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> We don't make the same argument for the President or Congress We allow them (congress) to trade stocks with knowledge from their privileged positions that no

by cronix 3y ago

> We don't make the same argument for the President or Congress We allow them (congress) to trade stocks with knowledge from their privileged positions that no one else has. A lot of them walk out millionaires, before any book deals or speaking fees.

alistairSH 3y ago
Yes, but they do report those transactions. It's unsavory, no question, but mostly above-board. Thomas willingly hiding payments from a billionaire who had business before the court is a whole different level.
- cronix 3y ago
  > Yes, but they do report those transactions. You mean they're supposed to report the trades within 45 days. Not all do, and not all have gotten in trouble for violating the STOCK Act. https://www.npr.org/2021/09/22/1039287987/outside-ethics-group-says-7-house-lawmakers-didnt-disclose-stock-trades https://www.npr.org/2021/09/22/1039287987/outside-ethics-gro...
dragonwriter 3y ago
> A lot of them walk out millionaires, before any book deals or speaking fees. With $174,000 base pay, decent benefits, and frequently leaving with several decades of service, it’s not that hard to leave with a $1 million+ net worth without corruption. (And that’s even before considering how many members enter as millionaires.) To be clear, I’m not saying that there isn’t abuse of privilege and corruption in Congress, but “a lot of them walk out as millionaires” is…well, what you’d expect without any corruption at all.
- cronix 3y ago
  $174k...how much of that is left after taxes and paying for a second residence in one of the most expensive cities, Washington DC? $174k really isn't that much in 2023. They'd be lucky to clear $100k after taxes and housing and that's before including other living expenses. > (And that’s even before considering how many members enter as millionaires.) I wasn't including them as it seems obvious millionaire in/millionaire out, but could have been more clear.
  - dragonwriter 3y ago
    > $174k really isn’t that much in 2023. To the extent that $174k/year individual income isn’t “that much” in 2023, neither is $1 million net worth. (They are both close to 95th percentile.)

by cronix 3y ago

alistairSH 3y ago

Yes, but they do report those transactions. It's unsavory, no question, but mostly above-board. Thomas willingly hiding payments from a billionaire who had business before the court is a whole different level.

cronix 3y ago
> Yes, but they do report those transactions. You mean they're supposed to report the trades within 45 days. Not all do, and not all have gotten in trouble for violating the STOCK Act. https://www.npr.org/2021/09/22/1039287987/outside-ethics-group-says-7-house-lawmakers-didnt-disclose-stock-trades https://www.npr.org/2021/09/22/1039287987/outside-ethics-gro...

dragonwriter 3y ago

> A lot of them walk out millionaires, before any book deals or speaking fees. With $174,000 base pay, decent benefits, and frequently leaving with several decades of service, it’s not that hard to leave with a $1 million+ net worth without corruption. (And that’s even before considering how many members enter as millionaires.) To be clear, I’m not saying that there isn’t abuse of privilege and corruption in Congress, but “a lot of them walk out as millionaires” is…well, what you’d expect without any corruption at all.

cronix 3y ago
$174k...how much of that is left after taxes and paying for a second residence in one of the most expensive cities, Washington DC? $174k really isn't that much in 2023. They'd be lucky to clear $100k after taxes and housing and that's before including other living expenses. > (And that’s even before considering how many members enter as millionaires.) I wasn't including them as it seems obvious millionaire in/millionaire out, but could have been more clear.
- dragonwriter 3y ago
  > $174k really isn’t that much in 2023. To the extent that $174k/year individual income isn’t “that much” in 2023, neither is $1 million net worth. (They are both close to 95th percentile.)