Of the Rich, by the Rich, for the Rich; Are Congress's Millionaires Turning Our Democracy Into Plutocracy?
IF YOU think Congress is out of touch with the American people, maybe it's because so many of its members do not pay mortgages, save for the education of their children, worry about medical bills or take part in many of the other experiences of middle-class life.</br></br>Already, at least 28 U.S. senators - more than a fourth of the body - are millionaires, according to federal financial disclosure records. In the House of Representatives, there are 50 millionaires at a bare minimum, or about 11.5 percent of the membership. By comparison, less than one half of 1 percent of the population has a net worth of $1 million or more. Put it another way: Millionaires are at least 30 times more common on Capitol Hill than in American society.</br></br>And the trend toward a legislative plutocracy is increasing. The House is by far the most democratic and populist of our national governmental institutions. But funding a campaign for a House seat is more and more out of reach for people who don't have substantial personal capital to risk.</br></br>The latest statistics on the use of personal wealth in congressional campaigns are staggering. Non-incumbent candidates running for the House this year have already dumped $7.2 million of personal funds into their campaigns, a 375 percent increase over the amount of personal wealth used by non-incumbent House candidates at the same point in the 1991-92 election cycle. Just as remarkable, the millions these candidates have already taken out of their own bank accounts for the fall elections are nearly one-third of the amount the class has thus far raised.</br></br>And consider this: Last year, Republican House candidates gearing up to run against sitting Democrats raised $2.65 million from individuals and political action committees; they raised almost as much, $2.55 million, from themselves.