Fact Check: "A 38-year-old congresswoman with $0 net worth is shocking."
What We Know
The claim that a 38-year-old congresswoman has a net worth of $0 is indeed surprising, particularly in the context of the wealth distribution among members of Congress. According to a list of current members of the United States Congress by wealth, as of 2020, over half of the members of Congress were millionaires, with a median net worth of approximately $1 million. This stark contrast highlights the unusual nature of a congressperson having no net worth at all.
Alexandria Ocasio-Cortez, who is often referenced in discussions about wealth among young politicians, has publicly disclosed her financial situation. In 2018, she reported having around $15,000 in savings, which she later clarified had decreased to about $7,000 due to expenses related to her new congressional role. As of her latest disclosures, her assets were reported to be between $3,003 and $45,000, with student loan debts ranging from $15,000 to $50,000 (Financial Samurai, Ocasio-Cortez's official site). This indicates that while she is not a millionaire, her net worth is not zero.
Analysis
The claim that a congresswoman has a net worth of $0 is misleading. While it is true that Alexandria Ocasio-Cortez has a relatively low net worth compared to her peers in Congress, it is not accurate to state that her net worth is zero. The financial disclosures indicate that she has some assets, albeit modest, and significant student loan debt.
The sources used to evaluate her net worth are credible, with the OpenSecrets database providing comprehensive financial disclosures for Congress members. However, it is important to note that the figures reported can vary widely due to the nature of financial disclosures, which often use ranges rather than exact amounts. This can lead to confusion regarding the actual financial standing of members of Congress.
Moreover, the context of her age and the typical financial trajectory of politicians adds another layer to this analysis. At 38, Ocasio-Cortez is significantly younger than the average member of Congress, which is around 57 years old. This age difference suggests that her financial situation may evolve as she continues her career in politics (Financial Samurai).
Conclusion
The claim that a 38-year-old congresswoman with a net worth of $0 is shocking is Partially True. While it is indeed unusual for a member of Congress to have such a low net worth, the assertion that her net worth is zero is incorrect. Alexandria Ocasio-Cortez does have assets, though they are modest compared to the average member of Congress. Her financial situation reflects a broader narrative about the challenges faced by younger politicians in a system where wealth accumulation is common among their peers.
