Average Joe

Actually, Joe Biden is not even average. He is way below average. Let me just break the news — he comes in last, at the bottom, no one behind him. I am of course talking about his Net Income and Net Worth when compared to other Senators.

Biden’s tax returns for 2008 showed earnings of only $269,256 and paid $46,952 in federally taxes.  The salary paid to a US Senator by us, the tax payers is, $169,300. I believe the remainder of Biden’s income is from teaching engagements in local colleges in Delaware. His net worth could possibly be negative.

And quite honestly, that’s the way I like my Vice President.  While he still makes more than the average American — which he should given his responsibilities — he is the closest to understanding what an average person’s daily trials and tribulations are like.

  Being a US Senator doesn’t require filing of exact value of assets, instead a range for each asset is provided. Hence it is difficult to know he exact net worth of a Senator but it is very easy to decipher who is filthy rich, very rich and rich (note: there are no poor senators — except of course for Mr. Biden in 2008 given Senator standards).

So that you get an idea, the richest five and their avg. net worth (all data from 2006):

1 Herb Kohl (D-Wis) (owner of Kohl’s Dept store)   $336,885,513  
2 John Kerry (D-Mass) (wife owns Heinz Ketchup)   $267,789,805  
3 Edward M. Kennedy (D-Mass)   $102,822,519  
4 Jay Rockefeller (D-WVa)   $90,713,011  
5 Dianne Feinstein (D-Calif)   $79,555,657  

Interestingly enough, all five are Democrats but lest you get carried away, Republicans make a fine recovery and occupy 12 out of top 25 spots.  The 25th rank goes to:

25 Maria Cantwell (D-Wash)   $6,181,006  

And the 75th, spot goes to:

75 Patty Murray (D-Wash)   $641,509  

So the questions we really need to ask are:

1. Is it only the rich that can make it to the Senate?

2. Or, is it getting elected that somehow allows for Senators to get rich? (This can be found out by looking at historical records, may be one of the readers who is in the know can comment on this.)

3. Most importantly, is democracy actuallya pseudo-aristocracy? Pseudo because I do believe we are, on the average, much better off than under a true aristocracy.

4.  First a statement then a question. Statement: I believe America till recently has not been class envious, i.e. rich have not been envied for their wealth but actually look upon as inspiration and American ideals promoted all to aspire to be rich. Question: With the recently acquired knowledge of how many rich people got rich and the recently acquired loss of their own net worth, will Americans start thinking differently?

I have opinions (of course!), but what do you think?

Data source: http://www.opensecrets.org/ (click on Politicians and Elections –> Net Worth)

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2 Responses

  1. Hi – point 4 – do you think that America has not been class envious because they have been socialised to believe in capitalism as the American way and until now this has been an enormous success – with the failures of this system over the past year or so – will Americans question the fundamentals of their ideological system – or do you think that Americans will want the old system of capitalism to restore its health so that the comfortable patterns of consumerism and lending can resume and get back to a situation in which the creation of individual wealth is once again inspirational? My thoughts are that a leopard does not change its spots and whilst the lessons of the credit crunch have been hard – old habits die hard. Capitalism/risk taking/creation of wealth will rebound and prosper.

    http://www.makepolicy.com

    • Hi Plutarch,

      I agree with you. I too believe that old habits die hard.
      Capitalism has obviously done much good for America in the past.

      The challenge that the current administration faces is to preserve its core strength, dump its excesses and bring in the right degree of social consciousness.

      Regards

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