Most of lawmakers on Capitol Hill are millionaires, a new study shows.
A new report has shown that more than half of lawmakers in US Congress are millionaires who had an average net worth of $1 million or more in 2012.
A recent analysis of personal financial disclosure data by the Center for Responsive Politics shows that the number of millionaires on Capitol Hill has grown and at least 268 US lawmakers out of 534 current members of Congress are millionaires.
According to the study, the median net worth for all senators was $2.7 million in 2012 while members of the House had a median net worth of $896,000.
The wealthiest member of US Congress was the Chairman of the House Oversight Committee, Rep. Darrel Issa (R-California), with a net worth of $464 million in 2012.
Last year, the title of the richest US lawmaker was held by Re. Michael McCaul (R-Texas) whose 2011 average net worth was $500.6 million.
The study also showed that Democrats and Republicans were about equally wealthy. Congressional Democrats had a median net worth of $1.04 million, compared to almost exactly $1 million for Republicans.
The findings of the new analysis comes at a time when Hill lawmakers, who are seeking to remain in Congress after this yearâ„¢s mid-term elections, are debating issues directly related to income inequality in the US.
The Senate is currently debating a proposal to extend unemployment benefits for long-term unemployed Americans.
Meanwhile, leaders of the House and Senate agriculture committees are set to announce a deal on a new multi-year farm bill that would cut $9 billion in funding for the food stamp program over the next ten years.
Brian Becker of the ANSWER Coalition told Press TV on Thursday that the American people are Å“disgusted with, outraged by, and cynical about both the Republican Party and the Democratic Party.”
Å“They see both parties as expressions of power based on money,” he added.
A recent Gallup poll has shown that a record 42 percent of Americans identify themselves as independents and not affiliated with either of the two major political parties.
Å“They [Americans] view both parties, the Democrats and Republicans, as an expression of plutocratic rather than democratic power. So, the American people are looking for an alternative,” Becker told Press TV.
Source: Press TV