Personal Financial Evaluation

Following Mitch's Money, Presentation by Doug Price on May 18, 2020

Today we are going to talk about Mitch’s net worth!! Plus tie that in with other issues.

A couple of years ago I researched Senator McConnell’s (McMoney) net worth because several people had posted on social media that his net worth had increased exponentially over the years all on his salary. The figure quoted on Social Media seemed to indicate that he had increased his net worth through nefarious means.

So I did what I do — I investigated and determined that while he is now the 7th or 8th richest Senator in the Senate a big chunk of his net worth came about due to an inheritance from his wife’s father James Chao. His net worth is estimated to be just under $40 million. He and his wife own a house in Louisville and a 3,000 square foot home in Washington DC. An old historic home built in 1890.

According to Open Secrets — the Center for Responsive Politics — he has no debts.

Speaking of Money and Mitch: His Senate Campaign Committee has raised approximately $29.5 million and has $15.6 million on hand.

Given that he has several candidates after his job I expect the June total will raise these totals much higher. He will be desperate to retain his Senate seat and will pull out all of the stops to try to win (buy) the election. I can only imagine the phone calls to anybody he has ever helped. I guarantee it will not be to me or folks like me — Money Money Money is the key.

To break it down his net worth a little further — the 2008 gift from the Father-in-law was estimated to be $25 million so without that amount he still would have an estimated Net Worth of $15 million which is a pretty good chunk of change for someone who has been in “Public Service” for the last 40 + years.

His congressional salary over the years totals almost $6 million. I’m guessing he had to pay taxes on this amount unless of course, he used Trump’s tax attorneys! He had living expenses so one could wonder how he has been able to increase his net worth to $15 million excluding the gift.

When Mitch first became a Senator his salary was $75,000/year. At the same time the Federal minimum wage computed to an annual salary of $7,000.

The amount each Senator receives to run their various offices ranges from $3 million to $5.1 million. I expect Mitch’s is on the top end!

House members receive an average of $1.3 million

I don’t have a total for both the House (435 members) and the Senate (100 members) but that figure is astronomical.

So have we entered into the realm of What the Heck yet!

His current salary is $193,400 (wife makes $199,700) and the current Federal minimum wage computes to $15,080. The poverty level is $12,760.

Has Mitch McConnell ever voted for an increase in the minimum wage? Will he ever vote for an increase in the minimum wage?

Speaking of voting — here is an interesting tidbit: Mitch has been in the Senate so he has made the 3rd largest number of votes (11,432) in the Senate! Leahy and Grassley have more votes. Think of how many votes he would have if he allowed legislation from the House of Representatives to be voted on in the Senate!

Just thinking out aloud — wonder if Mitch might have funds in other places? All members of Congress are required to report any and all financial information but some wealthy people have been known to have funds in countries that are very secretive about their customers.

Perhaps Mitch has just been very astute about investing.

I’d like to tie into a story I heard from a couple whose son had started to work for KY State Government about 10 years ago. The only raise he had during that time was the raise one receives after your 6 month probationary period.

That is what public service means in Kentucky. Could Mitch help this through legislation to raise minimum wages?

Can he claim to be involved in Public Service?

He controls the Senate. He controls whether or not anything from the House gets consideration and along the way he barters, trades and pushes his agenda for America. Is his agenda for America what is best for America?

I think not. It is time to retire Mitch on November 3, 2020.

Doug Price is a member/treasurer of the MMRC and a regular participant on the #MoscowMitchMonday live stream, discussing Mitch and Money. Doug is an advocate of governmental change on the State/Federal level and has periodically worked on Democratic campaigns dating back to the 80s. Follow Doug on Twitter @ PriceDoug