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Wed Mar 23, 2016, 05:23 PM

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, 1746 views

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Arrow 45 replies Author Time Post
Reply Bernie Sanders Is a De Facto Millionaire (Original post)
question everything Mar 2016 OP
Vinca Mar 2016 #1
cosmicone Mar 2016 #4
Viva_La_Revolution Mar 2016 #10
Vinca Mar 2016 #14
virtualobserver Mar 2016 #15
beam me up scottie Mar 2016 #21
revbones Mar 2016 #25
Armstead Mar 2016 #26
JonLeibowitz Mar 2016 #2
arcane1 Mar 2016 #3
virtualobserver Mar 2016 #20
hobbit709 Mar 2016 #5
Viva_La_Revolution Mar 2016 #6
beam me up scottie Mar 2016 #7
arcane1 Mar 2016 #31
beam me up scottie Mar 2016 #36
ViseGrip Mar 2016 #8
basselope Mar 2016 #9
Angry Dragon Mar 2016 #11
Else You Are Mad Mar 2016 #12
Eleanors38 Mar 2016 #32
Kip Humphrey Mar 2016 #13
NWCorona Mar 2016 #17
Hell Hath No Fury Mar 2016 #23
WDIM Mar 2016 #16
grntuscarora Mar 2016 #18
cyberswede Mar 2016 #19
rogerashton Mar 2016 #22
Armstead Mar 2016 #24
pat_k Mar 2016 #27
elleng Mar 2016 #28
Dem2 Mar 2016 #29
Eleanors38 Mar 2016 #30
GreatGazoo Mar 2016 #33
Armstead Mar 2016 #38
GreatGazoo Mar 2016 #39
gollygee Mar 2016 #34
wilt the stilt Mar 2016 #35
hill2016 Mar 2016 #37
ljm2002 Mar 2016 #40
blackspade Mar 2016 #41
madinmaryland Mar 2016 #42
mythology Mar 2016 #43
Lone_Wolf Mar 2016 #44
question everything Apr 2016 #45

Response to question everything (Original post)

Wed Mar 23, 2016, 05:24 PM

1. You know what the Clintons call that? Pocket change.

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Response to Vinca (Reply #1)

Wed Mar 23, 2016, 05:26 PM

4. We are talking about Sanders here - not Clintons

 

Deflection is not good when you cannot justify something.

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Response to cosmicone (Reply #4)

Wed Mar 23, 2016, 05:29 PM

10. deflection? no. compare and contrast

It's what primary season is for.

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Response to cosmicone (Reply #4)

Wed Mar 23, 2016, 05:30 PM

14. Why does Bernie need to be justified?

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.

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Response to cosmicone (Reply #4)

Wed Mar 23, 2016, 05:32 PM

15. why does anyone have to justify having a pension?

 

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

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Response to cosmicone (Reply #4)

Wed Mar 23, 2016, 05:39 PM

21. Then let's talk some more: Sanders Among The Least Wealthy Presidential Candidates

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.

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Response to cosmicone (Reply #4)

Wed Mar 23, 2016, 05:51 PM

25. Have you guys justified the millions she made from speeches?

 

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.

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Response to cosmicone (Reply #4)

Wed Mar 23, 2016, 05:52 PM

26. I can certainly justify him having pensions from honest jobs

 

No deflection needed.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:25 PM

2. Breaking news: workers with pensions which they themselves vote on have a secure retirement

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:25 PM

3. The desperation around here is reaching pathetic levels.

 

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Response to arcane1 (Reply #3)

Wed Mar 23, 2016, 05:37 PM

20. we are all Lucky Duckys

 




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Response to question everything (Original post)

Wed Mar 23, 2016, 05:27 PM

5. "There's desperation in the air. It stains all your clothes and no detergent gets it out."

Better oil the bearings.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:27 PM

6. two sets of my grandparents died as 'millionaires'

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

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:27 PM

7. Doesn't say anything about having a nest egg waiting for him in Israel.

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

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Response to beam me up scottie (Reply #7)

Wed Mar 23, 2016, 06:04 PM

31. I had forgotten about that one. n/t

 

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Response to arcane1 (Reply #31)

Wed Mar 23, 2016, 06:12 PM

36. Now that more of them have been outed as raging anti-Semites it's become obvious.

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

Such irrational hatred is usually based on bigotry.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:28 PM

8. Ohhh ffs! And all honest money. Hardly the Clinton Foundation.

 

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:29 PM

9. Not sure the point of this?

 

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

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:29 PM

11. according to Dave Manuel.com Ted Cruz is $2.5 million

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:30 PM

12. Compared to the Clintons....

... 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.

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Response to Else You Are Mad (Reply #12)

Wed Mar 23, 2016, 06:05 PM

32. Count my house in over-heated Austin, a modest IRA & savings, I'm a millionaire!

 

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:30 PM

13. Wow! Now THAT is one giant stretch!


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Response to Kip Humphrey (Reply #13)

Wed Mar 23, 2016, 05:33 PM

17. Love that!

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Response to Kip Humphrey (Reply #13)

Wed Mar 23, 2016, 05:48 PM

23. San Francisco and our hills --

 

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:

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:32 PM

16. There is nothing wrong with working and saving

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

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:34 PM

18. New talking point being run up the flag pole?


Good luck with that one.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:36 PM

19. Wait, I thought he was a poor money manager becasue he's not rich enough.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:43 PM

22. I calculated the wealth equivalent of my social security recently.

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:50 PM

24. Oh that rotten Bernie! Misleading us again by actually having pensions!

 

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:53 PM

27. "retirement nest egg"

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:56 PM

28. GOOD, slam him for choosing smartly on THRIFT SAVINGS PLAN choices,

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/

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Response to question everything (Original post)

Wed Mar 23, 2016, 05:59 PM

29. This is a ridiculous analysis

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:02 PM

30. How gassy of Time. Phew! nt

 

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:10 PM

33. Ah, we're on #3 now ? "Separate the other candidate(s) from their natural base"

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"

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Response to GreatGazoo (Reply #33)

Wed Mar 23, 2016, 06:35 PM

38. It's been somewhat out of order....They've been hammering away at #4 for a while

 

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Response to Armstead (Reply #38)

Wed Mar 23, 2016, 06:42 PM

39. That one is mandatory in a bandwagon campaign

It is almost the definition of a bandwagon campaign -- "vote for this person or you're going to a special place in Hell."

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:12 PM

34. AT his age, having socked away money all his life for retirement

That would not be unexpected or unusual.

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:12 PM

35. So what

 

There is nothing wrong here. We are a capitalistic country.



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Response to question everything (Original post)

Wed Mar 23, 2016, 06:32 PM

37. ok I support Clinton but this is dumb

 

A million isn't that much these days.

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:45 PM

40. And this is a problem because...

...?????

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:50 PM

41. Another shitty hit piece from those hacks at Time

Ridiculous and pathetic

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Response to question everything (Original post)

Wed Mar 23, 2016, 06:50 PM

42. An annual pension of $71,340?? That makes him a millionaire?? Granted he and his wife

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 07:55 PM

43. And?

 

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.

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Response to question everything (Original post)

Wed Mar 23, 2016, 08:00 PM

44. If Sanders' "wealth" upsets you...

...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.

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Response to Lone_Wolf (Reply #44)

Thu Apr 7, 2016, 07:19 PM

45. Not his wealth, his hypocrisy

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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