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David Valadao on Principles & Values |
These public officials have significant assets and might actually be considered wealthy by some, but they have the smallest minimum net worths because they all hold massive debts and liabilities of at least $500,000, including obligations such as mortgages on multiple homes, overdue taxes and legal fees.
1st Poorest: David Valadao: -$4.10 million
Valadao, a California Republican who bears the dubious distinction of being poorest this year, actually lists more than $1 million in assets. The dairy farmer reports only three assets: his two family farms with a combined worth of at least $1.25 million and a bank account worth more than $1,000. His $5.35 million in liabilities are all farm-related, including a $1 million mortgage and multimillion-dollar lines of credit on the farm, its operating herd and animal feed.
The new generation of pro-market, small government leaders filled such a need that in October 2007, Fred Barnes of The Weekly Standard profiled Eric Cantor, Paul Ryan, and Kevin McCarthy and christened them the "young guns."
Kevin approached Eric & Paul about the idea of traveling together, as "Young Guns", to visit Republican candidates interested in a new approach for the party.
What began as an informal way to support like-minded candidates became a more formal structure. Once the three Representatives had studied the candidate and given their support to become a Young Gun, they committed to providing financial support through their campaign committees.
Existing House Republicans were approached with a simple pitch: Are we willing to help ourselves by being proactive and going on the offense to change this House? Dozens of our House Republican colleagues joined the Young Gun effort as one of the many signs that the Republican Party had shifted.