Center: Inhofe, Cole Among Most Wealthy
From The Center For Responsive Politics In Washington ~ Even members of Congress, many among the country's richest people, aren't impervious to the nation's economic recession.
Current congressional members' median wealth uncharacteristically dropped nearly 5 percent in 2008 when compared to the prior year, a Center for Responsive Politics analysis of federal personal financial disclosure reports indicates.
But with 237 millionaires still serving in Congress, most of the nation's leaders are doing fine compared to many of their constituents living paycheck by paycheck, if they're earning a paycheck at all. [For example, Senator Jim Inhofe is 74th richest overall; his report shows "Net Worth: From $2,849,047 to $9,914,999 Rank: 25th in Senate; Assets: 52 totaling $3,099,047 to $10,015,000; Liabilities: 2 totaling $100,001 to $250,000; Transactions: 82 totaling $90,062 to $1,015,000."
[Congressman Tom Cole shows up as 134th overall; his report shows "Net Worth: From $1,707,092 to $4,661,000 Rank: 85th in House; Assets: 80 totaling $1,707,092 to $4,661,000; Liabilities: 0; Transactions: 32 totaling $159,032 to $785,000." [Senator Tom Coburn shows "Net Worth: From $909,140 to $3,739,000; Rank: 47th in Senate; Assets: 105 totaling $909,140 to $3,739,000; Liabilities: 0; Transactions: 115 totaling $490,115 to $2,525,000. [Congressman Dan Boren shows "Net Worth: From $666,016 to $2,291,999 Rank: 141st in House; Assets: 16 totaling $1,166,016 to $2,542,000; Liabilities: 1 totaling $250,001 to $500,000; Transactions: 3 totaling $530,003 to $1,100,000. [Congressman Frank Lucas shows "Net Worth: From $320,011 to $1,724,993; Rank: 169th in House; Assets: 17 totaling $885,011 to $1,925,000; Liabilities: 8 totaling $200,007 to $565,000.
About 1 percent of all Americans are considered millionaires, while more than 44 percent of congressional members claim that distinction. And 50 members of Congress boast estimated wealth of at least $10 million.
"Generally speaking, members of Congress are wealthy by comparison with the vast majority of Americans. That doesn't mean they're immune to the effects of this ailing economy -- they're not," said Sheila Krumholz, the Center for Responsive Politics' executive director. "But they are much better positioned to withstand financial pressures than the people they represent."
U.S. senators currently serving have a median reportable worth of $1.79 million for 2008, down from $2.27 million in 2007, CRP's analysis indicates. Meanwhile, currently serving House members' median income was $622,254 in 2008, down from $724,258 in 2007.
This ends a notable run of congressional wealth expansion.
In 2007, for example, members of Congress then serving experienced a 13 percent increase in wealth when compared to 2006. Congressional members experienced similar year-over-year increases back to the early part of this decade.
Among Congress' biggest financial losers: Sens. John McCain (R-Ariz.), John Kerry (D-Mass.), Dianne Feinstein (D-Calif.) and Mark Warner (D-Va.), according to CRP's research. All experienced double-digit percentage declines in their average, estimated wealth between 2007 and 2008.
On the opposite end, however, stand Sens. Daniel Inouye (D-Hawaii), Mitch McConnell (R-Ky.), James Inhofe (R-Okla.) and Richard Shelby (R-Ala.), who each experienced sharp spikes in their reported wealth.
Current congressional members' median wealth uncharacteristically dropped nearly 5 percent in 2008 when compared to the prior year, a Center for Responsive Politics analysis of federal personal financial disclosure reports indicates.
But with 237 millionaires still serving in Congress, most of the nation's leaders are doing fine compared to many of their constituents living paycheck by paycheck, if they're earning a paycheck at all. [For example, Senator Jim Inhofe is 74th richest overall; his report shows "Net Worth: From $2,849,047 to $9,914,999 Rank: 25th in Senate; Assets: 52 totaling $3,099,047 to $10,015,000; Liabilities: 2 totaling $100,001 to $250,000; Transactions: 82 totaling $90,062 to $1,015,000."
[Congressman Tom Cole shows up as 134th overall; his report shows "Net Worth: From $1,707,092 to $4,661,000 Rank: 85th in House; Assets: 80 totaling $1,707,092 to $4,661,000; Liabilities: 0; Transactions: 32 totaling $159,032 to $785,000." [Senator Tom Coburn shows "Net Worth: From $909,140 to $3,739,000; Rank: 47th in Senate; Assets: 105 totaling $909,140 to $3,739,000; Liabilities: 0; Transactions: 115 totaling $490,115 to $2,525,000. [Congressman Dan Boren shows "Net Worth: From $666,016 to $2,291,999 Rank: 141st in House; Assets: 16 totaling $1,166,016 to $2,542,000; Liabilities: 1 totaling $250,001 to $500,000; Transactions: 3 totaling $530,003 to $1,100,000. [Congressman Frank Lucas shows "Net Worth: From $320,011 to $1,724,993; Rank: 169th in House; Assets: 17 totaling $885,011 to $1,925,000; Liabilities: 8 totaling $200,007 to $565,000.
About 1 percent of all Americans are considered millionaires, while more than 44 percent of congressional members claim that distinction. And 50 members of Congress boast estimated wealth of at least $10 million.
"Generally speaking, members of Congress are wealthy by comparison with the vast majority of Americans. That doesn't mean they're immune to the effects of this ailing economy -- they're not," said Sheila Krumholz, the Center for Responsive Politics' executive director. "But they are much better positioned to withstand financial pressures than the people they represent."
U.S. senators currently serving have a median reportable worth of $1.79 million for 2008, down from $2.27 million in 2007, CRP's analysis indicates. Meanwhile, currently serving House members' median income was $622,254 in 2008, down from $724,258 in 2007.
This ends a notable run of congressional wealth expansion.
In 2007, for example, members of Congress then serving experienced a 13 percent increase in wealth when compared to 2006. Congressional members experienced similar year-over-year increases back to the early part of this decade.
Among Congress' biggest financial losers: Sens. John McCain (R-Ariz.), John Kerry (D-Mass.), Dianne Feinstein (D-Calif.) and Mark Warner (D-Va.), according to CRP's research. All experienced double-digit percentage declines in their average, estimated wealth between 2007 and 2008.
On the opposite end, however, stand Sens. Daniel Inouye (D-Hawaii), Mitch McConnell (R-Ky.), James Inhofe (R-Okla.) and Richard Shelby (R-Ala.), who each experienced sharp spikes in their reported wealth.
posted by Mike McCarville @ 4:27 PM
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