The Ignorant Investor

Ignorance Can't Stand in the Way of My Opinion

Monday, September 05, 2011

 

Lobbying the debt super committee

So the new debt panel is about to start deciding how to deal with the deficit.  According to the Washington Post:  

 

Nearly 100 registered lobbyists used to work for members of the supercommittee, now representing defense companies, health-care conglomerates, Wall Street banks and others with a vested interest in the panel’s outcome, according to a Washington Post analysis of disclosure data. Three Democrats and three Republicans on the panel also employ former industry lobbyists on their staffs.

 

The preponderance of lobbyists adds to the political controversy surrounding the supercommittee, which will begin its work in earnest this week as Congress returns to Washington. The panel has already come under fire from watchdog groups for planning its activities in secret and allowing members to continue fundraising while they negotiate a budget deal.


The chance that there is a lobbyist for the middle class taxpayer who can effectively outgun an industry lobbyist while these guys decide what to cut and who to tax seems remote.

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