New Record: Over Half of Congress Are Millionaires
|January 20, 2014||Posted by Staff under Inequality / Concentration|
This 2014 excerpt of the New York Times, Jan 9, is by Eric Lipton.
For the first time in history, at least 268 of the 534 current members of Congress had an average net worth of $1 million or more in 2012. The median net worth for lawmakers in the House and Senate was $1,008,767 — up 4.4 percent.
The wealthiest member of Congress, as has previously been the case, was Representative Darrell Issa, Republican of California, who had a net worth of between $330 million and $598 million, a significant chunk of which from the Viper car antitheft system sold by a company he owned.
The poorest was Representative David Valadao, Republican of California, who listed debts of about $12.1 million, mostly from loans on a family dairy farm.
Democrats and Republicans in Congress were about equally wealthy, with Democrats boasting a median net worth of $1.04 million, compared to $1 million for congressional Republicans. The averages in both cases were up compared with the previous year, when the numbers were $990,000 and $907,000.
Ed. Notes: So most in Congress are millionaires now. Stepping back for a big picture look, you see that government and the elite are returning to being the same institution in society, just as they were one a couple centuries ago: the aristocracy. So if you prefer democracy, then you better get serious about recognizing, popularizing, and sharing society’s surplus. What’s that? It’s the worth of Earth. It’s the money that society spends for the nature it uses, our mortgages for land, our payments for natural resources. Nobody made the planet, everybody needs this natural heritage, and all of us make it valuable. Hence, we should make this flow of revenue our common wealth (and not taxes on individual wealth) — and the sooner the better.