Congress’s Wealth Grew During Crisis

    WASHINGTON, DC - AUGUST 02: Senate Budget Committee Chairman Sen. Kent Conrad (D-ND) stands outside of the U.S. Capitol on August 2, 2011 in Washington, DC. Yesterday the House of Representatives passed the bill to raise the federal debt limit, and the U.S. Senate will later vote today on an agreement to extend the federal debt limit and enact spending cuts.  (Photo by Mark Wilson/Getty Images)

    Mark Wilson

    Need another reason to be angry at Washington? The average net worth of members of Congress has grown 15 percent since 2004, even as the average American’s net worth has dropped 8 percent. Nearly half of all members of Congress are millionaires. The median net worth for a member of Congress, according to The New York Times, is $913,000; in the House it’s $725,000 excluding home equity, says The Washington Post. One reason that both the Times and Post cite for the growing wealth of politicians is the enormous cost of running a campaign: since 1976 the average amount that winning House candidates spend has quadrupled to $1.4 million.

    Read it at The Washington Post