A new report today released by Open Secrets has listed some interesting statistics about the 112th Congress.
The Center calculates that the median estimated wealth for Senate freshman is $3.96 million. For House freshmen, it’s $570,418.
By law members of Congress are required to report their assets and liabilities but in such a broad range that it is difficult to decipher their true net worth. Its probably enough to say that it they don't represent a true cross section of American society.
The Center determines the minimum and maximum possible asset values for each member of Congress to calculate a member's average estimated wealth. Sometimes, hundreds of thousands, if not millions of dollars, separate a lawmaker’s minimum calculated wealth from his or her maximum calculated wealth.
Given this, the full freshman class of the 112th Congress has an estimated wealth of $533.1 million, with a minimum net worth of about $221 million and a maximum net worth of about $845.2 million. This group includes former members of Congress who, after being out of Congress for varying lengths of time, again won election.
The center's report says that, of the newcomers, 60 percent in the Senate and 40 percent in the House are worth $1 million or more. While the incoming class is primarily Republicans it is by no means a single party issue. Some are staunchly liberal, some are conservative and many new ones are Tea Party candidates. The richest freshman by far is Connecticut Sen. Richard Blumenthal, a Democrat, with an average estimated worth of about $95 million, House frosh Diane Black (R-Tenn.) came in second at $49.4 million.
At the other end of the spectrum is Rep. Joe Walsh (R-Ill.), whose reportable assets range somewhere between a minimum of -$481,994 and a maximum of -$153,001, for an average estimate of -$317,498. The only member of Congress who's reportable wealth, both minimum and maximum net worth is in negative territory.
Walsh told POLITICO last month that the decision to decline federal health benefits would mean paying for a treatment for his wife, who has a preexisting condition, out of pocket. “It’s a cost we will feel, a cost I will have to pick up. I won’t turn down benefits because I have something to fall back on or because I’m independently wealthy,” he said.
My entire point is can be summed thusly
I do not condemn these politicians for being wealthy. Congrats on being successful! But, is our Congress really representative of the US taxpayer? Is this a cross section of American society? Do they understand the struggle of the middle class? the unemployed? Heck ... how about somebody that pumps their own gas, and grocery shops?
What do we hear being drummed out of DC these days? Cuts. Cuts in social programs that would otherwise help people that have been devastated by the economic downturn. Tax cuts for the wealthy and elite. Will these Congresspersons pass laws that strengthen the middle class, the working class or will they view legislation through the lens of their portfolio?