12 Facts About Money And Congress That Are So Outrageous That It Is Hard To Believe That They Are Actually True

Posted: November 14, 2011 in US News

The Economic Collapse
November 14, 2011

Do you want to get rich? Just get elected to Congress. The U.S. Senate and the House of Representatives are absolutely packed with wealthy people that are very rapidly becoming even wealthier. The collective net worth of the members of Congress is now measured in the billions of dollars. The people that we have elected to the House and Senate are absolutely swimming in money. Unfortunately, it is not easy to get elected to Congress. In this day and age you generally have to be heavily connected to those that are very wealthy to get into Congress because it takes gigantic amounts of cash to win campaigns. But if you can get in to the club, you pretty much have it made. The numbers that you are about to read are very difficult to believe and they should deeply sadden you. They show that Congress has become all about money. Congressional races are mostly financed by wealthy people, most of the people that we elect to Congress are very wealthy, and they rapidly get wealthier after they are elected. All of this money has turned our republic into something far different than our founding fathers intended.

The following are 12 statistics about money and Congress that are so outrageous that it is hard to believe that they are actually true….

#1 The collective net worth of all of the members of Congress increased by 25 percent between 2008 and 2010.

#2 The collective net worth of all of the members of Congress is now slightly over 2 billion dollars. That is “billion” with a “b”.

#3 This happened during a time when the net worth of most American households was declining rapidly. According to the Federal Reserve, the collective net worth of all American households decreased by 23 percent between 2007 and 2009.

#4 The average net worth for a member of Congress is now approximately 3.8 million dollars.

#5 The net worth of House Minority Leader Nancy Pelosi increased by 62 percent from 2009 to 2010. In 2009 it was reported that she had a net worth of 21.7 million dollars, and in 2010 it was reported that she had a net worth of 35.2 million dollars.

#6 The top Republican in the Senate, Mitch McConnell, saw his wealth grow by 29 percent from 2009 to 2010. He is now worth approximately 9.8 million dollars.

#7 More than 50 percent of the members of the U.S. Congress are millionaires.

#8 In 2008, the average cost of winning a seat in the House of Representatives was $1.1 million and the average cost of winning a seat in the U.S. Senate was $6.5 million. Spending on political campaigns has gotten way out of control.

#9 Insider trading is perfectly legal for members of the U.S. Congress – and they refuse to pass a law that would change that.

#10 The percentage of millionaires in Congress is more than 50 times higher than the percentage of millionaires in the general population.

#11 U.S. Representative Darrell Issa is worth approximately 220 million dollars. His wealth grew by approximately 37 percent from 2009 to 2010.

#12 The wealthiest member of Congress, U.S. Representative Michael McCaul, is worth approximately 294 million dollars.

So how are members of Congress becoming so wealthy?

Well, there are lots of ways they are raking in the cash, but one especially alarming thing that goes on is that members of Congress often make investments in companies that will go up significantly if legislation that is being considered by Congress “goes the right way”.

This is called a “conflict of interest”, but it happens constantly in Congress and nobody seems to get into any trouble for it.

The following is video of Steve Kroft of 60 Minutes ambushing Nancy Pelosi about one particular conflict of interest involving credit card legislation. As you can see, she does not want to talk about it….

As noted above, insider trading is perfectly legal for members of Congress.

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