Tuesday, November 8, 2011

Personal Finance of Congressmen

I learned that Paul Ryan's net worth is anywhere from $590,092 to $2,425,000 which ranks 147th in House. He has 96 assets, no liabilities, and 41 transactions.

Pat Meehan's net worth is anywhere from $72,016 to $380,000 which ranks 316th in House. He has 16 assets, no liabilities, and no transactions.

I strongly agree with what the website says about the dangers of congressman having so much money. I think because of this, corruption and questionable business practices are a lot more likely. More of these politicians make their money through investment and ownership which deals with big businesses. That could make us speculative of who the legislators are truly looking out for when dealing with the economy. They say they want to benefit small businesses and help unemployment, but they could just be looking out for their own self interest and siding with the large companies. About 1 percent of all Americans are millionaires. In Congress, that number regularly hovers between 40 percent and 50 percent. That simply means that these politicians cannot connect with the economic struggles that most Americans are going through. Congressman cannot fully understand the burden of the economy unless they experience some of the hardships, and they don't. Also, being rich, these legislators would have a hard time taxing the rich more. That's what the country needs, but there is no way these leaders would sacrifice something for the good of society. They also don't clearly show their finances.  Instead of hiding it, they should let the people who elected know how much they make. 

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