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Steve McIntosh Report Blog Archive



Congress: a club for the wealthy

Yesterday I told you members of Congress enjoy much better pensions than just about every American they represent … and they pay less into their pension funds than the rest of us. Their pensions and 401(k)’s are enriched with dollars from you and me, the taxpayers.
Did you know that more than half the people serving in Congress are millionaires?
I know, a million dollars is not such a great ‘net worth’, but I’ll wager it’s a lot more than most of you listening to me right now.
Sixty percent of this year’s crop of freshman Senators … and more than 40% of House freshmen … are millionaires, according to the Center for Responsive Politics. The median estimated wealth for Senate freshmen: nearly four million dollars; for House freshmen: $570,000.
I think the question is: can such a wealthy group of people fairly represent their many constituents who are not wealthy?
Of course, they can! Just because a person has tons of money doesn’t mean he knows how to live within a budget.
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Our thought for today is from Rex Stout:
 
“Nothing is more admirable than the fortitude with which millionaires tolerate the disadvantages of their wealth.”


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03/30/2011 1:22AM
Congress: a club for the wealthy
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