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58 members of Congress among wealthy 1%

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white_swan53 On March 19, 2020




n/a, New Mexico
#1New Post! Nov 16, 2011 @ 14:15:12
Quote:
Roughly 11% of Congress have net worth of more than $9 million, according to a USA TODAY analysis of 2010 financial disclosures compiled by the Center for Responsive Politics. That's enough to put them in the top 1% of wealth.

Congress also has 250 millionaires, the data show. The median net worth: $891,506, almost nine times the typical household.


"They've got the resources to tide them over through an extended sour economy."

Despite some superwealthy members, Stephen Hess of the Brookings Institution says Congress generally reflects the middle class.





https://www.usatoday.com/news/washington/story/2011-11-15/congress-wealthy-1/51216626/1?csp=obnetwork


308 out 535 the members of congress have a net worth of 9 times or better, more then the typical American household, yet congress generally reflects the middle class ??? This doesn't make a whole lot of sense to me.
ThePainefulTruth On May 06, 2013
Verum est Deus


Deleted



Peoria, Arizona
#2New Post! Nov 16, 2011 @ 16:06:03
Well sure, I could be worth several million if I didn't have to worry about being arrested for insider trading--and no telling what other advantages they've legislated just for themselves.
drman321 On December 28, 2013




, Florida
#3New Post! Nov 16, 2011 @ 16:21:12
@white_swan53 Said

https://www.usatoday.com/news/washington/story/2011-11-15/congress-wealthy-1/51216626/1?csp=obnetwork


308 out 535 the members of congress have a net worth of 9 times or better, more then the typical American household, yet congress generally reflects the middle class ??? This doesn't make a whole lot of sense to me.



You are correct, it doesn't make sense. I think Mr. Hess has his head up his ass.
ThePainefulTruth On May 06, 2013
Verum est Deus


Deleted



Peoria, Arizona
#4New Post! Nov 16, 2011 @ 16:25:59
@drman321 Said

You are correct, it doesn't make sense. I think Mr. Hess has his head up his ass.


What, you sayin' you couldn't make a mil, easy, with insider trading?
drman321 On December 28, 2013




, Florida
#5New Post! Nov 16, 2011 @ 18:36:54
@ThePainefulTruth Said

What, you sayin' you couldn't make a mil, easy, with insider trading?



Of course I could. That doesn't mean I would be representative of the middle class any more.
sTreetAngeL On November 27, 2019
root tedt ree





in a paradox,
#6New Post! Nov 16, 2011 @ 18:40:50
white_swan53 On March 19, 2020




n/a, New Mexico
#7New Post! Nov 16, 2011 @ 19:03:37
Quote:

"They've got the resources to tide them over through an extended sour economy."


I'm betting that the majority of 'middle class' income households are no where close to having enough to 'tide' them over during an extended sour economy .
drman321 On December 28, 2013




, Florida
#8New Post! Nov 16, 2011 @ 19:05:55
@white_swan53 Said

I'm betting that the majority of 'middle class' income households are no where close to having enough to 'tide' them over during an extended sour economy .



I would disagree with you on this point. Most middle class families will make it through all right, not all but most. It is the poor and working class (the paycheck to paycheck folks) who are going to have a hard time.
white_swan53 On March 19, 2020




n/a, New Mexico
#9New Post! Nov 16, 2011 @ 19:31:31
@drman321 Said

I would disagree with you on this point. Most middle class families will make it through all right, not all but most. It is the poor and working class (the paycheck to paycheck folks) who are going to have a hard time.



The poor and working class will be the first and hardest hit. If the middle class income households were do some intense economising they might be able to just get by . It would take some pretty imaginative math to stay in the middle class income bracket and still cover the house payments , car payments, mulitple credit card bills, living expences ...etc
Unless of course they the kind of resources that some of the members of congress have.
drman321 On December 28, 2013




, Florida
#10New Post! Nov 16, 2011 @ 20:18:38
@white_swan53 Said

The poor and working class will be the first and hardest hit. If the middle class income households were do some intense economising they might be able to just get by . It would take some pretty imaginative math to stay in the middle class income bracket and still cover the house payments , car payments, mulitple credit card bills, living expences ...etc
Unless of course they the kind of resources that some of the members of congress have.



Plenty of middle class families have six months or more of liquid emergency funds sitting around (in my business the existence of that emergency fund is one of the determining factors of whether or not someone is middle class). For someone with an even remotely marketable skill set that is plenty of money to see them through even if they are laid off.
white_swan53 On March 19, 2020




n/a, New Mexico
#11New Post! Nov 16, 2011 @ 23:28:34
@drman321 Said

Plenty of middle class families have six months or more of liquid emergency funds sitting around (in my business the existence of that emergency fund is one of the determining factors of whether or not someone is middle class). For someone with an even remotely marketable skill set that is plenty of money to see them through even if they are laid off.



Everyone should have minimum 3 months emergency funds stashed away safely , 6 months is better 12 months is what I call 'no worries'.
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