Saturday, January 11, 2014

Number of millionaires in Congress on the increase


The recession has not been felt by those ruling over us.  Many of the "millionaires" might in actuality be millionaires many, many times over.  See the highlighted sentence.  

From CatholicOrg:
While many Americans go hungry and are jobless, majority of Congress members are now millionaires. The United States today is largely a fractured land:  more people more than ever are on food stamps. Many have given up on the prospect on ever finding a job ever again. Unemployment checks have begun to run out. None of this reaches the U.S. Congress, where a recent study finds that more than half of the people there are worth more than $1 million.
According to a new report from the non-profit Center for Responsive Politics, among the 534 current members of Congress, at least 268 had an average net worth of $1 million or more for 2012.

The report cited disclosure forms that were filed last year. A year ago, the total stood at 257 members, or about 48 percent. The center says that the new figure "represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code."

"In our electoral system, candidates need access to wealth to run financially viable campaigns, and the most successful fundraisers are politicians who swim in those circles to begin with," CRP executive director Sheila Krumholz says.  

This year's analysis was complicated by a change in reporting rules that allows lawmakers to report the worth of high-value assets and income as simply "$1 million or more," after previously requiring more specific values....

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