>>Lobbyist industry booming while Main Streets Cries
Posted February 16, 2010on:
I thought you would find this interesting. Lobbyist are making money hand over fist in Washington. You know, those people Obama was not going to have anything to do with. Then he puts about 12 of them in his White House and listens to a whole lot more. There are 6 lobbyist registered in Washington for every one Congressman just in Health Care alone. Now we know where the jobs are! BB
February 12th, 2010
2009: Lobbyists Most Profitable Year
Posted by David Paul Kuhn | Email This | Permalink | Email Author
A record $3.47 billion was spent on federal lobbyists in 2009, according to a new study by the nonpartisan Center for Responsive Politics. Ergo, fair now to say that Wall Street and K Street had a bull year, while Main Street suffered in recession.
The lobbyist boon times were tied to the legislative debates of the day: health care reform, financial reform and energy policy.
Still, 2009 looks not greatly different from 2008. There was about a 5% total increase in spending between the two years. But most of that increase occurred in the 4th quarter. And in the 4th quarter of 2008 there were those two mega events, financial crisis and the presidential election, likely tamping down spending. For example, the report finds that spending in the 2009 3rd quarter was up 3% compared to a 16% rise in the 4th quarter.
Nevertheless, it exhibits how disconnected the worlds of Wall Street and K Street are from the larger American experience. Both industries earned record profits the same year foreclosures shattered previous records.
Notably, with health care reform atop the 2009 legislative debate, the report found that federal lobbying expenditures for the pharmaceutical and health products industry were larger than any single industry ever. Health care lobby’s total 2009 bill: $266.8 million. Bloomberg reported last August that there were 3,300 health care lobbyists working Congress – six lobbyists for each of the 535 House and Senate lawmakers.