Personal finance - Public finance

DISCLAIMER: The following is in no way meant to impugn Senator Joe Biden's skill as a legislator.

Yesterday on CNN, some of the pundits discussed Sen. Biden's ability to reach out to those white-working class voters that Sen. Obama is struggling with. As evidence they pointed out Sen. Biden's humble beginnings in Scranton, Pennsylvania. They also pointed out his net worth of only $100,000 to $150,000. What?!?!?

Sen. Biden earns $169,000 every year as a US Senator, that's in the top 3% of households nationwide. His net worth is below the average and much below the net worth for someone of his age and education. I know he made less than $169,000 when he started out in the Senate. But c'mon. If he started in 1973 to save $5,000 per year at a measly 5% interest annually, he'd have well over $400,000 in savings. So what happened? Are all Senators this poor in personal financial management? Does it make any difference? Does it have any implications for his ability to manage the public's money?

(And I fully acknowledge that Sen. McCain's great skill in wealth building began with marrying into wealth, so this isn't meant to a partisan post.)

Update by Pat: This was also reported in the Washington Post.