Tom Ridge, our Secretary of Homeland Security, is considering resigning from office, because he “needs to earn money in the private sector to put his teenage children through college”, say others in the Bush Administration according to CNN.
Also, according to CNN, Ridge’s decades of public service have left him with “relatively little savings” – this after six years as Gov. of Pennsylvania, where he earned $138,316 a year.
He owns an $873,000 home with a $784,000 mortgage, and his financial disclosure reports from 2003 show that he owned between $122,000 and $787,000 in equities.
This prompts the question: if a man currently making $175,000 a year, who has been earning a six figure salary for almost a decade can’t manage to accumulate enough savings to finance the college education of two kids, what hope do the rest of us have?
Or perhaps the question should be: has the ruling political class in our country had its expectations so distorted by close association with private sector potentates that they’ve lost all perspective?
Seems like it to me.
—Thomas Leavitt, posting from Santa Cruz, CA (and earning well under six figures a year, with two kids).