Congress living high on the hog

Yesterday, we had the sorry story of Rep. Randy "Duke" Cunningham (R-CA) pleading guilty to accepting bribes. His offenses were mainly centered around a shady housing deal where he sold his house to a defense contractor for a lot more than it was worth.

Today, we hear about Rep. Bobby Rush (D-IL). Rush is being sued for failing to pay his mortgage since July. The article says Rush has a mortgage for $334,600 on a home valued at just over 200 thousand dollars.

I believe the connection between these stories is the desire to live beyond ones means. A person who makes $162,000 a year (current congressional salary) will be poor if they are spending $200,000 each year. Conversely, someone making $60,000 a year can become rich if they spend $45,000. We wonder why we have a ballooning national deficit? It shouldn't be that surprising when you realize they can't balance their own household budgets without accepting bribes.

The foreclosure action against Rep. Rush is a cautionary tale for many Americans. People are taking second and third mortgages out with adjustable rate loans which will get a lot more expensive as interest rates continue to climb.