The Kleptocracy Gets Richer
From 2004 to 2010 – a six-year span that included the worst economic downturn to hit this nation in eight decades – politicians of both parties who created and exploited this financial crisis saw their personal fortunes grow.
In fact, members of the U.S. Congress saw their net worth climb by 15 percent during this period. Meanwhile median net worth for all Americans declined by eight percent. The data was published by The New York Times and is based on inflation adjusted data obtained from Moody’s Analytics.
Talk about statistics worthy of an “occupation,” right?
Meanwhile, a separate report by The Washington Post revealed an even larger gap dating back a quarter century.
According to data gleaned by the Post from financial disclosure forms, between 1984 and 2009 the median net worth of a member of the U.S. House of Representatives more than doubled from $280,000 to $725,000 in inflation-adjusted dollars. Meanwhile the median net worth of the average American family actually declined from$20,600 to $20,500 over the same time period.
Both of those figures exclude the value of home equity – which lawmakers are not required to report.
Incidentally, the news comes as U.S. President Barack Obama enjoys a 17-day, $4 million taxpayer-funded vacation in Hawaii.