Government “of the people?” If you’re a millionaire.
Abraham Lincoln
Where is our government “of the people, by the people?” Is it the one in Washington that is becoming an exclusive club of millionaires? When does it become necessary to “dissolve the political bonds” that have connected them with us and to “assume equal station?” We are becoming a country whose only role is to serve the upper 2% of our society. Not only do we serve them, we elect them and provide them with dominion over us. Are there those out there who truly believe that this collection of the rich actually has the best interest of the “lower classes” in mind when they draft legislation? When did we become so naive? When will we shed this “thank you, sir, may I have another?” attitude and regain our position as masters of our own destiny? What will it take before we realize that the interests of a few will not fulfill the needs of the many? Get off your social networks and begin the hard work of reclaiming our government.
The Editor
By ERIKA LOVLEY & JAKE SHERMAN
They campaigned on bringing Main Street principles to Congress, but a large chunk of the rookie class of House Republicans will be bringing something else to Washington: personal wealth.
Nearly a quarter of the incoming class of 84 House Republicans have assets of at least $1 million, according to a POLITICO analysis of financial disclosure forms, a sign that this anti-Washington, anti-establishment crowd of congressional freshmen has been quite successful in the private sector. (See: House GOP touts its new team)
For example, former Rep. Steve Pearce, who was reelected to a New Mexico House seat after a two-year absence, and his spouse have assets of $8 million to $37 million, including up to $25 million in Trinity Industries, an equipment rental entity in Hobbs, N.M.
Diane Black, a Republican replacing retiring Rep. Bart Gordon (D-Tenn.), has combined assets with her husband worth upward of $33 million. According to a financial disclosure report filed with the House, Black’s husband has $25 million to $50 million in Aegis Sciences Corp., a “forensic sciences company.”
Richard Berg, who unseated North Dakota Democrat Earl Pomeroy, appears to be the wealthiest newly elected Republican, with assets above $20 million.
The Republican freshmen will have plenty of company in the millionaires club in Congress.
Nearly half the current Congress — 261 lawmakers — already have assets exceeding $1 million, according to a recent report from the Center for Responsive Politics, and that number appears to be growing. Last year, 237 lawmakers made the mint club. (See: Lame duck shrinks Congress’s break)
“As the economy improves, it serves to reason that members would become more wealthy than they are even now,” said CRP spokesman Dave Levinthal. “There’s a possibility they could be out of touch with reality because they don’t have to live it themselves.”
Analyzing congressional wealth based on financial disclosure records is inexact, thanks to broad disclosure rules. Ranges of wealth are reported in increments as large as $20 million. Further, some lawmakers, especially congressional neophytes, list as assets primary residences, which they are not required to do. That might increase the total net worth of a lawmaker. Lawmakers are also required to list spousal assets, including whether they’re held separately or jointly.
The POLITICO analysis of freshman Republicans is based on the most recent financial disclosure forms, filed during the campaign season. Lawmakers will have to file updated disclosure forms during their first year in Congress. (See: GOP rookies flex their muscles)
Pearce rejects the idea that the freshmen’s assets make them unable to relate to the grass-roots movement that thrust House Republicans into power.
“I’ve never had trouble remembering the humble beginnings that I came from or the hand-to-mouth existence that many families face. That’s never been a problem for me,” Pearce said. “As a small-business owner myself, I am very much aware of these burdens, and I am in Congress to fight for these families and their jobs.”
“[Rep. Bob Dold] and his family run a small business employing just under 100 people,” said John McGovern, a spokesman for Dold, a Republican freshman from Illinois who has assets above $1 million. “Each one of those paychecks represents a family. He’s probably more aware of the economic situation … because those are challenges he faces every day.”
Read the whole story at Politico
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