A new analysis from The New York Times shows that members of Congress have gotten richer during the financial crisis, while the people they represent have seen their incomes decline according to Zeke Miller at the BusinessInsider. The median congressional net worth rose from $800,000 in 2004 to $1.2 million in 2010, while that of the general public declined from $108,000 to $100,000.
The BI article says millionaires are also overrepresented in Congress, with at least 250 members worth at least seven figures. Lawmakers aren’t inclined to discuss their personal wealth, but they don’t even want to discuss whether family or friends have been affected by the financial crisis. The NYT asked all 534 members about how close friends and family members weathered the downturn, and just 18 responded, raising questions about whether members of Congress are out of touch with the people they represent.
As further proof of how out of touch Congress is, Henry Blodget at the BusinessInsider points out a report from the Hawaii Reporter (via Drudge), that Nancy Pelosi is spending her Christmas at the Four Seasons Resort Hualalai at Historic Ka’upulehu on Hawaii. And this has become something of a tradition for her. For the last two years, she has reportedly stayed in the resort’s $10,000-a-night suite.
Related articles
- Report: Net worth of average member of Congress has tripled (thehill.com)
- As Americans Get Poorer, Members of Congress Get Richer (abcnews.go.com)
- Upper 1%-er, Nancy Pelosi Spends Christmas in $10K/Night Suite (pumabydesign001.wordpress.com)
- Gingrich Talks ‘Dumbest Thing’ He’s Done In Last Four Years (huffingtonpost.com)
