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Thursday, December 29, 2011

Wealth Disparities Between Lawmakers and Ordinary Americans

Our chapter on Congress (pp. 413-414) discusses ways in which lawmakers do not mirror the general public. Peter Whoriskey writes at The Washington Post:
Between 1984 and 2009, the median net worth of a member of the House more than doubled, according to the analysis of financial disclosures, from $280,000 to $725,000 in inflation-adjusted 2009 dollars, excluding home ­equity.
Over the same period, the wealth of an American family has declined slightly, with the comparable median figure sliding from $20,600 to $20,500, according to the Panel Study of Income Dynamics from the University of Michigan.
The comparisons exclude home equity because it is not included in congressional reporting, and 1984 was chosen because it is the earliest year for which consistent wealth statistics are available.
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. 

 Congressional net worth more than doubles since 1984