Facing Mounting Losses, Congress Gives Itself A Raise

Congress just gave itself a raise!

The salary for senators and representatives just got bumped up an extra $4,700 from $169,300 to $174,000. The pay bump occurs automatically every year, thanks to a piece of legislation written in 1989 meant to prevent legislators from voting on their own raises.

This is outrageous!  The government is facing ballooning losses of $1.2 trillion on the year.  Without support from taxpayers and the Chinese, they’d be out of business!

See Also:
Senate Threatens To Cap Wall Street Pay At $400,000
Q4 GDP Boosted TARP


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.