China's 500 Billion Networth Congress

[Bob W]

http://www.msn.com/en-us/news/politics/the-richest-man-in-us-congress-would-only-rank-166-in-chinas-congresses/ar-AA9DDuo?ocid=HPCDHP

Interesting article.  I bet having billionaires run your country directly really cuts down on the need for lobbyist and PACs.   

It is probably the greatest concentration of wealth in a small group in the history of the world.  Just astounding!   

[Mississippi Mudstache]

Crazy. I had no idea China's power was so concentrated in the hands of the wealthy. However, am I the only person to find this statement odd?:

By comparison, the median wealth of American politicians was just over $1 million in 2013, according to CNN Money. Of course, that's still 18 times the earning-power of the typical American household.

What's the point of providing the ratio of the median net worth of one group of individuals to the median annual income of a different group of individuals? It makes no sense.

[brooklynguy]

What's the point of providing the ratio of the median net worth of one group of individuals to the median annual income of a different group of individuals? It makes no sense.

Looks like it was just sloppy word-choice by the author.  The 18x statistic in the cited CNN Money (and the underlying research report) was comparing net worth to net worth.

[Mississippi Mudstache]

What's the point of providing the ratio of the median net worth of one group of individuals to the median annual income of a different group of individuals? It makes no sense.

Looks like it was just sloppy word-choice by the author.  The 18x statistic in the cited CNN Money (and the underlying research report) was comparing net worth to net worth.

That makes more sense.

[CCCA]

It seems strange that so many wealthy would serve in the equivalent of congress.  I can understand trying to be a figurehead like a mayor or governor or president, but congress seems like a get your hands at least a little bit dirty sort of a job, without as much limelight.  Maybe congress in China is different. 

[RFAAOATB]

It seems strange that so many wealthy would serve in the equivalent of congress.  I can understand trying to be a figurehead like a mayor or governor or president, but congress seems like a get your hands at least a little bit dirty sort of a job, without as much limelight.  Maybe congress in China is different. 

I'm don't know the Chinese system, but being Senator is a good stepping stone to president.  Almost as good as Governor.

[Bob W]

It seems strange that so many wealthy would serve in the equivalent of congress.  I can understand trying to be a figurehead like a mayor or governor or president, but congress seems like a get your hands at least a little bit dirty sort of a job, without as much limelight.  Maybe congress in China is different.

I'm pretty sure the system in China is family based and that the money and the position go hand in hand.  The Chinese congress people either own or control vast businesses themselves.    So it would be more like Buffet, Gates and company all running the country.   No need to do any campaigning or kiss a lot of ass.   Meet once a month for 6 hours and call it good. 

The real money and power brokers that run the US hide behind lobbyist and PACs.   Apparently the average US citizen thinks that congress works for them and is too busy arguing over gay rights,  guns and abortion to notice who really runs the country. 

Sadly when the powers to be in the Clinton Administration got together and decided it was a good idea to export most US jobs,  the money that went with those jobs mostly ended up in the hands of the Chinese leadership.   

500 billion is a huge sum though.  That is about $500 US per citizen in China.   The average income of a working Chines person is around $3,500.   Total wealth in China is reported at 10 Trillion, so the congress controls directly about 5% of all the wealth.  Indirectly it is probably close to 90%.

It is also large in comparison to my home state of Missouri where the total annual income of our 6 million population is just 150 billion.