5 ms·

Politicians don't get rich from their paycheck.

• niels_olson 13y ago
  They also didn't get elected for knowing a bunch of regular folks.
• pbhjpbhj 13y ago
  Assuming you're not being snide; how do they get rich then (whilst in post)?
  • edias 13y ago
    Generally they don't unless their doing something illegal. Most politicians are reasonably to very wealthy going into office, and being a high ranking politician basically secures them a high paying position in the private sector afterwards. Many people from the FCC/FDA will go into the telecom/pharmaceutical industries for example. Others will charge huge fees for speaking engagements and appearances. I remember reading Bill Clinton charges in the 10k-50k range for speaches but not sure on the specifics. So basically no one expects to make money from their paycheck, but rather go into politics for the fame, connections, and other intangibles.
    • talmand 13y ago
      It's not always illegal. Position, connections, and influence go a long way before you even commit a crime.
  • talmand 13y ago
    Not being snide, it's a well-known phenomenon. Look at Harry Reid as an easy example.
    • talmand 13y ago
      Oh, don't believe me? http://www.nationalreview.com/articles/314025/how-did-harry-reid-get-rich-betsy-woodruff http://www.nationalreview.com/articles/314025/how-did-harry-... http://www.realclearpolitics.com/articles/2014/04/24/harry_reids_long_steady_accretion_of_power__wealth.html http://www.realclearpolitics.com/articles/2014/04/24/harry_r... http://nevadanewsandviews.com/archives/2975 http://nevadanewsandviews.com/archives/2975 http://www.thedailybeast.com/articles/2012/08/15/harry-reid-savvy-investor.html http://www.thedailybeast.com/articles/2012/08/15/harry-reid-... Take your pick.
  • danielweber 13y ago
    Politicians and their aides consistently get above-average returns on their stock portfolios.
    • sosborn 13y ago
      That's a pretty big claim. Any data to back it up?
      • danielweber 13y ago
        http://econpapers.repec.org/article/bpjbuspol/v_3a13_3ay_3a2011_3ai_3a1_3an_3a4.htm http://econpapers.repec.org/article/bpjbuspol/v_3a13_3ay_3a2...
      • rosser 13y ago
        You were aware that sitting politicians in the US are exempt from the laws against insider trading, weren't you?
        • talmand 13y ago
          I believe that's only for Congress. Your local Mayor can go to prison for insider trading just like you and me.
        • pbhjpbhj 13y ago
          I wasn't (but am not from USA); that's terrible.
  • poolpool 13y ago
    Insider trading isn't illegal for politicians. They can trade stock knowing certain laws will be passed or bills introduced that will have an effect.