“For the First Time in History, most Members of Congress are Millionaires”

#AceNewsServices says if you’ve been following the news, watching late night TV, or even reading The Onion, you probably know that millionaires are now the new normal in Congress.

News organizations from The New York Times to BBC, and comedians from Jon Stewart to Jay Leno weighed in on our story, and the reaction was huge.

Extract Courtesy of: CRP
#RichGetRicher #PoorGetPoorer

#richpoor, #bbc, #congress, #history, #jay-leno, #jon-stewart, #millionaire, #new-york-times, #onion, #tv

” Business Card of Chinese Millionaire Who Wants to Buy the New York Times”

#AceWorldNews says this was received in last few minutes to our news-desk about Chen Guangbiao is an audacious man, and not just because he wants to buy the New York Times for $1 billion (or $2 billion or $3 billion).

One of China’s top 400 richest people, he was estimated to have a personal fortune of worth $740 million in 2012, but how he’s really made his name is by high-profile charity donations — something he brands "flashy philanthropy."

One interesting insight into Chen’s mindset might be to look at his English-language business card, one of a number of promotional materials he gives out to U.S. journalists. We’re not sure quite how Chen got all those titles on the right, but it’s incredible anyway:

Chen Guangbiao Business Card

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#business-card, #chinese, #millionaire, #new-york-times

#AcePressRelease FOR IMMEDIATE RELEASE for the first time…

#AcePressRelease – FOR IMMEDIATE RELEASE for the first time in history, most members of Congress are millionaires, according to a new analysis of personal financial disclosure data by the Centre for Responsive Politics.

Of 534 current members of Congress, at least 268 had an average net worth of $1 million or more in 2012, according to disclosures filed last year by all members of Congress and candidates. The median net worth for the 530 current lawmakers who were in Congress as of the May filing deadline was $1,008,767 — an increase from last year when it was $966,000. In addition, at least one of the members elected since then, Rep. Katherine Clark (D-Mass.), is a millionaire, according to forms she filed as a candidate. (There is currently one vacancy in Congress.)

Last year only 257 members, or about 48 percent of lawmakers, had a median net worth of at least $1 million.

Members of Congress have long been far wealthier than the typical American, but the fact that now a majority of members — albeit just a hair over 50 percent — are millionaires represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code.

“Despite the fact that polls show how dissatisfied Americans are with Congress overall, there’s been no change in our appetite to elect affluent politicians to represent our concerns in Washington, said Sheila Krumholz, executive director of the Centre. “Of course, it’s undeniable that in our electoral system, candidates need access to wealth to run financially viable campaigns, and the most successful fundraisers are politicians who swim in those circles to begin with.”

#americans, #crp, #lawmakers, #members-of-congress, #millionaire, #washington