Can a congressman be concerned with income inequality when his income has risen faster than that of his constituents?
From the Washington Post:
Between 1984 and 2009, the median net worth of a member of the House rose by more than 21/2 times, according to the analysis of financial disclosures, from $280,000 to $725,000 in inflation-adjusted 2009 dollars, excluding home equity.
Over the same period, the wealth of an American family has declined slightly, with the comparable median figure sliding from $20,600 to $20,500, according to the Panel Study of Income Dynamics from the University of Michigan.
The accompanying charts on the net worth of senators and representatives is worth taking a look at. Both chambers are filled with millionaires, which leaves you with the impression that the odds are totally against an average person being able to successfully run for a seat.
- WaPo: Growing Wealth Widens Distance Between Lawmakers and Constituents (taxprof.typepad.com)