The Majority of Members of Congress Are Millionaires

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

A new report has found that for the first time ever, more than half of the members of Congress had a net worth of $1 million or more in 2012. What does that mean for us?

A recent report reveals that a number of U.S. Congress members are among the nation’s elite.

Says OpenSecrets.org, the website of the Center for Responsive Politics:

For the first time in history, most members of Congress are millionaires, according to a new analysis of personal financial disclosure data by the Center for Responsive Politics. Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates.

The Center for Responsive Politics considers this “a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum age, which affect people with far fewer resources, as well as considering an overhaul of the tax code,” reports CNNMoney.

Why are so many members of Congress so rich? CRP executive director Sheila Krumholz offered an interesting perspective: “Of course, it’s undeniable that in our electoral system, candidates need access to wealth to run financially viable campaigns, and the most successful fundraisers are politicians who swim in those circles to begin with.”

For now, U.S. Rep. Darrell Issa, R-Calif., leads the pack “with a net worth that averaged $464 million in 2012 stemming from his car alarm business,” says CNNMoney.

You have to wonder: Can we count on these privileged and wealthy people to make decisions in the best interests of the rest of us? Share your opinion in the comments below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: Got a 401(k)? Here Are 2 Changes You Need to Understand

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,876 more deals!