Daily Quote

From a recent edition of the reoccurring article in “The Week”, By the Numbers:

The economic disparity between U.S. Congress members and the constituents they represent is growing, according to new data from the Center for Responsive Politics. Between 2004 and 2010, the median net worth of members of Congress jumped 15 percent, while the median net worth for the average American dropped eight percent. This is concerning, says Peter Whoriskey at The Washington Post, because “the growth of income inequality has tracked very closely with measures of political polarization.” Here’s how the widening gap breaks down:

Median net worth of a House member in 1984, adjusted for inflation, according to The Washington Post

Median net worth of a House member in 2009, an increase of 160 percent over 25 years

Median net worth of a Congress member when the Senate body is included, according to The New York Times

Median net worth of an average American in 1984, adjusted for inflation

Median net worth of an average American in 2009, a decline over that same 25-year period

35.4 times
How much more the median net value of a House member is worth than that of the average American

Annual base pay for a member of Congress

Mean annual salary for employed Americans in 2010, according to the Bureau of Labor Statistics

Median net worth of the freshman class of Congress elected last year

$1.4 million
Average amount spent by winning House candidates on their election campaigns last year

4 times
Increase in the average cost of a 2010 congressional campaign over that of a 1975 campaign, adjusted for inflation. “Running a campaign has become much, much more expensive,” says Whoriskey, making it more likely that those who choose to run are already wealthy and can contribute their own funds to a campaign.

Sources: Balloon JuiceBureau of Labor StatisiticsNY TimesPrairie WeatherWash. Post