No wonder why the United States is in such financial mess. When you have 21 members of Congress, who earn six figures in addition to all of the benefits and perks of being an elected official, in the red then you know something is wrong.
A new report from the Center for Responsive Politics suggests that there is income inequality in Congress, though the median net worth of Republicans and Democrats in the House and Senate is about $1.1 million. The most interesting data point, however, is when it comes to those public officials who have more debt than assets.
California Republican Congressman David Valadao is the most indebted represented: $25 million in debt, which is more than double from the previous year.
CNN Money continues the story:
“Florida Representative Alcee Hastings, a Democrat, is $4.7 million in the red, stemming mainly from legal bills dating back to the 1980s. Emanuel Cleaver, a Democratic representative from Missouri, came in third with a net worth of -$2.3 million. He owes Bank of America more than $1 million on a loan he used to buy a car wash, which he sold in 2013 for between $250,000 and $500,000.”
The three richest elected officials were California Republican Congressman Darrell Issa ($437 million), Colorado Democratic Congressman Jared Polis ($338 million) and Virginia Democratic Senator Mark Warner ($243 million).
Here is a chart looking at the wealth divide inside the chambers of Washington:
The base salary for all rank-and-file members of the U.S. House and Senate is $174,000 per year, plus benefits, allowances and tax deductions.
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