By the rich, and for the rich: The Fifty Wealthiest Members of Congress
The lives of these members of Congress compare starkly with the realities that their constituents face on a day-to-day basis.
Last week’s report by Washington, D.C. political blog The Hill details the vast wealth of the nation’s legislative representatives and serves as an indictment of the anti-democratic nature of the American political system. The “50 Wealthiest Lawmakers” list shows that dozens of congressional politicians have amassed huge fortunes while simultaneously slashing the wages, benefits and social services of the American people.
In other words, not only are these members of Congress overseeing a massive transfer of wealth from the working class to the ruling class; they are also profiting from this transfer.
The report reveals the bipartisan composition of the extremely wealthy in congress. Seven of the top 10 richest members of congress are Democrats; overall, Republicans make up 60 percent of the list.
According to The Hill, 17 members of Congress have amassed fortunes of over $20 million, and a total of 35 members of Congress have a net worth valued at over $10 million.
These numbers are slightly skewed compared with past surveys. Due to the passage of the STOCK Act, members of Congress now are legally required to report mortgages as liabilities. The STOCK Act was passed after revelations were made regarding banks giving members of Congress and their staffs “friendly” deals on their personal mortgages in return for favorable legislation.
The list also sheds light on the nature of wealth accumulation amongst the super-rich in America. Among the elite today, wealth accumulation has less to do with productive work than it does with parasitism, inheritance, and family ties.