sens. John McCain (R-Ariz.), John Kerry (D-Mass.), Dianne Feinstein (D-Calif.) and Mark Warner (D-Va.). Bucking downward trends, however, are Sen. Daniel Inouye (D-Hawaii), Mitch McConnell (R-Ky.), James Inhofe (R-Okla.), and Richard Shelby (R-Ala.), who experienced a rise in their wealth.

But because members of Congress are only required to report their wealth and liabilities in broad ranges, it's impossible to precisely determine how much their assets are worth, or how much they've gained or lost. CRP found that twenty-three members of the House recorded an average wealth in the negative territory, with Reps. Alcee Hastings (D-Fla.) and Harry Teague (D-N.M.) disclosing the lowest amounts of personal wealth.

Comments

[COMtns]

Opps, typed in the wong space amongst all the facebook ads. The last was supposed to be a reply to a comment below about how we need to elect more 'self-made' millionaires.

[COMtns]

Wrong Answer!!!!!!!!!!!

You forget completely the idea of a grassroots campaign. You pose the false choice that says our only choice is between millionaires. Then you argue for your group of millionaires.

What we need are grassroots powered campaigns that will elect people from our neighborhoods who will represent us.

And given how out of balance the Congress is towards wealth right now, never, ever vote for any candidate with money. You want the candidate on a shoe-string budget who has to ask their followers for a ride in from the airport. That's the candidate that will represent you.

Candidates with millions of dollars will only represent others with millions of dollars. It doesn't matter if they are a 'self-made' milliionaire, or if they are a 'lobbyist-made' millionaire. The problem is too many millionaires.

[COMtns]

We pay great attention these days to the how well represented various groups are. How many African-Americans are elected or appointed? How many women are elected or appointed? How many Latinos are elected or appointed? And how do these percentages compare to the overall population?

But when it comes to wealth, we are a very unrepresentative society. We are ruled almost entirely by the rich.

Show me the member of Congress who drives a 8 year old used car, does his own oil changes, and lives in an apartment that costs the same as the rest of us.

Every once in awhile, it becomes obvious. For instance, Ms. Pelosi just vetoed the idea of a tax increase on the wealthy to pay for the Democrats wars. No big surprise, since Ms. Pelosi is believed by OpenSecrets.org to have a personal wealth of around about $30,000,000. What she basically just vetoed was a tax on herself. And by doing so, she just told the rest of us that we are paying for these wars and escalations instead. From the way Ms. Pelosi acts, I think she believes that we all have $30,000,000.

When we are governed entirely by the rich, is it any surprise that bill after bill and policy after poilcy favors the rich?

[texanna]

It would be interesting to find out how many were millionaires when they entered office.

[Logicnotfaith]

Just for the record 6 out of top 10 richest senators are democrat:

http://www.rollcall.com/features/Guide-to-Congress_2008/guide/28506-1.html?type=printer_friendly

[kittyma]

This of course explains why they think the health care system is just fine! They are millionaires and they don't have to spend any of their money on medical bills! With their healthcare plans and their millions, they are double millionaires!

[tiredofthesameoldstuff]

They get gov't healthcare for life as well as do their children and other family members. They aren't paying anything for their healthcare.

[COMtns]

Maybe one of the reasons why they are so much wealthier than us is that they aren't having all their money extorted out of their pockets by our rapacious private-profit health care industry?

They say half of all bankruptcies are medical related. Congress has made themselves immune to that malady.

[KIVPossum]

I'm not worried about their reduced wealth. As soon as they cash the checks from the insurance companies they will be in good shape again.

[BocaMom]

No wonder the Do Nothing Congress is doing absolutely nothing about the economy and all the Americans out of work! Nancy Pelosi and all the lot of them are millionaires. They don't care about us.

[tiredofthesameoldstuff]

Far more of those do nothing are millionarie Republicans.

[COMtns]

Democrat Propaganda Alert!

That's bull. Or if its right, its a weird stat that's meaningless. But hey, this is typical Democrat. When people start to notice how badly the Democrats shaft everyone, they try to turn the blame towards the Republicans.

The real facts are that EVERY member of Congress is very, very wealthy in comparison to the people they are supposed to be representing. If the Republicans are marginally worse on some statistical measure, well who cares.

What we need is a Congress that will represent us. Electing millionaires to do that hasn't worked very well.

Never vote for a candidate that has the money to buy TV ads. Those cost a fortune, so when you see a candidate on TV, that means they've been bought with millions so you know when elected that they will not be representing you!

[Weirdo]

Paraphrasing Ronald Reagan:

The eight most terrifying words in the English language are: 'I'm a millionaire and I'm here to help.

[Skepticat]

In Robert Heinlein's "Double Star" the elected representatives represented various professions and trades rather than only the very rich and nominally some geographic area as is presently the case. The idea has some merit. Who better to represent the concern of folks struggling on minimum wage for example then a representative from their ranks as opposed to someone with $100 million in the bank and gazillions from lobbyists. In legislatures a 70% representation by lawyers is not unusual - and what percentage of the population are actually lawyers - far less than 1% even in the USA. Think there wouldn't have been single payer health care decades ago if congress was more representative. Would the bankrupcy law, or big pharma giveaway passed - methinks not.

[iblogleft]

We need campaign finance reform if we really want to survive as a nation. This should be done right after a jobs bill.

[Countess]

Lawyers should be banned from participating in politics as they are in a clear conflict of interest. They pass laws and the public is them forced to hire them to defend themselves against the laws they pass. They are the worst people to put in charge of anything and they are simply overpaid parasites.

[ohmetoo]

Harry Teague (D-N.M.) disclosing the lowest amounts of personal wealth.

Teague to vote against House health care bill
By Matthew Reichbach 11/6/09

VOTE HIM OUT!

[ohmetoo]

Well that puts them in the range where they don't really represent the common folk doesn't it. They belong to the 1 percent who own 80 percent of the cookies?

But because members of Congress ARE ONLY REQUIRED TO REPORT their wealth and liabilities in BROAD RANGES, it's impossible to precisely determine how much their assets are worth, or how much they've gained or lost. CRP found that twenty-three members of the House recorded an average wealth in the negative territory, with Reps. Alcee Hastings (D-Fla.) and Harry Teague (D-N.M.) disclosing the lowest amounts of personal wealth.

I WANT to self report my income to the IRS IN BROAD RANGES, can we figure this out for the poor among us?

[SGMD1]

How are you supposed to win an election without either a.) selling your soul to special interests that will fund your campaign, or b.) having enough personal wealth to pay for your own campaign so you don't have to do the former?

Frankly I want MORE self-made millionaires in Congress.

[ohmetoo]

As opposed to the millionaires made and paid by the lobbyists? Hey me too!