Report: 237 millionaires in Congress

[ArmoredNOSaint]

Link

Talk about bad timing.

As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.

Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.

CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8 million.

All told, at least seven lawmakers have net worths greater than $100 million, according to the Center’s 2008 figures.

“Many Americans probably have a sense that members of Congress aren’t hurting, even if their government salary alone is in the six figures, much more than most Americans make,” said CRP spokesman Dave Levinthal. “What we see through these figures is that many of them have riches well beyond that salary, supplemented with securities, stock holdings, property and other investments.”

Of course, there's one member of Congress (a U.S. Senator) whose name has been left out of the story. See if you can guess who it is (and no, it's not McCain).

[Casterfield]

lol, biden is worth $27,000?

[Saint77]

The upshot here is, these guys are so intelligent, so knowing and understanding, that they still understand and know exactly what its like to walk in the common mans shoes. They just know. They are so smart, and all knowing, AND they can be super rich, and run society.

[porculator]

If you make $180,000 a year and don't end up being a millionaire you're doing something wrong.

[zenshin]

Originally Posted by porculator

If you make $180,000 a year and don't end up being a millionaire you're doing something wrong.

Cocaine??

[Mr. Blue Sky]

Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.

there is something wrong with this study; there's no way that only 1% of the U.S. population is worth $1 million dollars, when you add up property values, investments, etc... what am i missing?

[zenshin]

Originally Posted by Mr. Blue Sky

there is something wrong with this study; there's no way that only 1% of the U.S. population is worth $1 million dollars, when you add up property values, investments, etc... what am i missing?

If you take into account a person's debt, it's very believable.

[wbbigtymer]

Can you honestly say "they know what's best for us" with a straight face? I really think something drastic needs to change in this lifetime or else we're going to be in deeper and deeper trouble when it comes to this group of people making so many decisions for the rest of us.

[Crzycjunx76]

So what? My folks are millionaires and they are middle class, unfortunately a million bucks is not enough that they can afford to retire on time and do the traveling and enjoy the retirement if they continue to save like they have and work hard they should be able to retire some time before 70 though. A million dollars is not what it used to be, now I know most of these guys are in the tens of millions but the point is the same my folks are middle class and have more than a million saved up for retirement, most of our congress men have had upper class employment so it goes to follow that they have more money.

Originally Posted by Mr. Blue Sky

there is something wrong with this study; there's no way that only 1% of the U.S. population is worth $1 million dollars, when you add up property values, investments, etc... what am i missing?

Yes that quote from the study is horribly wrong. I can go up and down the block in any direction in the middle class neighborhood I grew up in and pretty much any house with a couple over 50 in it is going to have a million or more in savings... I am not in some wine and cheese aristocrat neighborhood just ordinary 9-5 white collar families.

[1yearOlder]

The opportunities within classism are in the upper tier.

(sarcasm/off)<----- (p.c. clarification)

[feoinfunroe]

Originally Posted by ArmoredNOSaint

Link



Of course, there's one member of Congress (a U.S. Senator) whose name has been left out of the story. See if you can guess who it is (and no, it's not McCain).

Joe Lieberman?

[Hanau Eepe Saint]

Originally Posted by ArmoredNOSaint

Link



Of course, there's one member of Congress (a U.S. Senator) whose name has been left out of the story. See if you can guess who it is (and no, it's not McCain).

Immegrant?

Weird not more of them have placed their money offshore though.. Thought it was standard for these kind of investigations?

[cdogg]

Originally Posted by Crzycjunx76

So what? My folks are millionaires and they are middle class, unfortunately a million bucks is not enough that they can afford to retire on time and do the traveling and enjoy the retirement if they continue to save like they have and work hard they should be able to retire some time before 70 though. A million dollars is not what it used to be, now I know most of these guys are in the tens of millions but the point is the same my folks are middle class and have more than a million saved up for retirement, most of our congress men have had upper class employment so it goes to follow that they have more money.




Yes that quote from the study is horribly wrong. I can go up and down the block in any direction in the middle class neighborhood I grew up in and pretty much any house with a couple over 50 in it is going to have a million or more in savings... I am not in some wine and cheese aristocrat neighborhood just ordinary 9-5 white collar families.

If you have 1 million in savings, and earn 4% interest, you would get $3,333.33 a month in interest alone, which is more than enough to retire on if you live within yourself.

[iron error]

wealth vs net worth?

[Mr. Blue Sky]

Originally Posted by Crzycjunx76

So what? My folks are millionaires and they are middle class, unfortunately a million bucks is not enough that they can afford to retire on time and do the traveling and enjoy the retirement if they continue to save like they have and work hard they should be able to retire some time before 70 though. A million dollars is not what it used to be, now I know most of these guys are in the tens of millions but the point is the same my folks are middle class and have more than a million saved up for retirement, most of our congress men have had upper class employment so it goes to follow that they have more money.




