Martin: The personal wealth in Congress
The Center for Responsive Politics (www.opensecrets.org) recently estimated the wealth of members of Congress for the years 2004 through 2010.
Most members report values of assets, debts and income in ranges, so the midpoint of each range was used to summarize the amounts. The Washington Post took the numbers and plotted each lawmaker on a scale of relative wealth and an index of relative financial aggressiveness based on high-transaction volume, debts and volatility.
These ladies and gentlemen representing us are, as the farmer from Vina, Slapout or Loachapoka might say, “living high on the hog.”
The wealthiest, they report, is Rep. Darrell Issa (R-California) with a net worth of $700,850,000. The next are Rep. Michael McCaul (R-Texas) at $502,205,003, followed by Rep. Jane Harman (D-Calif) with $493,604,000 and Sen. Mark Warner, (D-Va) at $309,088,999 and the list goes on.
Now it’s generally conceded that some of these men and women were wealthy before they got on the public payroll, but many who have entered that rarified air under the Capitol dome got rich while on the taxpayer payroll through the connections they have made and those they have helped while on the public dole.
The median wealth of a United States senator was $1.5 million in 2004 and $2.6 million in 2010.
The median wealth of a member of the House of Representatives was $.6 million in 2004 and $.7 million in 2010. Here’s how our Alabama members of Congress have profited since 2010.
Sen. Jeff Sessions, investing primarily in real estate, was worth $2 million in 2004. That number rose to $16.6 million for Sessions in 2010. On his disclosure form Session stated he had no liabilities.
Sen. Richard Shelby, listed as a business owner, is shown with a worth of $8.3 million in 2010, down 63 percent from a worth of $22.5 million in 2004. He also had no liabilities.
Now to our members of the House of Representatives:
Rep. Robert Aderholt of Haleyville had a net worth of $600,000 in 2004 but by 2010 that number had risen by 397 percent to $3.9 million. Aderholt, listed as a real estate owner, had no liabilities.
Rep. Spencer Bachus of Mountain Brook had wealth totaling $1.1 million in 2004. That dropped by 28% to $785,504 in 2010. A note listed Bachus’s spouse’s wealth was 99 percent of the congressman’s. He listed liabilities of $32,501.
Rep. Jo Bonner of Mobile had wealth totaling $3.6 million in 2004, but it had decreased by six percent to $3.4 million by 2010. Bonner showed liabilities of $97,502. His investments were listed as stock and business.
Rep. Mo Brooks of Huntsville was listed as having wealth including stock and bonds totaling $775,019 in 2010, down one percent from 2009. He has no liabilities and listed as a stock and bond investor.
Rep. Martha Roby of Montgomery had an 80% increase in wealth between 2009 and 2010 from $269,000 to $482,508. She is listed as an institutional investor. Roby’s estimated liabilities were listed as $32,501.
Rep. Mike Rogers of Saks, listed as a real estate investor, had wealth in the $600,000 range in 2004 which soared to $2.3 million in 2010. Rogers has listed his liabilities at $32,501.
Rep. Terri Sewell of Birmingham is listed as having minimal assets along with 40 other members of Congress.
So for all these fine representatives, except perhaps Rep. Sewell, don’t hesitate to ask them for a contribution to your favorite charity. I believe they can find a lobbyist buddy to pick up the tab.
Recent comments worth a comment:
Supreme Court Chief Justice Candidate Roy Moore says gay marriage will be the ultimate destruction of our country. Sorry, Judge, if the United States of America is destroyed, it won’t be by gays. They have freedom of association here, unless, of course, you plan to change that when if you get back on the high court.
Auburn Coach Gene Chizik says he isn’t concerned about his job. He obviously hasn’t heard the talk I’ve heard about the lackluster performance of his team or he would be concerned.
Georgia Congressman Paul Broun says, “Evolution is a lie from the pits of Hell.” The congressman should compare that lie to the hundreds of lies that spew forth on the floor of Congress.
A newspaper reported this week that our state continues to have a great impact in NASCAR. Wouldn’t it be great if we could report the same about the education of our kids and grandkids.
And last, but not least, Alabama voters will decide next month whether to continue to enhance a 20-year-old program that has allowed the state to buy public land to be used for hunting, fishing, birding and other activities. The Nov. 6 ballot will enhance this program. I’m supporting it. Hope you will too.
Bob Martin is editor and publisher of The Montgomery Independent. Email him at: [email protected]
