Democratic super PAC uses misleading math to claim Kean doubled his net worth in ad approved by Bennett

A Democratic super PAC closely aligned with House Minority Leader Hakeem Jeffries is running a television ad that falsely suggests Rep. Tom Kean Jr. (R-Westfield) doubled his net worth while serving in Congress, using selective, misleading figures from financial disclosure reports.

“Tom Kean is making a killing in Congress, doubling his net worth,” the narrator says in an ad produced by House Majority PAC and jointly funded with Democrat Rebecca Bennett.

But the fine print on the screen offers a significant qualification: “As much as doubled net worth.”

The distinction matters because the super PAC’s financial disclosure reports provide broad ranges of assets and liabilities, not precise figures showing how much Kean is worth.

Democrats defended their calculations to the New Jersey Globe, explaining that they compared the lowest possible estimate of Kean’s net worth in 2022, when he was first elected to Congress, with the highest possible estimate in his most recent disclosure.

According to the figures Democrats provided, Kean’s 2022 disclosure placed his net worth between $10,702,193 and $32,204,990.

His latest disclosure places his net worth between $7,410,144 and $21,464,999.

By comparing the $10.7 million low-end estimate from 2022 with the $21.5 million high-end estimate from the more recent report, House Majority PAC claimed Kean’s wealth had doubled.

But the same disclosures could just as easily suggest that Kean’s net worth declined substantially during his time in Congress.

The filings establish neither conclusion.

At a 7th district congressional debate last month, Kean estimated his net worth, including real estate, at approximately $10 million.

House Majority PAC produced the advertisement through a joint checking account with Kean’s Democratic challenger, Bennett.  Although the super PAC controlled the content, Bennett appears at the conclusion of the commercial to deliver the required candidate approval.

“I’m Rebecca Bennett,” she says.  “I approve this message.”

Kean’s campaign has also made questionable claims about Bennett’s professional background in a television advertisement approved by the two-term congressman.

The Republican ad portrays Bennett’s healthcare career as involving deals with hospital chains accused of patient abuse and insurance companies criticized for denying coverage and putting profits ahead of patients.

But the four companies Bennett worked for were not health insurance carriers.

Oshi Health provides virtual gastrointestinal care, while Noom offers digital weight-management services. Both work with health insurance plans, but neither is an insurer.

Midi Health provides virtual women’s healthcare and participates in major PPO insurance networks. Johnson & Johnson manufactures pharmaceuticals and medical devices and markets them to insurers, with which it negotiates.

Those business relationships do not establish that Bennett worked for insurance companies accused of denying patients coverage.

Kean’s voice appears in that ad, indicating his approval of the message.