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* JB Pritzker has spent about $100 million of his reported $3.4 billion fortune on his campaign. That $100 million works out to 2.94 percent of his total stash.
National median household net worth is $81,200. So, 2.94 percent of that would be $2,387.28.
Just putting things into perspective here.
posted by Rich Miller
Monday, Jun 4, 18 @ 9:42 am
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$2,387.23 is all I’d spend for that job too. Not a penny more.
Comment by 47th Ward Monday, Jun 4, 18 @ 9:48 am
If I had a time machine, I could go back to the year 1950 and buy a new Ford with that amount, or stay in 2018 and buy Sam McCann’s entire campaign.
Comment by VanillaMan Monday, Jun 4, 18 @ 9:48 am
I find that thinking of “a billion dollars” as “a thousand million dollars” helps put these dizzying sums into perspective.
– MrJM
Comment by @misterjayem Monday, Jun 4, 18 @ 9:49 am
But how much of that $2387.28 is disposable income for the average household?
Comment by Da Big Bad Wolf Monday, Jun 4, 18 @ 9:50 am
Thanks, Rich.
The $106 million is mind blowing, then putting out what that equates to others, a different perspective too.
I think about sports when things get to 9-figures.
Simply, the NHL salary cap is $80 million, allowing Pritzker to easily pay the payroll of any single NHL team for a year, and begin to pay the payroll of a second NHL franchise.
The NFL? The salary cap next year is $177.2 million, with a few exceptions for veterans re-signing… so Pritzker could roughly pay 58%+ of a franchise’s salary obligation.
Baseball has no salary cap.
The following clubs’ payrolls would be met with $106 million… and there still would be money left over for each club.
Padres, Reds, Marlins, Phillies, Brewers, Pirates, Rays, A’s… and the Chicago White Sox.
Nine clubs, payrolls could be met.
Mind boggling.
Comment by Oswego Willy Monday, Jun 4, 18 @ 9:55 am
Good way to put it, Mr. JM
Pritzker’s net worth is only equal to 34 average millionaires - or 35 of them after Wall Street closes today.
Comment by VanillaMan Monday, Jun 4, 18 @ 9:55 am
That’s interesting. However, money makes money. If JB earns just 5% a year on that $3.4 billion he’s getting back $170 million. If you’re making $81,000 your spending it, not investing it.
Comment by WizzardOfOzzie Monday, Jun 4, 18 @ 9:58 am
In Illinois we have the best Gov candidates that money can buy !
Comment by Texas Red Monday, Jun 4, 18 @ 9:58 am
==National median household net worth is $81,200. So, 2.94 percent of that would be $2,387.28.==
Another way to look at it: JB spent $100M for a job with a $177,412 salary (which he won’t take), which is 0.005% of his net worth.
If the national median household net worth is $81,200, that would be like the average Joe spending $2,387.28 for a job that pays $4.24 per year.
Comment by City Zen Monday, Jun 4, 18 @ 10:04 am
I dont understand why people keep talking about his wealth? Let’s talk about his ideas for the state.
Comment by Rocky Rosi Monday, Jun 4, 18 @ 10:07 am
If not for Pritzker, Rauner would likely be all alone in pounding opponents with money. Until campaign finance laws change, this looks good for Democrats. Fight fire with even bigger fire, in that sense.
Pritzker has the bucks to push the messages of a progressive income tax and marijuana legalization. I am more concerned about a candidate’s quality and electability rather than wealth. If Pritzker runs a great campaign and doesn’t have something damaging in his past, that’s very positive. I don’t necessarily need to personally identify with someone. I need someone who is most likely pass laws I like and stop those I don’t. Between Pritzker and Rauner, the choice couldn’t be more clear.
Comment by Grandson of Man Monday, Jun 4, 18 @ 10:08 am
==that would be like the average Joe spending $2,387.28 for a job that pays $4.24 per year.==
That’s what I heard a Florida retiree did when he bought some old computer parts from Bruce Rauner’s nursing home a while ago.
Comment by VanillaMan Monday, Jun 4, 18 @ 10:10 am
There’s a brutal negative spot coming that shows Pritzker can spend a hundred million + trying to buy the office, but ripped out toilets to dodge property taxes and paid no state income tax in 2014.
Wonder how they’re going to respond? They’ve had all sorts of time to figure it out.
Comment by wordslinger Monday, Jun 4, 18 @ 10:12 am
No matter what percentage of Pritzker’s personal wealth it actually comprises, when I see that amount of his own money which he is willing to spend to become governor I think there is something seriously wrong with politics. Yes, I know he is running against another self-funder multi-multi-millionaire for that office.
