Why It Matters That Our Politicians Are Rich
The Article: Why it matters that our politicians are rich by Britt Petersen in the Boston Globe.
The Text: As the presidential primary race has unfolded over the last few months, curious Americans have angled for a look at the candidatesā walletsāand observed that they are bulging. Thereās Newt Gingrich, with his $7 million fortune and an up to $1 million revolving line of credit at Tiffany. The relentlessly anti-elitist Rick Santorum disclosed last week that he earns roughly $1 million a year. Mitt Romney built an immense $200 million fortune through his ācorporate raiderā work at Bain Capital; even Ron Paul, who claimed in one debate that he was embarrassed to show his tax forms because he made so much less money than his rivals, is worth as much as $5.2 million.
This striking wealth among politicians goes beyond the GOP. One of these four men will face off against the now wealthy Barack Obama, whose book royalties alone ran to $2.5 million in 2008. Beyond the Oval Office, thereās Congress, whose members have a median net worth of $913,000, compared with $100,000 for the rest of us, according to a recent New York Times report. (Massachusettsā own John Kerry is one leader of the pack, with a fortune that in 2009 was estimated at $167 million.)
Politicians would like us to believe that all this money doesnāt matter in a deeper senseāthat what matters is ideas, skills, and leadership ability. Aside from a little extra business savvy, theyāre regular people just like the rest of us: They just happen to have more money.