The Canada Free Press is doing a better job of reporting what is going on in America than most of the American media. On Tuesday they posted a story about the fact that while Social Security recipients received no Cost of Living Adjustment this year, Congress received a "$4,700.00 cost of living allowance or whatever you want to call it in 2010."
Congress has arranged it so their raises happen automatically--they don't have to go on record as having voted for them. I just want to know how come if there was no increase in the cost of living, Congress got a raise.
The article at the Canada Free Press makes a few suggestions as to some basic restraints we can put on Congress to end the financial gravy train many of our Congressmen find themselves on. It is a sensible list, and I strongly recommend that we take action on some of the items on the list.
According to CBS News on November 6, 2009, there are 237 millionaires in Congress.
The article at CBS News reports:
"The median reportable net worth for members of the House in 2008 was $622,254.
"Levinthal notes that "in some cases, [lawmakers'] wealth is being derived from the very companies that in many cases benefit from the taxpayers."
""The top companies at which members of Congress are investing, many of them are TARP recipients that have received billions and billions of dollars from you and me," he said.
"Among the companies in which members of Congress hold assets are Bank of America and Goldman Sachs.
It seems to me that the raise given to Congress would be better spent given to the Social Security recipients. Somehow I think the percentage of millionaires in that group is considerably lower!
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