Congress members' personal wealth grew 16% amid downturn, study shows
Wednesday, November 17, 2010; 2:12 PM
Times might be tough for most Americans, but not for the well-heeled lawmakers in Congress.
The personal wealth of members of Congress collectively increased 16 percent between 2008 and 2009, even as the broader economic downturn eliminated thousands of jobs for ordinary Americans, according to a study by the Center for Responsive Politics released Wednesday.
In the House, the study found, median wealth grew to $765,010, up from $645,503 in 2008. In the Senate, median wealth grew from $2.27 million in 2008 to $2.38 million in 2009.
The new data comes as lawmakers consider whether to extend tax cuts for couples making $250,000 or more - a move that apparently would benefit many members of Congress. The Obama administration wants to confine the tax breaks to earnings under $250,000, although it has signaled it might be open to a compromise with Republicans over the issue.
Researchers at CRP also identified 251 millionaires in Congress, including eight lawmakers worth $10 million or more.
Lawmakers are required only to list ranges of wealth in the personal financial disclosures that they file each May. The center used averages between the minimum and maximum numbers to estimate each member's holdings.
"Few federal lawmakers must grapple with the financial ills - unemployment, loss of housing, wiped out savings - that have befallen millions of Americans," said Sheila Krumholz, the center's executive director.