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Tuesday, December 27, 2011

Newsvine - Lawmakers' Wealth Separates Them From their Constituents

Newsvine - Lawmakers' Wealth Separates Them From their Constituents: "Between 1984 and 2009, the median net worth of a member of the House has risen two and a half times, according to an analysis of financial disclosures by The Washington Post.

As for both Senators and Congressmen, most are not in touch with the reality of the lives of most American citizens. How can we expect them to work for our better good when they have so little first hand knowledge of our economic problems?"

From the New York Times 12/27/11:

The country’s economic downturn since 2008, members of Congress — many of them among the “1 percenters” denounced by Occupy Wall Street protesters — have gotten much richer even as most of the country has become much poorer in the last six years, according to an analysis by The New York Times based on data from the Center for Responsive Politics, a nonprofit research group.

Congress has never been a place for paupers. From plantation owners in the pre-Civil War era to industrialists in the early 1900s to ex-Wall Street financiers and Internet executives today, it has long been populated with the rich, including scions of families like the Guggenheims, Hearsts, Kennedys and Rockefellers.

But rarely has the divide appeared so wide, or the public contrast so stark, between lawmakers and those they represent.

The wealth gap may go largely unnoticed in good times. “But with the American public feeling all this economic pain, people just resent it more,” said Alan J. Ziobrowski, a professor at Georgia State who studied lawmakers’ stock investments.

There is broad debate about just why the wealth gap appears to be growing. For starters, the prohibitive costs of political campaigning may discourage the less affluent from even considering a candidacy. Beyond that, loose ethics controls, shrewd stock picks, profitable land deals, favorable tax laws, inheritances and even marriages to wealthy spouses are all cited as possible explanations for the rising fortunes on Capitol Hill.


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