The average member of Congress is worth 18 times the average American household, according to the Center for Responsive Politics.
The average net worth of a lawmaker is $1,029,505 in 2013 – a 2.5% increase from 2012 – whereas the average American’s household is worth $56,355.
Not only that, but 50.8% of Congress are millionaires.
“While the median net worth of an American family has declined by nearly one-third between 2007 and 2013, members of Congress have recovered quite well from the recession,” Russ Choma of the CRP reported. “The Senate’s median net worth went from $2.3 million to $2.8 million over that period, while for members of the House the numbers went from $708,500 to $843,507.”
“…Overall, CRP’s annual analysis of lawmakers’ financial statements once again shows that they are not remotely similar to the typical American in terms of wealth, investments and economic security,” he added.
The report also found that since 2006, the average net worth of Congress has increased every year except 2008 and the yearly increases are typically above the rate of inflation.
“At a time when income inequality is much debated, the representatives we choose are overwhelmingly affluent,” CRP’s Executive Director Sheila Krumholz said. “Whether voters elect them because they are successful or because people of modest means do not run, or for other reasons, is unclear, but struggling Americans should not assume that their elected officials understand their circumstances.“
One lawmaker in particular, House Speaker John Boehner (R-Ohio), profited tremendously from his investments in medical and insurance companies after the passing of Obamacare, which impoverishes Americans through excessive healthcare costs while enriching the private, off-shore banks who wrote the law.
“Boehner has continued to profit from health-industry investments tracing back to 2009 [before Obamacare was enacted into law]: Wellpoint Inc, which he bought at $56 a share, is now trading at $124.37. Cardinal Health, which he bought when it was trading at approximately $30 a share in 2011, is now trading at $80.44; and Pfizer which was trading at under $20 a share in 2010, is now at $31.06,” Jerome Corsi of World Net Daily reported. “In addition to the health-care stocks, Boehner’s investment portfolio includes several large insurance companies, including shares in John Hancock (bonds and notes), Travelers (stock), Prudential Financial (bonds and notes), Allstate (stock), AFLAC (bonds and notes) and MetLife (bonds and notes).”
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