Net worth, Congressional debt

I read an article that claimed Sen Sanders had a net worth of $2,000,000. That claim was based on his salary of $174,000 plus his income from his book royalties.

Of course, that is not net worth which is the value of one’s assets less liabilities. For example, if you own a home worth $400,000 and have $50,000 in the bank with a $350,000 mortgage and $10,000 in other debt your net worth is not $450,000, but $90,000.

When it comes to politicians it’s nearly impossible to figure out the whole truth. Take our friend Old Bernie again. On the last disclosure form he lists up to $750,000 in mortgage debt, but lists no real estate as an assets (he says he is co-Trustee for a purchased vacation home).

Then there is Maxine Waters who lists mortgages up to the stated value of her homes which may mean she has no net assets for her real estate.

Roll Call reports 123 members of Congress with a negative net worth because of debts.

The 50 poorest members of Congress are that way because of debt, mostly mortgages, credit card debt and in a few cases student loans.

Makes you wonder how these politicians with a salary of $174,000 can carry all that debt load. In some cases it’s a spouses income, but in other cases who knows?

But why should it be our business in any case? Well, because public officials with money issues may be more susceptible to influence IMO.

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