Trust in elected officials has been in steady decline for decades. One reason is Americans feel the game is rigged against them. It’s hard to decide if members of Congress and other elected officials are self-serving or civil servants.
One thing is certain—many, from both sides of the political aisle, are getting richer while in office. They are investing based on the insider knowledge they are privy to through their office. If you or I did that, we’d go to jail. If you are in Congress, it’s perfectly legal.
(Coincidentally, a bill was just unveiled this week in the Senate to ban stock trading for government officials and their spouses and dependents.)
Matt K. Lewis just released a book on this topic, and he pulls no punches. Filthy Rich Politicians explains just how badly our system is broken and which politicians are the most egregious when it comes to lining their pockets.
Matt exposes why the average congressperson is many times wealthier than “Joe Six-pack,” and how the elected get even richer. He shares the tactics and loopholes used to fund a lifestyle that is corroding American politics and dissolving social cohesion.
In this week’s conversation, Matt and I discuss:
Legal trading on insider information.
Politicians’ quest for “honest graft.”
Nepotism: How friends and family get rich.
How much money you need to get elected.
The reason working-class Americans don’t get elected.
The revolving door into the lobbying industry.
The formidable hurdles to a successful third-party campaign.
The merits of ranked choice voting.
Two initial reforms that will make an immediate difference.
You can watch our interview on YouTube by clicking the image below. On your way in, please don’t forget to subscribe to our channel and like the video.
A full transcript of our conversation is available here.
Matt is a columnist at The Daily Beast. You can learn more about Matt’s work and his new book at his website here.
As always, I really appreciate you joining me this week at Global Macro Update. I’ll see you back here next week when I will be joined by Sam Rines, managing director at Corbu LLC, where he explains a subtle but important shift in the economy.
Until then, if you want to stay in touch, please follow me on Twitter @EdDAgostino.
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