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question everything

(47,470 posts)
Wed Mar 23, 2016, 05:23 PM Mar 2016

Bernie Sanders Is a De Facto Millionaire

Democratic presidential hopeful and U.S. Sen. Bernie Sanders rails against the “billionaire class,” has called income inequality “the greatest moral issue of our time,” and has made a big point of contrasting his earnings against his peers in this election.

(snip)

True, on the financial disclosure forms Sanders released after announcing his entrance into the presidential race, he lists no assets of his own, other than a $5,000 annual pension payment from his stint as mayor of Burlington, Vt. All of the investments itemized on the disclosure form belong to his wife, Jane, who worked as an educator and college administrator.

But that form does not require Sanders to disclose the amount of savings or the kinds of investments he holds in his government retirement savings account, known as the Thrift Savings Plan — the well-regarded retirement plan, similar in many ways, to a private-sector 401(k), that GOP hopeful Marco Rubio actually proposes opening up to other Americans. The form also doesn’t include the large pension that Sanders will receive when he retires from Congress.

(snip)

Although Sanders and his wife’s joint tax return showed income of only a little more than $200,000 for 2014 — including his $174,000 salary, his mayoral pension, and their Social Security payments — the senator’s expected retirement benefits make his situation much more comparable to those in the millionaire class he faults. If Sanders, now 74, retires from politics at the end of his current Senate term two years from now, without having won the presidential election, he will be able to collect an annual pension of $71,340, MONEY calculated using the current Congressional pension formula.

(snip)

Indeed, when you factor in his mayoral pension, any Thrift Savings Plan assets, and Jane Sanders’ retirement funds, the household’s effective retirement nest egg could be closer to a $2 million valuation. That’s well above the American average, of course. About half of households 55 and older have no retirement savings, according to a GAO report released last summer. And of those who do, households age 65-74 had a median $148,000 saved.

More..

http://time.com/money/4235986/bernie-sanders-millionaire-finances/

45 replies = new reply since forum marked as read
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Bernie Sanders Is a De Facto Millionaire (Original Post) question everything Mar 2016 OP
You know what the Clintons call that? Pocket change. Vinca Mar 2016 #1
We are talking about Sanders here - not Clintons cosmicone Mar 2016 #4
deflection? no. compare and contrast Viva_La_Revolution Mar 2016 #10
Why does Bernie need to be justified? Vinca Mar 2016 #14
why does anyone have to justify having a pension? virtualobserver Mar 2016 #15
Then let's talk some more: Sanders Among The Least Wealthy Presidential Candidates beam me up scottie Mar 2016 #21
Have you guys justified the millions she made from speeches? revbones Mar 2016 #25
I can certainly justify him having pensions from honest jobs Armstead Mar 2016 #26
Breaking news: workers with pensions which they themselves vote on have a secure retirement JonLeibowitz Mar 2016 #2
The desperation around here is reaching pathetic levels. arcane1 Mar 2016 #3
we are all Lucky Duckys virtualobserver Mar 2016 #20
"There's desperation in the air. It stains all your clothes and no detergent gets it out." hobbit709 Mar 2016 #5
two sets of my grandparents died as 'millionaires' Viva_La_Revolution Mar 2016 #6
Doesn't say anything about having a nest egg waiting for him in Israel. beam me up scottie Mar 2016 #7
I had forgotten about that one. n/t arcane1 Mar 2016 #31
Now that more of them have been outed as raging anti-Semites it's become obvious. beam me up scottie Mar 2016 #36
Ohhh ffs! And all honest money. Hardly the Clinton Foundation. ViseGrip Mar 2016 #8
Not sure the point of this? basselope Mar 2016 #9
according to Dave Manuel.com Ted Cruz is $2.5 million Angry Dragon Mar 2016 #11
Compared to the Clintons.... Else You Are Mad Mar 2016 #12
Count my house in over-heated Austin, a modest IRA & savings, I'm a millionaire! Eleanors38 Mar 2016 #32
Wow! Now THAT is one giant stretch! Kip Humphrey Mar 2016 #13
Love that! NWCorona Mar 2016 #17
San Francisco and our hills -- Hell Hath No Fury Mar 2016 #23
There is nothing wrong with working and saving WDIM Mar 2016 #16
New talking point being run up the flag pole? grntuscarora Mar 2016 #18
Wait, I thought he was a poor money manager becasue he's not rich enough. cyberswede Mar 2016 #19
I calculated the wealth equivalent of my social security recently. rogerashton Mar 2016 #22
Oh that rotten Bernie! Misleading us again by actually having pensions! Armstead Mar 2016 #24
"retirement nest egg" pat_k Mar 2016 #27
GOOD, slam him for choosing smartly on THRIFT SAVINGS PLAN choices, elleng Mar 2016 #28
This is a ridiculous analysis Dem2 Mar 2016 #29
How gassy of Time. Phew! nt Eleanors38 Mar 2016 #30
Ah, we're on #3 now ? "Separate the other candidate(s) from their natural base" GreatGazoo Mar 2016 #33
It's been somewhat out of order....They've been hammering away at #4 for a while Armstead Mar 2016 #38
That one is mandatory in a bandwagon campaign GreatGazoo Mar 2016 #39
AT his age, having socked away money all his life for retirement gollygee Mar 2016 #34
So what wilt the stilt Mar 2016 #35
ok I support Clinton but this is dumb hill2016 Mar 2016 #37
And this is a problem because... ljm2002 Mar 2016 #40
Another shitty hit piece from those hacks at Time blackspade Mar 2016 #41
An annual pension of $71,340?? That makes him a millionaire?? Granted he and his wife madinmaryland Mar 2016 #42
And? mythology Mar 2016 #43
If Sanders' "wealth" upsets you... Lone_Wolf Mar 2016 #44
Not his wealth, his hypocrisy question everything Apr 2016 #45
 

