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Despite Downturn, Lobbyists Raking In Record Revenues
February 25, 2008 1:11 PM
For many Americans, the nation's economic downturn is causing serious pain: the housing market is collapsing, employment is slowing, credit is tightening. But in Washington, the lobbyists who push their wealthy clients' interests before lawmakers and government officials are making more money than ever.
The capital city's influence firms rang up record revenues in 2007, according to Roll Call newspaper, which crunched the figures for the town's biggest players.
The top 25 lobbying firms reported revenues of over $440 million last year, Roll Call found. That's a nine percent bump from what those same lobbyists earned in 2006, and nearly 50 percent more than the $304 million they collected in 2002, according to the paper’s historical figures.
"Clearly, the lobbying industry has not been affected by the economic downturn," said Roll Call's Tory Newmyer, who covers the lobbying industry.
While the rising tide lifted nearly all boats, Newmyer said that firms with better access to Democrats tended to fare even better than those whose lobbyists were more closer to Republican lawmakers, because Democrats control both the House and Senate.
Newmyer also observed that increased scrutiny of "earmarking" – spending on pet projects by lawmakers – has hurt lobby firms who specialized in winning earmarks for their clients. Firms which worked to influence tax, telecommunications and energy policies did very well, as well as those involved in swaying Congress' efforts on climate change.
"What you're seeing is solid growth," Newmyer said.
February 25, 2008 | Permalink | User Comments (4)
John McCains best friends are lobbiests. He never met a lobbiest he never liked. Of course McCain "loves" young blonde haired female lobbiests! Literally! Like Rudy, McCains a serial wife cheater. Typical Republican,a lier,cheater,loves war,greed and will sell his soul for the almighty dollar! Real family values! Not!
Posted by: AJ | Feb 25, 2008 2:51:37 PM
Obama is no different than any other polition.The sad part is that all of these college kids are going to vote for him because they don't know any better, and are caught up in the hype. In the end, the whole nation will suffer for their ignorance once he is elected
Posted by: Kenneth Gros | Feb 26, 2008 7:18:04 AM
Big money is an awfully good reason 'not' to 'change'. Stepping on someone's wallet can get you hurt. Whomever is elected, I doubt seriously that we will see much depth change. Surface maybe; tidbits to prolong length in office. No more. No less.
Posted by: lee burke | Feb 27, 2008 9:18:36 AM
Obama condemns McCain for having lobbyist on his payroll, but in reality Obama has 3 registered lobbyist on his '08 payroll. Register with various corporations( WalMart, British Petroleum, Lockheed Martin.) People who live in glass houses should not throw bricks.
Posted by: jp,michigan | Feb 27, 2008 11:31:12 AM
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