Millionaires Are Now the Majority in Congress: The 1% Literally Rule Us

By: MARK KARLIN, EDITOR AT BUZZFLASH.COM

According to a new analysis by OpenSecretsBlog, “Millionaires’ Club: For First Time, Most Lawmakers are Worth $1 Million-Plus”:

Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates. The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 — an increase from last year when it was $966,000. In addition, at least one of the members elected since then, Rep. Katherine Clark (D-Mass.), is a millionaire, according to forms she filed as a candidate. (There is currently one vacancy in Congress.)

Last year only 257 members, or about 48 percent of lawmakers, had a median net worth of at least $1 million.

Remember, of course, those in Congress who aren’t millionaires have a very good chance of becoming ones after leaving office — particularly senators — by becoming lobbyists or working for corporations.

Read more » http://www.truth-out.org/buzzflash/commentary/item/18411-millionaires-are-now-the-majority-in-congress-the-1-literally-rule-us

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