RUN FOR OFFICE, GET RICH OFF POOR TAXPAYERS
Temecula, CA – Though you may be paying for football without knowing it, at least there is enjoyment out of that. However according to a new report by the non-partisan Center for Responsive Politics, a majority of members of Congress -- for the first time -- are millionaires.
Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in
Members of Congress have long been far wealthier than the typical American, but the fact that now a majority of members -- albeit just a hair over 50 percent -- are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul for the tax code.
"Despite the fact that polls show how dissatisfied Americans are with Congress overall, there's been no change in our appetite to elect affluent politicians to represent our concerns in Washington," said Sheila Krumholz, executive director of the Center. "Of course, it's undeniable that in our electoral system, candidates need access to wealth to run financially viable campaigns, and the most successful fundraisers are politicians who swim in those circles to begin with."
The richest member of Congress was, once again, Rep. Darrell Issa (R-Calif.) chairman of the House Oversight Committee. Issa, who made his fortune in the car alarm business, had an average net worth of $464 million in 2012. Issa had ruled the roost as the wealthiest lawmaker for several years but was bumped from that perch last year by Rep. Michael McCaul (R-Texas).
General Electric continued to be the most popular investment for current members of Congress. In 2011, there were 71 lawmakers who reported owning shares in the company; in 2012, there were 74. The second most popular holding was the bank Wells Fargo, in which 58 members owned shares (up from 40 in 2011). Financial firms were well-represented in the 10 most popular investments: Bank ofAmerica came in sixth (51 members) and JP Morgan Chase was seventh (49 members). Both companies had more congressional investors than in 2011 (11 more for Bank of America and 10 more for JP Morgan Chase.)
The reason you don’t see Monsanto on the list is probably because they operate more Richard Nixon and Scrooge McDuck, but write to Justice Clarence Thomas about that. He is the first Monsanto employee to infiltrate the government. For a list of who’s in their pocket, research past Monsanto stories on this website. They are popular with my anti-GMO readers. For this complete sourced report, follow this link.
And remember, there is a reason why taxpayer is one word, like citizen.