It's a common refrain among liberty-loving Americans: our elected officials often use their influence to enrich themselves at the expense of the taxpayers.
But do you know exactly how much disparity there is between an average member of Congress and an average American?
According to Investopedia, the net worth and retirement income of Congresspeople is hundreds of thousands of dollars higher than most of their constituents'.
The median net worth for a member of Congress surpassed $1 million in 2013, where it remained through 2018. This compares to the average American household median net worth of less than $60,000. As reported by the Center for Responsive Politics, "it would take the combined wealth of more than 18 American households to equal the value of a single federal lawmaker's household." Entering 2019, less than 10 percent of U.S. households could be classified as millionaires, compared to more than 50 percent of the members of Congress.
Retirement? They have that covered, too.
Congressional members are eligible for their own unique pension plans under the Federal Employees Retirement System (FERS), though there are other retirement benefits available, ranging from Social Security and the Civil Service Retirement System (CSRS). Currently, members of Congress are eligible for a pension dependent on the member's age at retirement, length of service, and salary. The pension value can be up to 80 percent of the member's final salary. Currently, Congressional pay is $174,000 per year, which, at an 80-percent rate, equates to a lifelong pension benefit of $139,200. All benefits are taxpayer-funded.
Average Americans don't have it so lucky.
The median benefit for private pensions and annuities is approximately $10,000 per year. For those receiving Social Security and a private pension, median income was between $30,000 and $35,000 per year. As far as other retirement assets, research from the Federal Reserve in 2013 found that the median retirement account balance was $59,000 and the mean balance was $201,300.
To make matters even worse (yes, it can get worse), it wasn't always like this. According to Investopedia, before 1942, members of Congress did not receive a taxpayer-funded retirement plan and most of them spent the majority of their time away from Washington D.C.
We went away from this system in the wake of World War II, but it doesn't seem to have done us any favors. Members of Congress live in luxury for doing little beyond planning their next reelection campaign, while their constituents struggle to make ends meet.
It's time to remind our elected officials who funds their paychecks. An Article V Convention of States can propose constitutional amendments that limit the power and jurisdiction of the federal government and impose term limits on members of Congress.
Working together, these amendments can turn public office from a lucrative, lifelong career into a temporary service to the American people.
Sign the Convention of States Petition below to show your support!
