![money, congress](https://i0.wp.com/i.i.com.com/cnwk.1d/i/tim/2011/06/29/Full-width-blog_620x350.jpg)
I’m not one to count other people’s money because their money doesn’t do anything for me besides make me mad and disappointed that I don’t have enough money but I recently read a CBS article explaining why half of Congress members are millionaires. Out of the 541 total members (including Guam, American Samoa, US Virgin Islands, Northern Mariana Islands, Puerto Rico, and Washington DC; despite having non voting privileges) 261 are millionaires.
FYI: The base pay for members of Congress is $174,000
The Center for Responsive Politics stated that congressional members actually saw their collective personal wealth increase by more than 16 percent between 2008 and 2009. As many as 55 members had an average calculated wealth of $10 million or more in 2009. According to the Center’s estimates, the wealthiest member of Congress is Rep. Darrell Issa (R-Calif.), whose holdings exceed $303.5 million. Rep Jane Harman (D-Calif.) is close behind with $293.4 million, and Sen. John Kerry (D-Mass.) rounds out the top three at $238.8 million.
Reasons claimed by the article that congress has become increasing wealthy are:
-Political Campaigns take on average $8 million for Senate Rate and $1 million for House of Representative; so its easier for a wealthy candidate to put their own money up vs having an average Joe holding many fundraiser to raise over a million dollars.
-They can take outside income but no more than 15% of their annual income from Congress
– Insider trading laws do not apply to nonpublic information about current or upcoming congressional activity — that’s because members of Congress aren’t technically obligated to keep that information confidential. If a lawmaker learns an upcoming bill will grant a company a large government contract, which could boost that company’s stock, he or she is free to buy that stock ahead of the bill’s public introduction.
Democratic Reps. Louise Slaughter of New York and Tim Walz of Minnesota have introduced legislation to stop insider trading in Congress. But the bill, which has been introduced before, has never had more than 14 congressional sponsors.
-Members often earn lucrative contracts on executive boards, as lobbyist, think tanks, and book deals.
It would be only fair that as members of Congress who are allowed certain perk’s of office such as great health benefits and an amazing salary; they should adopt the national average median household income as stated by the 2011 census statistic which is $50,221. Or better yet the per capita money income in past 12 months which is $27,041 until the U.S. economy stabilizes. They would give the remaining $150,000 to families that have been tragically affected with layoffs and unemployment.
535 (members of congress) x $146595 ($174,00-27,041)= $78,428,325…That would be enough to feed a nice chunk of families within the districts they are obligated to serve.
Im just saying it is an option…
When I read the following articles, now wonder there is a strong debate in Congress about tax cuts and raising revenue for the top 2% because these are more than 60% of members of congress. The average american is not considering the politics behind such issues such as the Debt Ceiling, and the National Debt, they just know it has to be taken care of. Yet when you have millionaires wanting us to sacrifice and take hold of the majority of the burden that comes with revamping medicare, social security, tax code, etc. it doesn’t instill a lot of confidence that they will do something that will be better for everyone in the long run and not just them and the business’s they have first hand knowledge and stakes in
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