Comment by Responsa Monday, Jun 4, 18 @ 10:13 am
===I think there is something seriously wrong with politics===
Then get involved with an effort to change the US Constitution. Until then, nothing’s gonna change.
Comment by Rich Miller Monday, Jun 4, 18 @ 10:14 am
==runs a great campaign and doesn’t have something damaging in his past, that’s very positive. I don’t necessarily need to personally identify with someone. I need someone who is most likely pass laws I like and stop those I don’t. ==
You could be a Trump supporter using that logic.
Comment by VanillaMan Monday, Jun 4, 18 @ 10:15 am
Rich, good to see you think the trope of making comparisons between billionaires and the hoi polloi never gets old.
Comment by Anonimity Monday, Jun 4, 18 @ 10:15 am
===the hoi polloi===
I resemble that remark.
Comment by 47th Ward Monday, Jun 4, 18 @ 10:19 am
–Rich, good to see you think the trope of making comparisons between billionaires and the hoi polloi never gets old.–
Nor should it, because…. perspective. Does it bother you for some reason?
Is it okay to point out the disparity between CEO and average worker earnings? Or is that “class warfare?”
https://www.nytimes.com/2018/05/25/business/highest-paid-ceos-2017.html
Comment by wordslinger Monday, Jun 4, 18 @ 10:20 am
Wordy is right -
Pritzker could get elected and then get some campaign finance reform pas-ssssh - LOL - sorry, can’t.finish. LOL
Comment by VanillaMan Monday, Jun 4, 18 @ 10:28 am
Someone would seemingly be a real nutcase to spend in excess of 125 million of their own money to become Governor of our sorry state
Comment by Sue Monday, Jun 4, 18 @ 10:33 am
–Wordy is right - Pritzker could get elected and then get some campaign finance reform pas-ssssh - LOL - sorry, can’t.finish. LOL–
I didn’t write anything about “campaign finance reform.”
Were you the dude with the bong from the other thread?
Comment by wordslinger Monday, Jun 4, 18 @ 10:34 am
So $2,387 comes out to $198/ month for the average family.
JB is going to buy the Governor’s office for the equivalent of the average family buying a used car.
Comment by Get a Job! Monday, Jun 4, 18 @ 10:44 am
“You could be a Trump supporter using that logic.”
I didn’t vote for Trump, but I do wonder who overlooked Rauner’s and Trump’s wealth—or praised it—but now sweats Pritzker for his wealth.
Comment by Grandson of Man Monday, Jun 4, 18 @ 10:45 am
As discussed on the Tweeter over the weekend, $105 million is also enough to buy the TV preacher his fourth jet (a sweet Falcon 7X, for you #AvGeeks) and have enough left to get your own.
Comment by Arthur Andersen Monday, Jun 4, 18 @ 10:49 am
=I didn’t vote for Trump, but I do wonder who overlooked Rauner’s and Trump’s wealth—or praised it—but now sweats Pritzker for his wealth.=
But Pritzker is running as a reasonable leader, not a lying crackpot like Rauner or Trump.
Of course he’s being held to a higher standard.
Comment by Duopoly Monday, Jun 4, 18 @ 10:51 am
I didn’t say anything about who voted for whom, merely pointing out the logic you used to elect a Democrat who could buy either Trump or Rauner.
Comment by VanillaMan Monday, Jun 4, 18 @ 11:07 am
Even a conservative investment portfolio should earn at least 4%, so he’s spending nine months income to become Governor. And it’s more probably six months.
I would do that. With either my income or his.
Comment by Streamwood Retiree Monday, Jun 4, 18 @ 12:47 pm
“I dont understand why people keep talking about his wealth? Let’s talk about his ideas for the state.
”
Absolutely! BTW, FDR was extremely rich also. So was TR.
Comment by Streamwood Retiree Monday, Jun 4, 18 @ 12:52 pm
But why, everyone says Rauner is toast. So if you are so smart why spend $100 million on a race you can’t lose. It seems like foolishly throwing away money…unless his internal poll numbers say something different.
Not for nothing, but last June Donald Trump was a joke. I think a lot of what happens or does not happen on the national level is going to push voter turnout in November and all bets are off.
Comment by the Patriot Monday, Jun 4, 18 @ 1:24 pm
==BTW, FDR was extremely rich also. So was TR.==
Yeah, but these guys were loaded with government experiences before holding office. And they were both proven leaders. TR was an author, world traveler, NYC assemblyman, police chief, rancher, mayor, assistant secretary of the US Navy, Army Colonel during the war with Spain in Cuba - before getting elected governor, right?
Pritzker wears a puffy vest that looks like my Aunt Wanda’s dog bed.
Comment by VanillaMan Monday, Jun 4, 18 @ 5:01 pm