Most Are Millionaires

A majority of the members of Congress are millionaires for the first time in history, according to a new analysis.

At least 268 of the 534 current Hill lawmakers had a net worth of more than $1 million in 2012, according to a Center for Responsive Politics examination of financial disclosures.

In addition, the median net worth of congressional members topped $1 million, up from $966,000 last year.

Democrats had a slightly higher net worth than Republicans: The median of Hill Democrats was $1.04 million, while Republicans’ median net worth was approximately $1 million.

Senators also had a higher net worth than members of the House with a median of $2.7 million, compared with $896,000 in the House. The party split was reversed in the Senate as Democratic senators reported a median net worth of $1.7 million versus $2.9 million for senators.

Rep. Darrell Issa (R-Calif.), a businessman in the car alarm industry, retook the mantle of wealthiest member of Congress with a net worth of $464 million in 2012. The title was held the year earlier by Rep. Mike McCaul (R-Texas), but his net worth tumbled from $500.6 million to $143.1 million in 2012, largely due to changes in reporting rules.

In Comparison…       

                                                                                     

Median household income fell slightly to $51,017 a year in 2012, down from $51,100 in 2011 -- a change the Census Bureau does not consider statistically significant. 

"We've had [economic] growth, but it hasn't really reached everyday Americans," said Elise Gould, an economist at the left-leaning Economic Policy Institute. "It's a lost decade, maybe more."

This long-term decline in income is troubling to economists, especially as the middle and lower classes have fared considerably worse than the rich. Since 1967, Americans right in the middle of the income curve have seen their earnings rise 19%, while those in the top 5% have seen a 67% gain. Rising inequality is seldom a sign of good social stability.

Americans were the richest in 1999, when median household income was $56,080, adjusted for inflation. 

We are so fortunate that our millionaire elected officials are taking such good care of us....