Elect the rich? Pennsylvania politicians put up big numbers

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(The Center Square) – When asked about America’s political problems, voters often point to money in politics, from astronomical campaign spending to self-interest in Congress.

It’s enough to have brought firebrands from both sides of the aisle together, such as Republican Scott Perry of Pennsylvania and Democratic socialist Alexandria Ocasio-Cortez of New York, who co-sponsor a bill to ban stock trading by members of Congress.

Despite widespread complaints about the issue and even accusations of oligarchy in the U.S., Americans keep electing the richest to positions of power, figures who often start out ahead, spending big on their own campaigns.

Perhaps most telling is that America’s elites can afford to make the investment, even when their chances of winning remain slim. For instance, vice presidential candidate Nicole Shanahan poured millions of her own money into her 2024 campaign, alongside now-Secretary of Health and Human Services Robert F. Kennedy Jr., despite his long odds. The attorney and former spouse of Google executive Sergey Brin continues to hold a reported net worth of more than a billion dollars.

Some voters see wealth accumulated by America’s ranking politicians as a mark of success and shrewd judgment. Others worry that decisions about their own lives will be made by people who are out of touch with everyday issues and acting in service of their own financial gain.

Forbes reported that the Trump administration cabinet was the richest ever, including the president’s own $5 billion nest egg. That doesn’t factor in the world’s richest person, Elon Musk, and his time heading up the Department of Government Efficiency for much of the year.

Extreme wealth isn’t relegated to one side of the political spectrum, however. Billionaire Gov. JB Pritzker of Illinois and former New York mayor Michael Bloomberg have both represented big money on the left. Bloomberg used his wealth to fund a 2020 presidential campaign, and some anticipate Pritzker will do the same in 2028.

In Congress, no current elected officials are hitting the billion-dollar mark — right now. The closest they come is West Virginia Sen. Jim Justice, the former billionaire, leading the pack at a net worth of $664 million, although it is diminished. The Republican inherited his path to fortune, operating family businesses in coal and agriculture.

California Rep. Nancy Pelosi is the wealthiest Democrat on the list with over $274 million. The former Speaker of the House has been lambasted for profiting off her role through her husband, Paul Pelosi’s, lucrative investment career. She now supports legislation banning members of Congress and their families from trading stock.

In Pennsylvania, four of the state’s 19 House members and one of its senators have broken the top 100 on Quiver Quantitative’s “Congress Live Net Worth Tracker” where you can watch officials lose and pick up a minimum wage worker’s yearly salary in the span of a few hours.

Freshman Sen. Dave McCormick comes out on top at number 10. The West Point graduate made much of his fortune leading businesses like online marketplace FreeMarkets, Inc. and later major hedge fund Bridgewater Associates. He has been accused of profiting off of the 2008 financial collapse, as well as investments in China, which he now frequently cites as one of America’s biggest threats.

Republican Rep. Dan Meuser of the commonwealth’s 9th district follows McCormick at number 21. The majority of Meuser’s more than $69 million fortune comes from ownership in Pride Mobility Products, a medical device company he built with family.

Meuser is followed by fellow GOP Rep. Rob Bresnahan, who represents the highly competitive 8th district, including much of the Scranton and Wilkes-Barre area. His more than $36 million puts him at 39 on the list. Bresnahan began his career as an executive at just 19 when he was appointed the chief financial officer of his grandfather’s business.

Scranton Mayor Paige Cognetti, an opponent for his seat in next year’s midterm elections, has called the congressman out for stock trades made while in office. Bresnahan supports a trading ban and says he does not currently manage his own investments.

Next up is Republican Rep. John Joyce, who serves a deep red district covering much of the south-central region of the state. A dermatologist by trade, Joyce’s more than $17 million is primarily held in mutual funds.

Rounding out Pennsylvania’s richest is Rep. Mike Kelly with a little less than $16 million. The rightwing Republican built much of his fortune in car sales in the Pittsburgh area. He was found to have violated the House’s code of conduct after scrutiny of his family’s stock trades. His wife is thought to have purchased stock in Ohio-based steel giant Cleveland-Cliffs based on insider information from his work in Congress.

Pennsylvania’s richest Democrat is Rep. Mary Gay Scanlon, an attorney who represents the 5th district in the southeastern region of the state. The lion’s share of her more than $10 million fortune is held in mutual funds.

According to a February report from SmartAsset, Pennsylvania’s median net worth is $172,909. Most members of Congress earn just over that number, at $174,000 per year. Meuser, Bresnahan, Joyce, and Scanlon are all among Pennsylvania representatives who are refusing their pay during the ongoing federal government shutdown.