Bachmann worth 2.1 million (real estate, attorney, layoffs)

[cold as ice 56]

I heard this a few day's ago that Bachmann is worth 2.1 million dollars? Is this true? Does anyone know any info about this? Heck I just found out she is a tax attorney!!!! I live in Minnesota and must have my head in the clouds. Oh well!!!
Any opinions?

[GBCommenter]

That might be a bit high, according to Michele Bachmann worth at least $912,000 - Jake Sherman and John Bresnahan - POLITICO.com, but the article mentions congressional net worth is listed in wide ranges so it could be possible.

As far as opinion? I guess I'm more or less non-plussed. Richer than most Americans? Yes...and she probably also worked harder than many Americans. As far as where she sits on the "net worth scale" if you will, her wealth pales in comparison to others on both sides of the coin/aisle.

[Glenfield]

I don't see this as news. Both she and her husband have worked in professional fields for some years. I'd guess that her net worth --which would include their house-- would probably be in the lower half compared to others in Congress.

[rcsteiner]

Originally Posted by GBCommenter

That might be a bit high, according to Michele Bachmann worth at least $912,000 - Jake Sherman and John Bresnahan - POLITICO.com, but the article mentions congressional net worth is listed in wide ranges so it could be possible.

As far as opinion? I guess I'm more or less non-plussed. Richer than most Americans? Yes...and she probably also worked harder than many Americans. As far as where she sits on the "net worth scale" if you will, her wealth pales in comparison to others on both sides of the coin/aisle.

Worked harder than most Americans? I know a lot of Americans who worked extremely hard their entire lives and never came close to that level of wealth.

Even without layoffs or illness, it takes a certain income level to be able to accumulate seven digits, especially if you have kids, etc.

[southernsmoke]

Originally Posted by rcsteiner

Worked harder than most Americans? I know a lot of Americans who worked extremely hard their entire lives and never came close to that level of wealth.

Even without layoffs or illness, it takes a certain income level to be able to accumulate seven digits, especially if you have kids, etc.

Maybe so, but if Bachmann is worth $2.1MM, she is clearly among the less affluent politicians in Washington. That's not "poor," but it's not terribly rich, either. Just check out Obama's income for comparison. He made more than 2.5 times that in 2009 alone.

[GBCommenter]

Originally Posted by rcsteiner

Worked harder than most Americans? I know a lot of Americans who worked extremely hard their entire lives and never came close to that level of wealth.

Even without layoffs or illness, it takes a certain income level to be able to accumulate seven digits, especially if you have kids, etc.

Perhaps simply the idea of "working hard" is not fully descriptive of my thoughts. More accurate was hard work and willingness to take a chance to found your own business to achieve further material gains from that gamble of founding your own business. To illustrate my point, my father worked 60 hours a week at a factory not particularly known for its easy and comfortable work surroundings. However, when the 8 to 12-hour day was done, he also was done and was off to leisure activities (okay, to the bar - but another discussion). Point being he was content with his hours at the job where he did what was needed during the time he was on the clock but wasn't willing to take a chance on a business of his own where he took the profit from that business and also the suffering from his poor choices and work needed to make the business successful.

Frankly, at this point I am also in a similar position. I happen to work a desk job but same idea...I put in the time required of the job but thus far have not been willing to take the gamble and hard work of founding a business - which includes toughing it out until you make the business successful and provide a product to your customers.

As far as "especially if you have kids" goes...though admittedly a cold-hearted stand, nobody forced anyone to have kids or engage in activities that potentially led to kids and the financial burden. They brought that financial burden on themselves. Michelle presumably also made similar decisions on kids in general and how to respond to kids financially once they arrived.

All this said, my guess is Bachmann and her family was willing to start businesses that ultimately brought further profit - and also risk of losing it all. I would agree it's really a non-issue considering that among members of Congress, she probably sits on the average end (at most) of members in terms of financial wealth. I'm far more concerned with her ideas being presented at the moment and past voting record/history as means of judging whether she's genuine in her current words or not.

[xandrex]

Originally Posted by GBCommenter

Perhaps simply the idea of "working hard" is not fully descriptive of my thoughts. More accurate was hard work and willingness to take a chance to found your own business to achieve further material gains from that gamble of founding your own business. To illustrate my point, my father worked 60 hours a week at a factory not particularly known for its easy and comfortable work surroundings. However, when the 8 to 12-hour day was done, he also was done and was off to leisure activities (okay, to the bar - but another discussion). Point being he was content with his hours at the job where he did what was needed during the time he was on the clock but wasn't willing to take a chance on a business of his own where he took the profit from that business and also the suffering from his poor choices and work needed to make the business successful.

Frankly, at this point I am also in a similar position. I happen to work a desk job but same idea...I put in the time required of the job but thus far have not been willing to take the gamble and hard work of founding a business - which includes toughing it out until you make the business successful and provide a product to your customers.

As far as "especially if you have kids" goes...though admittedly a cold-hearted stand, nobody forced anyone to have kids or engage in activities that potentially led to kids and the financial burden. They brought that financial burden on themselves. Michelle presumably also made similar decisions on kids in general and how to respond to kids financially once they arrived.

All this said, my guess is Bachmann and her family was willing to start businesses that ultimately brought further profit - and also risk of losing it all. I would agree it's really a non-issue considering that among members of Congress, she probably sits on the average end (at most) of members in terms of financial wealth. I'm far more concerned with her ideas being presented at the moment and past voting record/history as means of judging whether she's genuine in her current words or not.

I think that we should commend small business owners--my father among them (so I know the hard work and hours they put in, paying employees at times but taking no money themselves when money is tight, etc.), but one should also be careful not to make punching in and punching out something that is of lesser value than the business owner. After all, a business man might have a great idea, but he needs other people to contribute to the work. [NOTE that I'm not saying you were implying that, but rather I wanted to put that point forth. I feel sometimes in certain areas of politics, we worship the job creator and snub the worker, who may lack the means or ability to start their own business for a variety of reasons]

In regards to the children issue, I think that your point is a bit moot. Of course children cost money and so people should strongly consider this before they have any. Though to say that they "brought it upon themselves" is a bit presumptuous as many children aren't "planned" (and I know many people who were using methods to prevent pregnancy that failed for one reason or another). That said, I don't think anyone was saying that other people are complaining that they have less money because of kids, but simply that it's a reality that Bachmann clearly makes quite a bit of money, because to have and take in that many children would create quite a dent in their wealth.

The $2.1 million number doesn't impress me much. Assuming she has a nice house, investments, savings, and whatever her husband's business is worth are all added up, that could easily reach that number.

[cold as ice 56]

Yea 2.1 million really isn't a lot considering just the other day on Cnn they listed all the richest senator's. The only one I could remember was John Kerry then I believe they said his wife had all the money. It will be interesting how the election turns out I am not a Michelle Bachmann fan. I really am not her fan I think she is nuts.

[ozzie679]

Congress is not required to report assets like real estate holdings and art.

[cinnamon_toast]

2.1 is not much.