Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Tuesday, November 01, 2011

Members Of Congress Grow Wealthier Despite Recession

Despite the economic recession and declining household wealth, the net wealth of members of Congress continues to rise, according to a Roll Call analysis of financial disclosure forms.

Members of the House and Senate have a collective net worth of $2.04 billion, up from $1.65 billion in 2008. The vast majority of the increase goes to the wealthiest members of Congress, who also account for most of Congress' net worth.

Members' net wealth may be much higher, however, since Roll Call only used the minimum valuation of assets in the range required by disclosure forms, and disclosure forms do not include non-income-producing assets, such as a personal residence.

Rep. Darrell Issa (R-Calif.) reported that his assets were worth at least $295 million. Much of his wealth comes from the money he earned in the car alarm business. House Minority Leader Nancy Pelosi's (D-Calif.) wealth also increased from 2009 to 2010, from $21.7 million to $35.2 million. Speaker of the House John Boehner (R-Ohio), Senate Majority Leader (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) all had multimillion-dollar net worths in 2010.

Federal Reserve data released in March showed Americans' household net worth declined 23 percent between 2007 and 2009 from $125,000 to $96,000, due to declining home equity (not included in congressional disclosure forms) and investments. Families also took on slightly more debt. Families in the top 10 percent of net worth saw smaller declines of 13 percent on average.

Origin
Source: Huff 

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