Yes that quote from the study is horribly wrong. I can go up and down the block in any direction in the middle class neighborhood I grew up in and pretty much any house with a couple over 50 in it is going to have a million or more in savings... I am not in some wine and cheese aristocrat neighborhood just ordinary 9-5 white collar families.

thank you, that is exactly what i was getting at.

same with my parents; they are by no means wealthy, but if you added up their home, rental properties and other miscellaneous holdings they'd be worth over a $1 million-- at least before the market dropped they would've.

[Mr. Blue Sky]

Originally Posted by cdogg

If you have 1 million in savings, and earn 4% interest, you would get $3,333.33 a month in interest alone, which is more than enough to retire on if you live within yourself.

that is a far cry from what he said:

Originally Posted by crazycjunx76

a million bucks is not enough that they can afford to retire on time and do the traveling and enjoy the retirement

there is a huge difference between enjoying the retirement you've worked your entire life for... and just 'waiting to die.'

[jrdbrn]

Originally Posted by Crzycjunx76

So what? My folks are millionaires and they are middle class, unfortunately a million bucks is not enough that they can afford to retire on time and do the traveling and enjoy the retirement if they continue to save like they have and work hard they should be able to retire some time before 70 though. A million dollars is not what it used to be, now I know most of these guys are in the tens of millions but the point is the same my folks are middle class and have more than a million saved up for retirement, most of our congress men have had upper class employment so it goes to follow that they have more money.


Yes that quote from the study is horribly wrong. I can go up and down the block in any direction in the middle class neighborhood I grew up in and pretty much any house with a couple over 50 in it is going to have a million or more in savings... I am not in some wine and cheese aristocrat neighborhood just ordinary 9-5 white collar families.

Your folks are millionaires and can't retire? Seems like they have a spending problem.

[Crzycjunx76]

Originally Posted by jrdbrn

Your folks are millionaires and can't retire? Seems like they have a spending problem.

Their house is paid of, my Father just got himself a sailboat but it is paid for. However they would like to live at least a middle class lifestyle in their (hopeful) 20 year retirement, they have more than earned it. So they are looking to travel quite a bit and not step down from their current lifestyle they are probably going to run 100,000 a year in total expenses at least that would be my guess I do not delve too deeply into their finances. They tried to tell me what I would inherit at one point if anything happened to them and how it was set up but I did not want to hear it... the way I see it, they earned their money and I hope they spend and enjoy every last dime.

[TheBigEasy99]

Originally Posted by cdogg

If you have 1 million in savings, and earn 4% interest, you would get $3,333.33 a month in interest alone, which is more than enough to retire on if you live within yourself.

I don't know of anyone paying 4% on deposits these days. Even if you could get that rate that's $40,000 a year for 2 people. A married couple with no dependents would likely end up bringing home about $32,500 a year after taxes. Can 2 people retire and live on that much money? Of course. But they're not exactly going to be able to live it up and enjoy retirement they way they probably dreamed they would.

The point is that nowadays being classified as a "millionaire" doesn't accurately reflect the level of wealth it once did. I know retirees who are "millionaires" who have to scrimp, save and budget every bit as much as the rest of us.

[cdogg]

Originally Posted by TheBigEasy99

I don't know of anyone paying 4% on deposits these days. Even if you could get that rate that's $40,000 a year for 2 people. A married couple with no dependents would likely end up bringing home about $32,500 a year after taxes. Can 2 people retire and live on that much money? Of course. But they're not exactly going to be able to live it up and enjoy retirement they way they probably dreamed they would.

The point is that nowadays being classified as a "millionaire" doesn't accurately reflect the level of wealth it once did. I know retirees who are "millionaires" who have to scrimp, save and budget every bit as much as the rest of us.

And they also have a million dollars in the bank to spend as well.

[blackadder]

Originally Posted by wbbigtymer

Can you honestly say "they know what's best for us" with a straight face? I really think something drastic needs to change in this lifetime or else we're going to be in deeper and deeper trouble when it comes to this group of people making so many decisions for the rest of us.

They know what is best for them and their sponsors and the country is run accordingly.

Sell outs.

[TheBigEasy99]

Originally Posted by cdogg

And they also have a million dollars in the bank to spend as well.

True. But there's two problems there. 1) As they spend that money it then decreases the amount of yearly interest they'll earn. 2) A lot of retirees are underestimating how long they'll live. People are living longer and longer and many of our seniors are finding themselves running out of money with time still left on the clock. If someone retires at age 65 with 1 million dollars cash and they live to be 95 that's 30 years they'll have to stretch that 1 million out. Factor in the always rising cost of necessities such as gas, groceries, utilities, real estate taxes, etc and odds are that that 1 million dollars will be worth significantly less by the time the time they die.

It is what it is. Being a "millionaire" isn't the golden ticket to a worry free retirement that it once was.

[ArmoredNOSaint]

Of course, there's one member of Congress (a U.S. Senator) whose name has been left out of the story. See if you can guess who it is (and no, it's not McCain).

And the answer is........

Sen. Jay Rockefeller (D-WV).