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By Patrick Martin
Global Research, December 29, 2011
World Socialist Web Site - 2011-12-28
According to a study reported Tuesday, nearly half the members of the United States Congress are
millionaires. Of the 535 legislators (100 members of the Senate and 435 members of the House of Representatives), at least 250 are millionaires and the median net worth is $913,000.
Sixty-seven senators are millionaires and the median wealth of the body’s 100 members is $2.63 million.
While the Senate has long been known as a millionaires’ club, the transformation of the House is a relatively recent phenomenon. The median net worth of members of the House of Representatives, excluding home equity, has more than doubled over the last 25 years, from $280,000 in 1984 to $725,000 in 2009 in inflation-adjusted dollars. During that same period, the median net worth of an American family fell from $20,600 to $20,500.
Both the Washington Post and the New York Times gave front-page treatment to the data, derived from figures collected by the Center for Responsive Politics. The articles reflect nervousness in the corporate-controlled media over the degree to which the rising personal wealth of members of Congress is discrediting the institution.
The Post commented: “The growing disparity between the representatives and the represented means that there is a greater distance between the economic experience of Americans and those of lawmakers.” The Times noted that “the wealth gap between lawmakers and their constituents appears to be growing quickly, even as Congress debates unemployment benefits, possible cuts in food stamps and a ‘millionaire’s tax.’”
The proportion of members of Congress who have no net worth outside their home equity—the economic position of a majority of the working class—has declined from one in five in 1984 to only one in twelve. The Times contacted the offices of 534 members of Congress to ask if they had friends or relatives who had lost homes or jobs since the 2008 financial crash. Only 18 responded, and only 12 reported even a second-hand contact with the impact of the economic crisis.
The median wealth of members of Congress rose 15 percent from 2004 to 2010, despite the financial collapse that devastated working people and for a time drove down the median wealth even of the financial aristocracy. In part, this was the result of congressional turnover—the incoming “Tea Party” Republicans were on average far better off than the Democrats or “establishment” Republicans they replaced, with a median net worth of $864,000 for the 106 members of the supposedly “populist” freshmen class of 2010.
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