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Thursday, January 17, 2013

Wealthy Members of Congress

Members of Congress are different from you and me.  They have more money.  From Open Secrets:
Ninety-four new senators and House members joined the 113th Congress. But if voters felt the last group of lawmakers was out of touch with "real America," the new class may not be better. In fact, according to a new analysis by the Center for Responsive Politics, the median estimated net worth of the incoming freshmen is almost exactly $1 million more than that of the typical American household.

According to data collected from personal financial disclosure forms filed by all members of Congress and candidates who succeeded at the polls in November, the median net worth of the 94 incoming lawmakers at the end of 2011 was $1,066,515. The most recent numbers available from the U.S. Census show that the median net worth of the typical American household is $66,740.
Looking at all members of Congress, Democrats tend to be slightly wealthier: The median net worth for Democratic members is $990,508 compared to a median of $907,014 for Republicans. In the House, where the median net worth is estimated to be $856,009, Democrats are wealthier than Republicans, with Democratic members' median estimated net worth at $910,505, compared with that of the Republicans at just $789,008. In the Senate, though, where the median estimated net worth for all members is $2.5 million, the Republicans still have the edge -- $2.56 million to $2.47 million -- over their Democratic colleagues.