Friday, January 10, 2014
More Than 250 Congressmen Are Millionaires, Despite U.S. War on Poverty
While most of the world struggles financially, trying to make ends meet during a slow recovering economy, our lawmakers seem to be struggling far less. In fact, according to a recent report by USA Today, at least 268 of the 534 congressman are millionaires. That's almost half!
Both Senators and House members are reported to have average net worths of $2.7 million and $896,000 respectively. They own plenty of shares of stock and real estate valued between $442.2 million and $1.4 billion. The richest member of Congress is reported to be House Representative Darrell Issa from California with a net worth of $464 million.
Why does it matter how much money they make?
It's about income disparity. Only about one percent of all Americans are millionaires, compared to 50 percent of members of Congress who are millionaires. That's a huge disparity. The big problem here is that members of Congress do not experience the financial woes most Americans suffer. So, are they able to understand and represent the best interests of American people when it comes to their financial interests?
Rich Congressmen, but the war on poverty continues
It's been 50 years since President Lyndon B. Johnson declared war on poverty, but poverty continues. It may be called "income inequality," or "income disparity," but poverty is poverty no matter how much you try to sugarcoat it. After 50 years, it makes you wonder if Congress is capable of really understanding the issue. Or do the rich keep getting richer and the poor poorer?