cosmicone

(11,014 posts)
4. We are talking about Sanders here - not Clintons
Wed Mar 23, 2016, 05:26 PM
Mar 2016

Deflection is not good when you cannot justify something.

Vinca

(50,267 posts)
14. Why does Bernie need to be justified?
Wed Mar 23, 2016, 05:30 PM
Mar 2016

He happens to work at a job that pays $174,000 a year with good benefits. His wife has also had a good job and they have retirement savings. You should know by now poor people can't run for office in this country.

 

virtualobserver

(8,760 posts)
15. why does anyone have to justify having a pension?
Wed Mar 23, 2016, 05:32 PM
Mar 2016

Answer: you don't......you only have to justify taking cash hand over fist from all of the major corporations....like Hillary does.

beam me up scottie

(57,349 posts)
21. Then let's talk some more: Sanders Among The Least Wealthy Presidential Candidates
Wed Mar 23, 2016, 05:39 PM
Mar 2016
Sanders Among The Least Wealthy Presidential Candidates

And Sanders is pretty poor by senatorial standards, Novak said: Based on his 2013 financial disclosure forms, the independent ranked as the 86th richest member of his chamber.

The Sanders' earnings also dims in comparison to the money raked in by his top rival for the Democratic presidential nomination, Hillary Clinton. The former secretary of state and her husband, former president Bill Clinton, made more than $25 million in speaking fees alone between the start of 2014 and mid-May of this year, according to financial disclosures.


"He's pretty close to the bottom" among presidential candidates, Novak said. "I don't know if there's any major candidate who has a smaller net worth. I mean, you look at [Republican] Jeb Bush, and Jeb Bush last year made about $8 million. So there's a pretty big disparity there."

http://www.npr.org/sections/itsallpolitics/2015/07/08/421151627/sanders-among-the-least-wealthy-presidential-candidates


Oops! That mentioned Hillary too, my bad.
 

revbones

(3,660 posts)
25. Have you guys justified the millions she made from speeches?
Wed Mar 23, 2016, 05:51 PM
Mar 2016

The donations to the Clinton Foundation from Mid East countries curiously timed around arms deals to those same countries?

The donations prior to her flip flop vote for the bankruptcy bill?

Let me know when you guys finish all that and then we can start talking about Bernie.

hobbit709

(41,694 posts)
5. "There's desperation in the air. It stains all your clothes and no detergent gets it out."
Wed Mar 23, 2016, 05:27 PM
Mar 2016

Better oil the bearings.

Viva_La_Revolution

(28,791 posts)
6. two sets of my grandparents died as 'millionaires'
Wed Mar 23, 2016, 05:27 PM
Mar 2016

Because they spent their whole lives pinching pennies and saving and investing. Bernie wants us all to have the same chances he did.

beam me up scottie

(57,349 posts)
7. Doesn't say anything about having a nest egg waiting for him in Israel.
Wed Mar 23, 2016, 05:27 PM
Mar 2016

Some Hillary supporters are going to be disappointed that their anti-Semitic conspiracy theory hasn't been validated.

beam me up scottie

(57,349 posts)
36. Now that more of them have been outed as raging anti-Semites it's become obvious.
Wed Mar 23, 2016, 06:12 PM
Mar 2016

Reminds me of the HC supporters who hated Obama so much in 2008.

Such irrational hatred is usually based on bigotry.

 

ViseGrip

(3,133 posts)
8. Ohhh ffs! And all honest money. Hardly the Clinton Foundation.
Wed Mar 23, 2016, 05:28 PM
Mar 2016

Dems really smearing dems, with lies. I don't mind facts. But either your a republican here, or a dem in denial. Besides, Bernie's message is the same as 30 years ago, when he first earned 33,000 as mayor. Can't say the same for our opponent.
We are all aware of the lifetime full pension of congress.

I am all for a constitutional amendment to remove this provision from every one of them. If this is the worst about Bernie, he won his job fair and square and has these perks, then we are set up well with Bernie in a general election. Hillary, not so much.

 

basselope

(2,565 posts)
9. Not sure the point of this?
Wed Mar 23, 2016, 05:29 PM
Mar 2016

So he is advocating against his own self interest and that is supposed to be a bad thing???

