Rivals for 20th District seat each claim they offer the best solutions for uncertain times

ALBANY — The Clinton-era slogan “It’s the economy, stupid” is getting new life in the 20th Congressional District race.

Democrat Scott Murphy and Republican Jim Tedisco are trying to capitalize on uncertain economic times by combining personal narrative with partisan prescriptions in an attempt to own the issue.

To hear each candidate tell his own story: Murphy is the Midwestern son of a postal worker and a teacher, a businessman who created over 1,000 upstate jobs; Tedisco is the son of a General Electric foundry worker and a homemaker, a teacher and basketball coach who ended up representing the interests of 60,000 people as the Assembly minority leader.

But voters get a very different picture when each candidate tells his rival’s story in political ads: Tedisco sees Murphy as a wealthy product of Wall Street who is “one of them,” supporting undeserved bonuses for executives and wasteful spending in the federal stimulus. According to Murphy, Tedisco is an “Albany politician” who for weeks refused to say whether he would have supported the federal stimulus, and then said no to a vital piece of legislation.

The issue of class has wound its way into the campaign: “I’m not a millionaire, and I’m never going to be a millionaire,” Tedisco said during a debate on WNYT Ch. 13 last Tuesday. “When I get to … Washington, I’ll probably be the poorest person there in Congress. ”

Tedisco is paid $114,000 per year as Assembly minority leader, which also includes the use of a state-issued car and a per diem for travel to Albany.

According to his personal financial disclosure, Tedisco’s assets range from around $1.5 million to $3 million, including properties that are owned by his wife Mary Song Tedisco. His liabilities range from $400,000 to $850,000.

Tedisco’s personal net worth is around $850,000, said Adam Kramer, a Tedisco campaign spokesman.

As a venture capitalist and partner with Advantage Capital Management Corporation, Murphy earned $421,582 last year, according to his own financial disclosure. Murphy’s assets range from around $5.8 million to $16 million; a majority of the assets are invested across the country through Advantage Capital. His liabilities range from $475,000 to around $1 million.

Both men have loaned money to their congressional campaigns: $250,000 from Murphy; $200,000 from Tedisco.

The National Republican Congressional Committee has attempted to use Murphy’s wealth against him, running ads casting the Democrat as an out-of-touch “Wall Street millionaire.”

For the most part, Murphy has not engaged Tedisco’s class argument. “Scott’s proud to have lived the American Dream and to have helped create over 1,000 jobs in New York, and when he goes to Congress he’s going to work with Senator Gillibrand and President Obama to lead us out of the current economic crisis,” said Ryan Rudominer, a Murphy spokesman.

The pivot in that quote from the personal to the national is telling: For both men, the federal stimulus package has become the issue where class and policy intersects. For Murphy, it’s the cornerstone of his strong support for President Obama; for Tedisco, it’s a classic example of the danger of sending another “rubber-stamp” Democrat to Washington.

Both the Tedisco campaign and the NRCC have tried to tie Murphy’s wealth to public furor over the $165 million in executive bonuses awarded at the troubled insurance giant American International Group, which received $170 billion in taxpayer bailout money. Tedisco’s ads have attempted to draw parallels between AIG and Synacor, a Murphy-backed technology firm that gave its executives bonuses during years when the company lost money. Murphy notes that Synacor is a growing company that’s experienced modest losses as it has expanded, and that the bonuses are in line with its long-range business plan.

Nevertheless, one Tedisco ad says that, “Like AIG, Scott Murphy gave huge bonuses to executives in a company losing millions. … AIG and Murphy: He’s one of them.”

Tedisco initially refused to state his position on the stimulus, but in recent weeks said he would not have supported it, claiming the bill contained $300 billion in “pork” and, once again, trying to tie it to AIG…

Click here to read the full story.