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Lawmakers Share Pain of Recession

September 28, 2009

RecessionThe Jacksonville Times-Union reports that many Florida lawmakers haven’t been immune to the hard-hitting recession.

Of the 21 senators and representatives whose records were examined, 14 saw their net worth decline between their last two filings with the Florida Commission on Ethics. Six lawmakers saw an increase in their bottom line, while one saw no change.

The losses climbed as high as 80 percent and gains went up to 23 percent. One lawmaker saw much of his wealth wiped out in the Bernie Madoff scandal.

But many of the losses suffered by politicians were of the more mundane but no less damaging nature familiar to many Floridians: property values that plunged when the housing bubble burst.

Rep. Audrey Gibson, D-Jacksonville, saw the value of her home drop by more than $40,000 between December 2007 and December 2008, part of an 81.8 percent drop in her net worth, according to the records.

Sen. Evelyn Lynn, R-Ormond Beach, also took a large hit when her condo’s value eroded by more than a third. Lynn saw the largest dollar drop in her bottom line among lawmakers in Northeast Florida – almost $330,000.

Florida lawmakers largely share financial pain [Jacksonville Times-Union]

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