John Kerry Tops List of Wealthiest Members of Congress

While Democrats attempt to paint Senator John McCain as “out of touch” with the “average American” by focusing on his 13 cars and 8 houses, you can’t help but ignore the fact that when it comes to wealthiest members of Congress, Senator McCain is not at the top of the pyramid. That honor belongs to our junior senator, John Kerry.

1. Sen. John Kerry (D-Mass.) $230.98 million he Massachusetts Senator claims the mantel of richest Member in the 110th Congress. Kerry’s actual holdings, however — including those of wife Teresa Heinz Kerry, widow to ketchup heir Sen. John Heinz (R-Pa.) — are likely much greater. In an April 2008 article, Forbes.com estimated Heinz Kerry’s net worth at $1 billion. Kerry’s disclosure forms list the value of more than 180 assets — including Heinz family trusts and investment funds — only as “over $1 million,” rather than the more specific ranges including $1 million to $5 million. Senators are allowed to list assets in the “over $1 million” category only if the items are held independently by a spouse or dependent child.

And as we all remember, John Kerry was the democratic nominee for president in 2004. McCain does make the Top 50 list, but not before reaching another senator from Massachusetts.

9. Sen. Edward Kennedy (D-Mass.) $47.62 million Much of Kennedy’s wealth stems from family trusts, and the Massachusetts Senator reported almost no change in 2007, with an increase of less than 1 percent. Kennedy lists one family trust valued from $25 million to $50 million, as well as four trusts worth at least $5 million each and a blind trust totaling at least $1 million. The Bay State lawmaker also owns a rental property in Hyannisport, Mass., valued at at least $1 million and lists a plot of undeveloped land in Lafayette, La., owned by his wife, worth from $500,000 to $1 million. Kennedy lists $1 million in mortgage debt from Northern Trust Co. for his Hyannisport property.

Clearly, the labeling of John McCain as “out of touch” with average Americans is based on his wealth. So, Senator Kerry, who is more than 10 times as wealthy as Senator McCain would have had to of been much more out of touch with average Americans when he was running for president. However, you never heard Democrats make that suggestion. Today, aha, it’s a different story. Senator McCain, a Republican, is out of touch because his fortunate financial circumstances allow him to have more than two cars and one house. Odd, isn’t it? Oh, and Barack Obama and his own private plane… sure, most of us working class Americans can really relate to that. If you look at the candidates for president and vice president, there is really only one you could argue is in touch with the average American, because outside of holding a political office, she really is an average American dealing with issues many average Americans have to deal with.

We could argue about who is more in touch with average Americans until November, but let’s face facts here, if you set your eyes on just the Top 50 Wealthiest Members of Congress and look at their disclosed finances, how could any of these people be “in touch” with average Americans? The “least wealthy” on the list, Rep. Emanuel (D-IL), has somewhere around $5 million. Do average Americans earn $5 million? Do any of these congressmen know the struggle that most Americans are facing today?

I venture to say that even the lowest paid member of Congress, based purely on their congressional salary alone, can no longer relate to the average American–both Republicans and Democrats alike. It’s a transition that starts upon winning an election, and secured when you are guaranteed your congressional pension. Is Senator McCain out of touch with average Americans? Is Senator Obama out of touch with average Americans? The answer is the same for both: of course. Let’s move to something substantive, please.

Aaron Margolis is a life long resident of the Bay State, and works at an architectural firm north of Boston. Aaron has a Master of Architecture Degree from Boston Architectural College and is currently in the process of becoming of a Registered Architect.