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Congress net worth keeps on growing
Key Excerpts from Article on Website of Press Herald (Portland, Maine's leading newspaper)
Posted: March 5th, 2018
https://www.pressherald.com/2018/02/27/in-the-moneycongress-...
The cumulative net worth of senators and House members jumped by one-fifth in the two years before the start of this Congress, outperforming the typical Americans improved fortunes as well as the solid performance of investment markets during that time. The total wealth of all current members was at least $2.43 billion when the 115th Congress began, 20 percent more than the collective riches of the previous Congress, a significant gain during a period when both the Dow Jones industrial average and Standard & Poors 500 index rose slightly less than 10 percent. Beyond that grand total, the median minimum net worth (meaning half are worth more, half less) of todays senators and House members was $511,000 at the start of this Congress, an upward push of 16 percent over just two years and quintuple the median net worth of an American household, which the Federal Reserve pegged at $97,300 in 2016. The financial disparity between those who try to govern and those who are governed is almost certainly even greater than that. Members of Congress are not required to make public the value of their residences and their contents, which are the principal assets of most Americans. Nor are they required to reveal their other assets and debts to the penny, or even close instead using 11 broad categories of value ... that do a comprehensive job of obscuring what each member is precisely worth.
Note: The above article fails to mention that laws against insider trading do not apply to members of Congress. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality.
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