The Number of Millionaire Congressmen and 11 Other Shocking Statistics

posted on 06-07-2019

The salaries of federal workers (especially at the higher levels) continue to explode. A lot of corrupt politicians and federal fat cats are raking in stunning amounts of cash, and we are the ones paying the bill. There is certainly nothing wrong with making a lot of money, but does it seem right that so many of our "public servants" are getting filthy rich while so many of the rest of us are barely getting by?

Posted below are 12 facts that will blow your mind. Most Americans have no idea just how wealthy many members of Congress are. If there is one place in America where the good times are still rolling (other than Wall Street), it would have to be Washington D.C.

1) According to an article in the Hill, House Speaker Nancy Pelosi's net worth soared from $13.7 million in 2008 to $21.7 million in 2009.

2) In 2005, 7420 federal workers were making $150,000 or more per year. In 2010, a whopping 82,034 federal workers are making $150,000 or more per year. That is more than a tenfold increase in just five years.

3) More than half of the members of the U.S. Congress are millionaires. [The wealthiest member of Congress has a minimum net worth of $167.55 million. Read The Five Wealthiest Members of Congress to find out who it is.]

4) The total compensation that the U.S. government workforce is going to take in this year is approximately $447 billion.

5) Today, all members of Congress earn at least $175,000. This is far, far more than the average American makes.

6) 60% of the federal government workforce is represented by labor unions.

7) The median wealth of a U.S. Senator in 2009 was $2.38 million.

8) In 2005, the U.S. Department of Defense had just nine civilians earning $170,000 or more. When Barack Obama took office, the U.S. Department of Defense had 214 civilians earning $170,000 or more. In June 2010, the U.S. Department of Defense had 994 civilians earning $170,000 or more.

9) Insider trading is perfectly legal for members of the U.S. Congress -- and they refuse to pass a law that would change that.

10) According to a recent study conducted by the Heritage Foundation, federal workers earn 30% to 40% more money on average than their counterparts in the private sector.

11) When you factor in such things as retirement and health care benefits, the compensation gap between federal workers and private sector employees gets even larger. The recent Heritage Foundation study states, "Including non-cash benefits adds to this disparity. The average private-sector employer pays $9,882 per employee in annual benefits, while the federal government pays an average of $32,115 per employee."

12) The personal wealth of members of the U.S. Congress collectively increased by more than 16% from 2008 to 2009.

Note from the Editor: This article was originally posted at The Economic Collapse blog.

by Christian Hudspeth What's even better than earning rewards for spending on your credit cards? Getting paid hundreds of dollars worth in sign-up bonuses in three months or sooner -- just for tr...
by Christian Hudspeth Tired of dragging credit card debt around with you? Taking 15 minutes to transfer your debt to a credit card with generous balance transfer perks could save you thousands in...
by Christian Hudspeth If you're going to spend money anyway, then why not get paid for it?Whether you're looking for credit cards with up to 6% cash back, double flight miles, or even a free hote...
by Christian HudspethIn times where interest rates are on the rise, you may start hearing financial advisors and bankers sing the praises of an income strategy called "CD laddering" (short for ce...
by Susan Campbell Those of us familiar with selling property know real estate agents don't come cheap. With real estate agent commission and fees amounting to as much as 6% of the sel...
Beverly Harzog is a nationally recognized credit card expert, author, and consumer advocate. She blogs about credit cards at BeverlyHarzog.com. Being in credit card debt is the pits. I've bee...
by Christian Hudspeth If you haven't already felt the pressure to refinance your mortgage, you're probably really feeling it now. Mortgage rates are still hovering near historic lows. But ...
by Christian Hudspeth If you or someone you know is thinking about getting a home mortgage, you may want to know about the thousands of dollars in hidden charges that some lenders are quietly...
by Christian Hudspeth Money market accounts (MMAs) and savings accounts make great places to set aside your emergency fund money and earn some interest income at the same time.Simply put, these s...
by Christian Hudspeth It's true that auto loans and home loans offer attractively-low annual percentage rates (APRs), while credit cards offer borrowing power without the risk of ever seeing the ...
by Christian HudspethWant to keep your emergency fund safe while earning interest yields that are three to five times higher than a typical savings account? Putting your money into an FDIC-insure...
by Christian Hudspeth Question: Hi there. I need your advice. I'm only 19 and I really need to start investing. Where can I start? -- Tirelo M., Gaborone, Botswana Answer: You've defini...