Wizdom
03-11-11, 07:00
A study indicates that lawmakers in Congress are getting richer as anti-capitalism protesters rallied in Washington DC to protest consolidation of wealth in America's one percent, Press TV reports.
Members of Congress appear to be getting wealthier at a faster pace than the rest of the nation, according to Roll Call, the newspaper of Capitol Hill.
The report shows members of Congress had a collective net worth of more than USD 2 billion in 2010 - a nearly 25-percent increase since 2008.
"Nearly 90 percent of that increase is concentrated in the 50 richest members of Congress," Roll Call said.
"It is very significant considering the average household income or wealth for most Americans has certainly not gone up twenty-five percent," Mary Doyle from Common Cause told Press TV on Wednesday.
According to Roll Call, the average member of Congress is far wealthier than the average US household; lawmakers are all richer than any typical American.
"The public has to know or has a right to know how … there is a big gap between those who represent us and the public that I believe that can be a major strain on American democracy," said Nabil Mikhael, a professor at George Washington University.
The average net worth for each member of the Congress is close to four million dollars, excluding homes. By comparison, according to the Federal Reserve, the average net worth of an American household is around USD 500,000, a figure that includes personal residences.
A handful of members of Congress are worth tens or even hundreds of millions of dollars -- which skews averages, as well as in the general population, the report said.
The report came as the Occupy Wall Street movement, which is against social and economic inequalities caused by 'corporate greed' and high-level corruption, is gaining momentum across the United States.
DB/JG
Waar zouden ze dat geld nou mee verdient hebben?
Members of Congress appear to be getting wealthier at a faster pace than the rest of the nation, according to Roll Call, the newspaper of Capitol Hill.
The report shows members of Congress had a collective net worth of more than USD 2 billion in 2010 - a nearly 25-percent increase since 2008.
"Nearly 90 percent of that increase is concentrated in the 50 richest members of Congress," Roll Call said.
"It is very significant considering the average household income or wealth for most Americans has certainly not gone up twenty-five percent," Mary Doyle from Common Cause told Press TV on Wednesday.
According to Roll Call, the average member of Congress is far wealthier than the average US household; lawmakers are all richer than any typical American.
"The public has to know or has a right to know how … there is a big gap between those who represent us and the public that I believe that can be a major strain on American democracy," said Nabil Mikhael, a professor at George Washington University.
The average net worth for each member of the Congress is close to four million dollars, excluding homes. By comparison, according to the Federal Reserve, the average net worth of an American household is around USD 500,000, a figure that includes personal residences.
A handful of members of Congress are worth tens or even hundreds of millions of dollars -- which skews averages, as well as in the general population, the report said.
The report came as the Occupy Wall Street movement, which is against social and economic inequalities caused by 'corporate greed' and high-level corruption, is gaining momentum across the United States.
DB/JG
Waar zouden ze dat geld nou mee verdient hebben?