Despite a long and deep recession, the collective personal wealth of congressional members increased by more than 16 percent between 2008 and 2009, according to a study released Wednesday by the Center for Responsive Politics.
The study also indicates that a significant number of members owned shares of major players in the health-care and financial-services sectors, which were the subject of major reform legislation during the period.
The findings—based on federal financial disclosure data released earlier this year—paint a wealthy bunch in Congress, with more than half of all members—261—were millionaires.
About one in five of those had average calculated wealth in 2009 of at least $10 million. Eight of the 261 were in the $100 million-plus range.
Rep. Darrell Issa (R-Calif.) ranked No. 1 in personal wealth—$303.5 million.
In contrast, U.S. median household income dropped 3 percent to $50,221 between 2008 and 2009, the second straight decline, according to the Census Dept. In terms of millionaires, only about 1 percent of the overall population qualifies.
(How much did YOUR bank account grow last year?
Every nickel that the congress critters made last year was ripped from the pockets of the working middle class as well as the unemployed and homeless people of America. Still think they are in touch with our needs?)
(How much did YOUR bank account grow last year?
Every nickel that the congress critters made last year was ripped from the pockets of the working middle class as well as the unemployed and homeless people of America. Still think they are in touch with our needs?)
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