Wednesday, December 28, 2011

USA: Government of the rich, by rich and for the rich

Patrick Martin, wsws.org, 28 December 2011
According to a study reported Tuesday, nearly half the members of the United States Congress are millionaires. Of the 535 legislators (100 members of the Senate and 435 members of the House of Representatives), at least 250 are millionaires and the median net worth is $913,000.

Sixty-seven senators are millionaires and the median wealth of the body’s 100 members is $2.63 million.

While the Senate has long been known as a millionaires’ club, the transformation of the House is a relatively recent phenomenon. The median net worth of members of the House of Representatives, excluding home equity, has more than doubled over the last 25 years, from $280,000 in 1984 to $725,000 in 2009 in inflation-adjusted dollars. During that same period, the median net worth of an American family fell from $20,600 to $20,500.

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