Kajon

Report: 237 millionaires in Congress - Erika Lovley - POLITICO.com

DocT

Well we shouldn't hold anything against millionaires - there probably a lot on CC.

BunsenBurner

^^LOL, Doc. And many who would have been millionnaires if they weren't paying college tuitions

What's a million nowadays? A measly 4-5 Harvard tuitions?

NJres

The real question is, when did they acquire their millions, before or after joining Congress? I would actually like to have a few more billionaires in Congress because I stick to this naive idea that an extremely wealthy politician cannot be bought, unlike so many of the less wealthy members.

TheresaCPA

And guessing from how many of them are getting their pockets lined by heath care lobbyists there will be a few more millionaires before this debate is done.

Hunt

How do you define a millionaire? If it includes your house, I'm not at all surprised there are so many millionaires in Congress. These days, a millionaire may not really be all that rich if you are including the value of his house.

member

Most extremely rich people dont pay for college upfront, they take loans like everybody else.

romanigypsyeyes

^ Uh... what? That doesn't make a lick of sense.

member

Thats likely why you are broke, not rich and work 4 jobs. no offense, im just saying that wealthy people think differently(which is why they are rich).

romanigypsyeyes

Why would someone who could afford it take out loans that are going to cost more in the end? Sounds like bad economics to me.

And I'm poor because I pay for my stuff rather than taking on loans (which will cost me more in the long run, sorry I think ahead) and because I help my parents instead of leaving them to get kicked on to the streets. I also only make about $10 an hour tops... because I am an inexperienced college kid... and I live in one of the worst economies in America.

PrincipalV

That's certainly not true. There are plenty of complete, upfront, full pays in college. In fact, the extremely rich tend to donate a couple million here and there. Buying a house is different, yes, and some rich may get a loan (mostly for interest reasons), but plenty of rich people pay up front.

You certainly have not met many "rich" people.

Loans--in the end--cost more. Those who need to take loans will not have money in the bank such that the interest rate of their principal will outweigh the interest rate of the loan taken. They take a loan because they don't have money left over, and their bank is empty in spite of having a loan.

Kajon

The article stated that personal residence was not included in the wealth calculation which is why Joe Biden's wealth is sitting at $27,000.

geeps20

Even without personal residence..anyone who owns another piece of property(bought long ago, inherited, ect) can very easily have a net worth over 1 million.

Pizzagirl

member, how are you even remotedly familiar with what "extremely rich people" at "expensive colleges" do when that's not your world in the slightest?

There are plenty of people who are full pays and just pay as they go along. In a different environment years ago, it might have make economic sense to take out loans (if you could invest and get back a higher rate of return) but certainly not today.

I think you just make stuff up just to make it up.

Pizzagirl

I think this is a non-story. If they earned their money honestly, I don't see what the big deal is. I'm just fine with people who have been successful in other parts of their lives running for government office. "Millionaire" isn't all that impressive these days among the educated classes, if it's referring to personal wealth and not income-per-year.