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Some Republican freshmen in Congress hold major debt, disclosure forms show

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posted on Jun, 20 2011 @ 05:08 PM
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Members of the firebrand class of Republican freshmen on Capitol Hill — elected on a pledge to attack the U.S. debt problem — have, in some cases, accumulated tens of thousands of dollars in personal debt, according to financial documents released Wednesday.

Among the 87 new GOP members of Congress, the documents show, at least 30 had liabilities totaling $50,000 or more in 2010.

Those debts included large mortgages on investment properties, as well as student loans and credit card balances. At least seven freshmen had credit card debt exceeding $15,000.

Some Repuplican freshman in Congress.....

I saw this and decided to share. This new crop of Republicans voted into office in the last election many related to the teaparty movement and on a platform of cutting the governments budget and on limiting or attempting to bring into control the national debt are themselves knee deep in dept.

Are we to expect these people to control federal debt when they themselves are also in debt?

edit on 20-6-2011 by LDragonFire because: whhoooops




posted on Jun, 20 2011 @ 05:16 PM
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Hello?!?! This is not uncommon!

"Among the 87 new GOP members of Congress, the documents show, at least 30 had liabilities totaling $50,000 or more in 2010."

I am 28 and already have 3x that. Guess what, I can afford it! So whats the big deal? Just another example of skewing a statistic to imply anything under the sun.

"Those debts included large mortgages on investment properties, as well as student loans and credit card balances. At least seven freshmen had credit card debt exceeding $15,000"

I only thing i would agree to is that $15k is a lot of credit card debt. But, things happen! Is it any of our business to delve that deep into a group of 7 people? Besides 7 out of how many??? Exactly!

Following comment by SlightlySkeptical is spot on!
edit on 20-6-2011 by TomServo because: (no reason given)



posted on Jun, 20 2011 @ 05:18 PM
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Nothing wrong with having debt in order to buy a home, or to grow a business or countless other reasons. The fact that surprises me is that the majority had less than 50k in debt. This means their homes and cars and businesses are paid for already or in other words they are well ahead of the money game. I never did understand why people will elect people who specialize in accumulating their constituents money into their pockets. At least those with debt may have some empathy for the non-elite.



posted on Jun, 20 2011 @ 05:20 PM
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It's private debt, who gives a sh1t. Stop with the smear campaign already.



posted on Jun, 20 2011 @ 05:21 PM
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The more I think about it, it makes sense. We let the energy industry regulate itself, the banking industry ect...ect..

We wonder why were in the shape we are in when it's all right in front of our face.



posted on Jun, 20 2011 @ 05:22 PM
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The article fails to mention what percentage is what debt. If the majority is student loans, then that's OK. Even credit cards aren't that bad. Family member in an accident? Insurance only paying 80%? Pull out that credit card. This article is skewed left at best.

/TOA



posted on Jun, 20 2011 @ 05:27 PM
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reply to post by The Old American
 


Skewed left? did you read it?



The documents present the most complete financial picture to date of a group that promised to remake Washington with the values of the American heartland.

Judging from members’ bank accounts, the freshman class has elements of both places.

It has brought at least 24 new millionaires to a Congress that already had plenty. But many freshmen, like thousands of other Americans, entered 2011 with significant debt.


And he is a great example here again from the article:



Among those with credit card debt was Rep. Blake Farenthold (Tex.), who has pressed for major action to control the national debt. Earlier this year, Farenthold issued a statement rejecting any increase in the debt limit without major spending cuts.

“Like the rest of America,” the statement said, ‘the government needs to tighten its belt and work within its means.”

Farenthold’s 2010 disclosure forms show credit card debt of $45,000 to $150,000. A spokeswoman for the congressman said she could not comment, because she had not located his accountant to discuss the filing.


from link posted above



posted on Jun, 20 2011 @ 05:48 PM
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reply to post by LDragonFire
 


Yes, I read the whole thing. In the example above, what were the purchases on his credit cards? Did he buy a boat, or a car, or a house? Did he put his kids' college on it? Did he owe his pimp? Just having debt is not bad. But this article only mentions freshman Republicans. It hasn't bothered to delve into Democrat freshman debt, has it?

/TOA



posted on Jun, 20 2011 @ 05:59 PM
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It won't take long to pay that off....at least it shouldn't with the salaries they are receiving.....bet they are loving that top notch health care they are getting as well (that they don't want anyone else to have)............
edit on 20-6-2011 by David9176 because: (no reason given)



posted on Jun, 20 2011 @ 06:01 PM
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reply to post by The Old American
 





But this article only mentions freshman Republicans. It hasn't bothered to delve into Democrat freshman debt, has it?


That's because, as far as we know, freshman Democrats haven't made it their agenda to cut programs while at the same time promoting tax cuts for the wealthy. That's the whole point I'm assuming.



posted on Jun, 20 2011 @ 06:08 PM
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My problem with congressmen having such large debt loads, is it in my opinion leaves them far more vulnerable to bribes. I do see the hypocracy of there platform when it comes to the debts of this nation. But I've come to see this as pretty standard behavior from most poloticians.



posted on Jun, 20 2011 @ 06:17 PM
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I'm sure there are Democrat freshman with major debt. So what? Do we want all Representatives to be millionaires?

Washington Post....biased much?



posted on Jun, 20 2011 @ 06:29 PM
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reply to post by Carseller4
 





Do we want all Representatives to be millionaires?


Lol...most of them are...it doesn't take long for them to get there even if they have nothing when they swear in.



posted on Jun, 20 2011 @ 06:44 PM
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pretty sure they are just like everyone else

who has bills the difference is now they are congressman.

and most congressman are millionaires they didnt start out that way

case in point pelosi wasnt a milliioniare when she started got a few decades under her belt and now shes a multimillioniare.

or all the others.

congress is a guaranteed path to wealth get elected and do your part.

name one congressman after a few years is a pauper.



posted on Jun, 20 2011 @ 11:46 PM
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reply to post by LDragonFire
 


lol and watch how those debts will soon disappear

via the magic of mammon and moolah

after all, why would the oligarchy back someone that they can't "help out"




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