Date

2019 12:00 AM

Major

Business Management

Department

Economics

College

Business

Project Advisor

Peter Orazem

Description

United States politicians are considered to have more opportunities for financial success than the average citizen, but is this true? Since 2004, The Center for Responsive Politics OpenSecrets.org reports estimates of lawmakers’ net worth based on their personal financial disclosures. I compared individual lawmaker’s growth in net worth to the net worth growth of citizens with the same age, education, broad occupation, race or ethnicity in the Federal Reserve’s Survey of Consumer Finance. The comparison includes the years each politician was in office between 2004-2014. T-tests confirm that politicians accumulate assets at a faster rate than comparable private citizens. There is no significant difference in asset growth between Democrats and Republicans, between whites, Blacks and Hispanics, and between more or less educated politicians.

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Jan 1st, 12:00 AM

Atypical Asset Accumulation of United States Politicians

United States politicians are considered to have more opportunities for financial success than the average citizen, but is this true? Since 2004, The Center for Responsive Politics OpenSecrets.org reports estimates of lawmakers’ net worth based on their personal financial disclosures. I compared individual lawmaker’s growth in net worth to the net worth growth of citizens with the same age, education, broad occupation, race or ethnicity in the Federal Reserve’s Survey of Consumer Finance. The comparison includes the years each politician was in office between 2004-2014. T-tests confirm that politicians accumulate assets at a faster rate than comparable private citizens. There is no significant difference in asset growth between Democrats and Republicans, between whites, Blacks and Hispanics, and between more or less educated politicians.