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These days, being a millionaire typically qualifies you as part of the one percent. But in Congress, it only makes you average.
About 47 percent of Congress, or 250* current members of Congress, are millionaires, according to a new study by the Center for Responsive Politics of lawmakers’ personal financial disclosure forms covering calendar year 2010. The Center’s analysis is based on the median values of lawmakers’ disclosed assets and liabilities.
That lofty financial status is enjoyed by only about one percent of Americans.
“The vast majority of members of Congress are quite comfortable, financially, while many of their own constituents suffer from economic hardships,” said Sheila Krumholz, executive director of the Center for Responsive Politics.
“It’s no surprise that so many people grumble about lawmakers being out-of-touch,” Krumholz continued. “Few Americans enjoy the same financial cushion maintained by most members of Congress — or the same access to market-altering information that could yield personal financial gains.”
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