CONGRESS MILLIONAIRE CLUB - Senators Making Millions While Average American Struggling to Survive

 
The Center for Responsive Politics analyzed the personal financial disclosure data from 2012 of the 534 current members of Congress and found that, for the first time, more than half had an average net worth of $1 million or more: 268 to be exact, up from 257 the year earlier. The median for congressional Democrats was $1.04 million and, for Republicans, $1 million even.

To calculate the net worth of lawmakers, the Center added together members’ significant assets, such as corporate bonds and stocks, then subtracted major liabilities such as loans, credit card debt and property mortgages.

Here’s the breakdown: the median net worth for all House members was $896,000 (Democrats averaged $929,000 to Republicans’ $884,000) and, for Senators, $2.5 million. The median net worth for Senate Democrats was $1.7 million, down from $2.4 million in 2011; for Republicans: $2.9 million, up from $2.5 million in 2011.

Richest and Poorest Members

Rep. Darrell Issa (R-Calif.), the chairman of the House Oversight Committee who made his millions in the car alarm business, was the richest lawmaker in Congress with an average net worth of $464 million in 2012.

The least-wealthy member was Rep. David Valadao (R-Calif.), who reported an average net worth of negative $12.1 million. Valadao is in the red, the Center found, due to loans for his family’s dairy farm.

Who’s Investing In What

The group also analyzed the members’ investments. General Electric was the most popular holding; the minimum Democratic investment was $927,777 and the smallest Republican investment was $2,130,657. The top five rounded out with Wells Fargo, Microsoft Corp., Procter & Gamble, and Apple Inc.

The full list of 2012 personal financial disclosures from members of Congress can be found here. Job creation kept the pace in December, with the U.S. economy creating 252,000 jobs to close out the year, while the unemployment rate dropped to 5.6 percent. Power attracts the worst humanity has to offer, so there’s no surprise Congress is seething with pure evil and corruption. Here are five of the worst legislators in Congress:

MarketWatch subsequently published a recent article titled “It’s Official: America is now No. 2.” The article points out that since Ulysses S. Grant took office as president in 1869, the United States for the first time fell from its leading position in the global economy, to second place. And although long aware of China’s rise, those who have prided themselves on the US’s economic domination are facing an uneasy reality.

With respect to the quality of the most productive echelon of society within a nation, I believe the United States still holds a leading position by far. The problem for the US, however, is the majority population that contributes little to the economy in terms of savings and investment in comparison to their overseas counterparts. In China, the advantage lies in the mainstream — from low income groups to the middle class — which boast of savings habits more conducive toward economic diligence and resilience in general. This provides a sound platform for China’s rapid rise.

What would you say if I told you that Americans are nearly 60 TRILLION dollars in debt? Well, it is true. When you total up all forms of debt including government debt, business debt, mortgage debt and consumer debt, we are 59.4 trillion dollars in debt.




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