Interesting Comparisons

A recent study published by the Pew Research Center used data collected by the Census Bureau to determine the effect of the recession on certain segments of the population.  From 2005 to 2009:

• "the median wealth of Hispanic households fell 66 percent
  
• ....while the median wealth of whites fell just 16 percent over the same period."
  
• "African Americans saw their wealth drop 53 percent."
  
• "Asians also saw a big decline, with household wealth dropping 54 percent."
  
  Source: "Recession Study Finds Hispanics Hit the Hardest," Sabrina Tavernise, The New York Times,  26 July 2011.

In contrast, the Center for Responsive Politics has a new study out showing that:

• ... "congressional members’ personal wealth collectively increased by more than 16 percent between 2008 and 2009."
• ... "[n]early half of them -- 261 -- are millionaires, a slight increase from the previous year..."
• "And of these congressional millionaires, 55 have an average calculated wealth in 2009 of $10 million or more, with eight in the $100 million-plus range."
  
  Source: "Congressional Members' Personal Wealth Expands Despite Sour National Economy," Open Secrets Blog at opensecrets.org

Here's how the median household net worth plunged for different segments of American society:

• Hispanics:  from $18,359 in 2005 to $6,235 in 2009.
  
• Blacks: from $12,124 in 2005 to $5,677 in 2009.
  
• Whites: from $134,992 in 2005 to $113,149 in 2009.
  
• Asians: from $168,103 in 2005 to $78,066 in 2009.
  
• All: from $96,894 in 2005 to $70,000 in 2009
  Source: "Recession Study Finds Hispanics Hit the Hardest," New York Times.  

In contrast, the median wealth of our leaders in Congress and the Senate INCREASED:

• U.S. House member:  from$645,503 in 2008 to $765,010 in 2009.
  
• U.S. Senator: from $2.27 million in 2008 to $$2.38 million in 2009.
  
• ALL members of Congress, House members and Senate members: $785,515 in 2008 to $911,510 in 2009. 

Source: "Congressional Members' Personal Wealth Expands Despite Sour Economy," www. opensecrets.org

Of course, these numbers represent median wealth of groups whose members have very disparate household worth. But the comparison is stark between the median wealth of members of the U.S. Congress and those of the citizens who elected them and who are suffering the most from the economy. It is therefore difficult not to be cynical when Republicans insist on not raising taxes on the wealthy (letting the Bush tax cuts expire, as was initially planned) to help balance the budget. Two-thirds of the American people think those taxes SHOULD be raised on the wealthiest. Therefore, whose interest are Republicans serving?