Grant Cardone Asks: How Do Politicians Become Millionaires Making $100,000 Per Year? Economist Identifies ‘Suspicious Personal Profit Pattern’
Posted on August 24th, 2023
Jeannine Mancini Courtesy Finance Yahoo.com
Grant Cardone, a renowned sales trainer, speaker and entrepreneur with an estimated net worth of $600 million, recently took to X, formerly Twitter, to raise a thought-provoking question: “Can someone explain to me how public servants (politicians) are becoming multimillionaires on $100,000 salaries?”
While the message did not specify which public servants he was referring to, it is presumed that Cardone’s remarks were primarily aimed at members of the U.S. Congress.
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A 2020 Open Secrets report revealed that more than half of the 535 members of Congress are millionaires, implying a substantial contrast between their financial status and the average American. The $100,000 salary Cardone mentioned remains unclear. According to a 2022 Congressional Institute report, the average annual salary for a rank-and-file member of Congress stands at $174,000, a figure consistent with recent estimates provided by The Washington Post.
The speaker of the House earns $223,500 annually, while the Senate president pro tempore and the majority and minority leaders each earn $193,400.
Though the salaries are substantial, they do not guarantee millionaire status. They provide a solid foundation upon which to build additional income streams during congressional service.
Congress members are not restricted from earning income outside their official roles, but there are regulations to ensure transparency and prevent conflicts of interest. The regulations limit additional income to no more than 15% of the Level II of the Executive Schedule, a system used to determine the pay scale of political appointees in the executive branch. Members are also required to disclose the sources of both earned and passive income, including stock dividends.