Benefits of Being a Member of the House of Representatives
Following a 16-solar day government shutdown, another round of kick-the-tin can when it comes to the U.S. debt ceiling, and rabid debates over the future of Obamacare, it's non surprising to discover that Americans don't call back very highly of Congress.
I know from a personal perspective I'k not too pleased with the effort either party has put in over the past couple of years, simply 3 polls since 2011 speak wonders to the corporeality of vitriol directed at Congress.
Separate polls from The New York Times, Public Policy Polling, and Gallup (conducted between 2011 and 2013 for the latter two) show that Congress' approval rating comes in at a record low of between 9% and 11%, depending on which source yous choose. Every bit Sen. Michael Bennet (D-Colo.) so aptly put it (link opens a YouTube video) in 2011 while speaking to members of Congress about its 9% approval rating, "We're near at the margin of error for zero!"
Epitome source: Getty Images.
These aforementioned poll-takers put information technology into even more context past asking Americans what their opinion was of Congress relative to other unfavorable ideas, people, and tasks. Co-ordinate to their results, Congress is viewed less favorably past the public than dog poop, hemorrhoids, traffic jams, cockroaches, lines at the DMV, zombies, canker, banks, Brussels sprouts, the IRS, used-machine salesmen, and Wall Street. Still, by some saving grace, Congress has remained in a improve light than Miley Cyrus.
While the results are understandably comical, they're also incredibly deplorable. Why? Because Congress is in control of setting the laws that individuals and corporations are governed by.
As I discussed in June, public perception tin be a unsafe tool that tin can destroy stock market rallies even if companies are delivering solid growth prospects. Investors' faith in Congress is crucial, every bit their ability to navigate the upcoming debt-ceiling argue in early Feb could accept a profound impact on the Dow Jones Industrial Average (DJINDICES: ^DJI ) and broad-based South&P 500 (SNPINDEX: ^GSPC ) . Even though both the Dow and S&P 500 hit new all-time highs this week, the government shutdown is estimated to accept cost the U.S. $24 billion in GDP and we're no closer to a long-term debt-ceiling and federal arrears solution than we were at this time last week. A prolonged government shutdown and debt default would portend bad news for both major U.S. indexes moving frontwards.
Still, what could be most disconcerting thing of all are the perks members of Congress become every bit a "thank you" for serving their country. I've highlighted countless visitor perks over the years that companies grant their employees, and some did involve exorbitant pay packages, gratuitous gym memberships, and hefty retirement plans. But in that location are few company perks that compare with these x taken together.
ane. A base annual salary of $174,000
Admittedly, there should be some premium in pay for setting the laws and running the country as elected officials, and sure companies practise grant their employees exorbitant pay packages, but being a member of Congress includes a minimum annual paycheck of $174,000, which is more than three times higher than the average individual-sector salary of $51,986 in 2010, according to the Bureau of Economic Analysis.
2. Costless airport parking
How much would you pay for an airport parking spot that was directly next to the terminal yous landed at? For Congress, information technology's a big fat zero. At one fourth dimension in its history, long before the Airport Say-so controlled Ronald Reagan Washington National Airport and Dulles International Airport in the Washington, D.C., area, the federal government operated them. When the Airdrome Potency took over in 1987, as a courtesy, it kept 92 combined spots reserved between both airports for members of Congress. At a charge per unit of $22 per day, that represents nearly $740,000 in forgone revenue annually for Reagan National.
iii. A free, on-site gym for House members
Not only are members of the House of Representatives treated to their ain exclusive gym, but it also comes with flat-screen TVs, a swimming pool, a sauna and stream room, and paddleball and basketball game courts. This wouldn't exist too bad, except that Congress kept its gym open during all 16 days of the regime shutdown, putting the onus of cleaning and maintenance fees squarely on taxpayers.
iv. Weakened insider trading restrictions
Despite passing the Finish Trading on Congressional Knowledge Human action, maybe known better equally the STOCK Act in 2012, Congress gutted the primary disclosure component earlier this year. While still making it hard to brand trades on inside information, this means they don't have to publicly disembalm their trades and potential insider knowledge. It's commendable they passed the restrictions, simply it'south hard go on them honest if information technology'southward difficult to access the information.
5. Upward to 239 days off
According to the congressional calendar released in tardily 2012, at that place were 126 congressional sessions on the docket without a single v-solar day piece of work calendar week, leaving members of Congress with 239 days to work exterior of Congress. Sometimes this means working within their dwelling house state, and in other cases it can mean a vacation. Members of Congress become the entire month of August off, get two weeks around Easter off, and weren't scheduled to piece of work a single weekend, according to this year's docket. Of course, the congressional docket tin be changed and, as nosotros saw as recently every bit the debt-ceiling debate, members of Congress volition indeed piece of work weekends as deemed necessary.
six. Congress receives health-care subsidies under Obamacare
Nether the Patient Protection and Affordable Care Act, better known as Obamacare, individuals are required to take health insurance or face a penalty that increases each year through 2016. For individuals earning less than four times the annual poverty level (about $46,000) or families earning less than four times the poverty level (close to $92,000), they are eligible to receive a partial or full subsidy on their health insurance through Obamacare's health exchanges. Congress, however, too gets a large portion of its health insurance subsidized by the public on Obamacare's health exchanges despite making more than 4 times the poverty level.
7. A meliorate retirement plan
According to figures from the U.Due south. Census Bureau, the average Social Security recipient is going to net $15,000 a twelvemonth in benefits while a public workers' pension volition boilerplate effectually $26,000. Past contrast, a retired member of Congress who's served xx years will average $59,000 annually in pension benefits. In improver, Congress members (really all federal workers) have access to the Austerity Savings Programme, a 401(g)-similar investment vehicle with fees of just 0.03%. To put that into context, Bankrate notes that this means just $0.27 in fees for every $1,000 for the Thrift Savings Plan, compared with the average 401(yard), which charges around $v in fees for every $i,000! Over a lifetime, that can mean thousands less in fees for congressional employees compared to public- and individual-sector workers.
viii. Members of Congress fly gratuitous
OK, then non every flying is free for members of Congress, merely a vast majority of flights between their home states and Washington, D.C., are funded with taxpayer money. What'southward really unique is that lawmakers are afforded the ability past airlines to book themselves on multiple flights without being charged multiple times because of their very liquid schedules.
9. Death benefits
Should a member of Congress be killed while in office, the surviving family unit of that fellow member would be entitled to receive at to the lowest degree one year'south worth of salary, or a minimum of $174,000. In contrast, family members of soldiers in the United states of america armed forces who perish while defending our country domestically or overseas are entitled to $100,000 in military death benefits, too as funeral and burial expenses.
x. A $i.2 million to $3.3 million allowance
Members of the Firm receive a $900,000 annual allowance for a staff as well every bit a $250,000 budget for travel and office expenses, paid for entirely by taxpayers. Each senator, on the other paw, gets a upkeep close to $three.iii meg based on figures from the Congressional Inquiry Service. Again, sure companies practice offering lavish pay packages and perks to employees so it may be a scrap hypocritical to pick on Congress for this one indicate. Nevertheless, I'k not aware of any concern out in that location where all employees equally get at least $one.2 million in expenses at their disposal.
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Source: https://www.fool.com/investing/general/2013/10/20/10-perks-congress-has-that-you-dont.aspx
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