Oct 27, 2008
It is common knowledge by this time that middle-class incomes (the kind the two of us probably enjoy) have remained flat over the course of the Bush 2 administration, while the rich have gotten richer and the richest among the rich have become fabulously wealthy. To note but one startling statistic: In 2005, the poorest 20 percent of American households had $380 billion in income, while the top 1 percent had a $520 billion increase in income.¹

Our national wealth is soaring to the top, and it is not trickling down.

But that’s old news. Some new news has just been reported by OpenSecrets.org the web site of the Center for Responsive Politics (CRP), a watchdog group that tracks money in U.S. politics.

With a recession settling in, unemployment rising, a huge bailout emptying our children’s pockets of another $850 billion in public funds (ours were already empty), how are our brave and doughty legislators making out during this perfect economic storm? Just fine, thank you.

OpenSecret’s report title says it all: As Economic Storm Brewed, Congressional Wealth Grew 11% Last Year. McCain retained his position among the 61 millionaire senators and Obama joined that group for the first time in 2007. During these doldrum years for the middle class, the average member of Congress saw their net worth soar 57 percent between 2004 and 2007.

CRP works hard to provide data on Congressional members’ net worth, given that disclosure requirements are not as stringent as they should be. Look into their Personal Financial Disclosures Database and see how your congressional delegation is doing. We got more than one surprise from ours.

At the least, you may look with a more informed eye on their next appeal for a campaign contribution.
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¹ Report Says That the Rich Are Getting Richer Faster, Much Faster, by David Cay Johnston, from the New York Times, December 15, 2007 (Accessed October 21, 2008)
tags: Congress