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Posts Tagged ‘American crisis’

Congressmen’s incomes triple while America gets poorer

Posted by Ram Kumar Shrestha on December 28, 2011

The US Capitol (AFP Photo / Karen BLEIER)

If you feel like Congress fat cats can’t relate to their fellow Americans anymore, the truth behind the matter might just be that they can’t.

While Americans have seen a recession ravage savings accounts, lawmakers on Capitol Hill have only gotten richer.

Between the US Senate and House of Representatives, the median net worth for a member of Congress is around $913,000, reports The New York Times. That man in the middle is Ed Pastor (Dem-AZ), and although he makes a pretty penny nowadays, his income today is gigantic when gauged with what he was worth when he first came to Washington. Twenty years earlier, Pastor pulled in enough to have only $100,000 saved up, a figure he has magnified nearly tenfold in the two decades since.

Comparing the mean in 2009 with the mean for lawmakers’ assets in 1984, the figure has tripled.

Off of the Hill, however, others aren’t so lucky. Taking into account all of America, the median net worth today is roughly $100,000 — what Congressman Pastor pulled in 20 years earlier. And while lawmakers have seen their wallets only fatted in recent times, the incomes of average Americans have dwindled as a recession and depression downturned the American economy. Read the rest of this entry »

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