Congress Has Wealth to Weather Economic Downturn
Published by Communications on March 13, 2008 5:40 PM |
As Americans worry about their own finances, their elected representatives in Washingtonwith a collective net worth of $3.6 billionare mostly in good shape to withstand a recession.
WASHINGTONEconomists say the United States may be in a recession, but the personal finances of members of Congress suggest they will be able to weather the storm far better than most Americans, according to a new analysis of three years of lawmakers’ personal financial reports by the nonpartisan Center for Responsive Politics.
U.S. senators had a median net worth of approximately $1.7 million in 2006, the most recent year for which their financial data is available, and 58 percent of the Senate’s members could be considered millionaires. In the House of Representatives, the median net worth was about $675,000, with 44 percent of members having net worths estimated to be at least $1 million. By contrast, only about 1 percent of all American adults had a net worth greater than $1 million around the same time.1
Before the American economy showed signs last year of slowing down, lawmakers had enjoyed an extraordinary run in their personal investments and other finances. Members of Congress, who are now paid about $169,000 annually, saw
their net worths soar
***84 percent from 2004 to 2006,***