Benefits of Being in the House of Representatives
Following a sixteen-mean solar day government shutdown, some other round of boot-the-can when it comes to the U.Southward. debt ceiling, and rabid debates over the future of Obamacare, it's non surprising to discover that Americans don't think very highly of Congress.
I know from a personal perspective I'm not too pleased with the endeavor either political party has put in over the by couple of years, but three polls since 2011 speak wonders to the amount of vitriol directed at Congress.
Split polls from The New York Times, Public Policy Polling, and Gallup (conducted between 2011 and 2013 for the latter two) testify that Congress' approval rating comes in at a record low of between ix% and 11%, depending on which source y'all choose. As Sen. Michael Bennet (D-Colo.) and then aptly put it (link opens a YouTube video) in 2011 while speaking to members of Congress about its 9% approving rating, "We're almost at the margin of error for zippo!"
Image source: Getty Images.
These same poll-takers put it into fifty-fifty more context past asking Americans what their opinion was of Congress relative to other unfavorable ideas, people, and tasks. According to their results, Congress is viewed less favorably by the public than dog poop, hemorrhoids, traffic jams, cockroaches, lines at the DMV, zombies, herpes, banks, Brussels sprouts, the IRS, used-car salesmen, and Wall Street. However, by some saving grace, Congress has remained in a better light than Miley Cyrus.
While the results are understandably comical, they're also incredibly sad. Why? Because Congress is in control of setting the laws that individuals and corporations are governed by.
Equally I discussed in June, public perception can exist a unsafe tool that tin can destroy stock market rallies fifty-fifty if companies are delivering solid growth prospects. Investors' religion in Congress is crucial, as their power to navigate the upcoming debt-ceiling debate in early February could have a profound bear upon on the Dow Jones Industrial Average (DJINDICES: ^DJI ) and wide-based S&P 500 (SNPINDEX: ^GSPC ) . Fifty-fifty though both the Dow and S&P 500 hit new all-fourth dimension highs this calendar week, the government shutdown is estimated to have cost the U.S. $24 billion in GDP and we're no closer to a long-term debt-ceiling and federal deficit 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 forward.
Withal, what could be nigh disconcerting thing of all are the perks members of Congress get as 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, costless gym memberships, and hefty retirement plans. Just in that location are few company perks that compare with these 10 taken together.
1. A base annual bacon of $174,000
Admittedly, there should be some premium in pay for setting the laws and running the country as elected officials, and certain companies do 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 private-sector salary of $51,986 in 2010, according to the Agency of Economic Analysis.
two. Free drome parking
How much would you pay for an airport parking spot that was direct next to the terminal you landed at? For Congress, information technology'due south a big fatty cypher. At one time in its history, long earlier the Airdrome Authority controlled Ronald Reagan Washington National Airport and Dulles International Airport in the Washington, D.C., expanse, the federal regime operated them. When the Aerodrome Authority took over in 1987, every bit a courtesy, it kept 92 combined spots reserved between both airports for members of Congress. At a rate of $22 per 24-hour interval, that represents almost $740,000 in forgone acquirement annually for Reagan National.
3. A free, on-site gym for House members
Not only are members of the House of Representatives treated to their own exclusive gym, only it besides comes with apartment-screen TVs, a pond pool, a sauna and stream room, and paddleball and basketball courts. This wouldn't be likewise bad, except that Congress kept its gym open during all sixteen days of the government shutdown, putting the onus of cleaning and maintenance fees squarely on taxpayers.
4. Weakened insider trading restrictions
Despite passing the Cease Trading on Congressional Knowledge Act, perhaps known better as the STOCK Act in 2012, Congress gutted the chief disclosure component before this year. While still making it difficult to brand trades on inside information, this means they don't take to publicly disclose their trades and potential insider knowledge. Information technology'south laudable they passed the restrictions, but it's hard proceed them honest if it'due south difficult to access the information.
5. Upwards to 239 days off
According to the congressional calendar released in late 2012, there were 126 congressional sessions on the docket without a single five-day work calendar week, leaving members of Congress with 239 days to work outside of Congress. Sometimes this means working within their home land, and in other cases it can mean a vacation. Members of Congress get the entire calendar month of August off, get two weeks around Easter off, and weren't scheduled to piece of work a single weekend, according to this twelvemonth's docket. Of course, the congressional docket can exist changed and, as we saw as recently as the debt-ceiling fence, members of Congress will indeed work weekends equally accounted necessary.
vi. Congress receives health-care subsidies under Obamacare
Nether the Patient Protection and Affordable Care Act, meliorate known every bit Obamacare, individuals are required to have health insurance or face a penalisation that increases each year through 2016. For individuals earning less than iv times the annual poverty level (near $46,000) or families earning less than 4 times the poverty level (shut to $92,000), they are eligible to receive a partial or full subsidy on their health insurance through Obamacare's wellness exchanges. Congress, however, also gets a large portion of its health insurance subsidized past the public on Obamacare'south wellness exchanges despite making more than iv times the poverty level.
7. A better retirement plan
According to figures from the U.Due south. Demography Agency, the average Social Security recipient is going to net $15,000 a year in benefits while a public workers' alimony volition boilerplate around $26,000. By contrast, a retired member of Congress who'due south served twenty years will average $59,000 annually in pension benefits. In addition, Congress members (actually all federal workers) have access to the Austerity Savings Plan, a 401(k)-like investment vehicle with fees of simply 0.03%. To put that into context, Bankrate notes that this means just $0.27 in fees for every $1,000 for the Austerity Savings Plan, compared with the average 401(k), which charges around $5 in fees for every $ane,000! Over a lifetime, that can mean thousands less in fees for congressional employees compared to public- and individual-sector workers.
eight. Members of Congress fly free
OK, and so non every flight is complimentary for members of Congress, just a vast majority of flights between their home states and Washington, D.C., are funded with taxpayer money. What'south really unique is that lawmakers are afforded the ability by 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 exist killed while in office, the surviving family of that fellow member would be entitled to receive at least one yr's worth of salary, or a minimum of $174,000. In contrast, family members of soldiers in the United States armed forces who perish while defending our country domestically or overseas are entitled to $100,000 in military death benefits, as well as funeral and burial expenses.
ten. A $i.2 million to $3.3 million assart
Members of the House receive a $900,000 annual allowance for a staff besides equally a $250,000 budget for travel and function expenses, paid for entirely by taxpayers. Each senator, on the other manus, gets a upkeep close to $3.3 million based on figures from the Congressional Research Service. Over again, certain companies do offer lavish pay packages and perks to employees and so information technology may exist a flake hypocritical to pick on Congress for this one point. However, I'm non aware of any business out at that place where all employees as go at least $1.2 million in expenses at their disposal.
Source: https://www.fool.com/investing/general/2013/10/20/10-perks-congress-has-that-you-dont.aspx
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