I recently saw an article in The Atlantic with the title: Does the Rise of the Super-Wealthy Require New Global Rules? It’s a provocative question based on a book by Chrystia Freeland, Plutocrats. I highly recommend taking the time to read it! Anyway, while the article was good, there was something near the beginning that caught my eye and made me think:
When the 113th Congress opened in January, the number of millionaires in its ranks rose to 257 out of 535, or just over 48 percent.
My first thought — that’s a lot of millionaires in Congress, isn’t it? Forty-eight percent! Then I thought, that percentage probably doesn’t hold for the whole population of the US. Meaning, 48% of the United States probably isn’t made up of millionaires. In fact, it’s not. A study found that there are 9 million millionaires in the US. If we use the clock on the US Census Bureau, we can say that there are approximately 316 million people living in the US. So, if we divide 316 million by 9 million, we get a percentage of… 2.85%. Meaning, 2.85% of the US are millionaires. And yet, 48% of Congress are millionaires. Is something wrong here?
The US has a representative democracy. This means that a group of elected officials represent the people who elected them. Maybe it’s just me, but isn’t the keyword here representative? Do we really think that a Congress in which 48% of the body are millionaires can accurately represent a population in which only 2.85% are millionaires?
If you’re an American, this is certainly something worth thinking about today as you enjoy your holiday.
PS: Happy Independency Day!