Else You Are Mad

(3,040 posts)
12. Compared to the Clintons....
Wed Mar 23, 2016, 05:30 PM
Mar 2016

... that is nothing. The Clintons are worth over $100 million Take a look at the Clinton's speaking fees via the link below. That isn't some RW smear site, that is CNN:

http://www.cnn.com/2016/02/05/politics/hillary-clinton-bill-clinton-paid-speeches/

But, thanks for trying!

ETA: My dad is a retired electrician and has over a million in retirement savings and property. Two million for 60 years of work isn't really that much.

 

Hell Hath No Fury

(16,327 posts)
23. San Francisco and our hills --
Wed Mar 23, 2016, 05:48 PM
Mar 2016

do that to big vehicles regularly. Beer trucks seem to especially vulnerable for some reason. Note the sign that says "Hill" -- just in case there was any question. :ROFL:

WDIM

(1,662 posts)
16. There is nothing wrong with working and saving
Wed Mar 23, 2016, 05:32 PM
Mar 2016

Its the exploiting, embezzling, fraud, usury, cronyism, special favors and pay to play quid pro quo that we must end!

rogerashton

(3,920 posts)
22. I calculated the wealth equivalent of my social security recently.
Wed Mar 23, 2016, 05:43 PM
Mar 2016

For planning purposes. Pretty easy to do, with a spreadsheet discounted present value function.

A bit over 400 K. But that is at a current interest rate of 1.5%, and assuming I live 15 more years.

Odd as it may seem, low interest rates increase the capital value of pension payments.

pat_k

(9,313 posts)
27. "retirement nest egg"
Wed Mar 23, 2016, 05:53 PM
Mar 2016

Pretty damn good.

He didn't earn his money from sources that constitute a a conflict of interest (or the appearance of a conflict of interest).

So, the problem is?

All that really matters is that he's advocating policies that will make it possible for more private sector, working class, Americans have the kind of opportunities he's had in the public sector.

elleng

(130,865 posts)
28. GOOD, slam him for choosing smartly on THRIFT SAVINGS PLAN choices,
Wed Mar 23, 2016, 05:56 PM
Mar 2016

like so many of us Federal Government employees.



Read all about it here https://www.tsp.gov/index.html

and if you're lucky, get a job with the Federal government. Good healthcare options too:

https://www.opm.gov/healthcare-insurance/healthcare/

Dem2

(8,168 posts)
29. This is a ridiculous analysis
Wed Mar 23, 2016, 05:59 PM
Mar 2016

He's in no way a wealthy man - what a stretch to criticize him for being very low on the wealth scale considering his successful political career.

GreatGazoo

(3,937 posts)
33. Ah, we're on #3 now ? "Separate the other candidate(s) from their natural base"
Wed Mar 23, 2016, 06:10 PM
Mar 2016
The Playbook of Standard Establishment Politics Dirty Tricks for the Primary Season

Trick #1 -- Define your opponent before they have a chance to define themselves.

Trick #2 -- Use their quotes or votes, out of context if necessary, to charge them as being a phony or hypocrite

Trick #3 -- Separate the other candidate(s) from their natural base

Trick #4 -- Claim that voting for your opponent is in some nefarious way a "wasted vote"

ljm2002

(10,751 posts)
40. And this is a problem because...
Wed Mar 23, 2016, 06:45 PM
Mar 2016

...?????

A net worth of about $2M is not much for a US Senator. And one would expect that a Senator would be above average in their household income, retirement $$ set aside, etc.

Should he have given his salary away? Should his wife have stayed home and baked cookies? Please let us know what he should have done differently to maintain his socialist cred.

Or not.

madinmaryland

(64,931 posts)
42. An annual pension of $71,340?? That makes him a millionaire?? Granted he and his wife
Wed Mar 23, 2016, 06:50 PM
Mar 2016

have had the opportunity to participate in some very good retirement plans, but I would not suggest that he and his wife are wealthy millionaires.

 

mythology

(9,527 posts)
43. And?
Wed Mar 23, 2016, 07:55 PM
Mar 2016

I'm not sure why I'm supposed to care about this. FDR and JFK were both wealthy and were pretty good presidents. Smart people (which Sanders is) can often make money, or at least not spend it willy nilly and so can save. Yes it helps he's been in Congress for 20 plus years and they have a pretty good retirement plan, but I don't see this as making him a hypocrite or whatever you're going for.

Lone_Wolf

(1,603 posts)
44. If Sanders' "wealth" upsets you...
Wed Mar 23, 2016, 08:00 PM
Mar 2016

...which he came by honestly, then you should really be foaming at the mouth at the Clinton's who made a real fortune with their pay-to-play shenanigans.

question everything

(47,470 posts)
45. Not his wealth, his hypocrisy
Thu Apr 7, 2016, 07:19 PM
Apr 2016

No, he does not invest in the stock market. But he enjoys the Thrift Saving plan offered to U.S. Civil Service employees. And where are these funds invested? In stocks and bonds, of course.

https://en.wikipedia.org/wiki/Thrift_Savings_Plan


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