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There is one group of workers, however, that is still raking in new job opportunities at a stunning rate, thanks to Obamacare.
I'm talking about lobbyists.
Since Congress passed Obamacare, lobbyists have been in high demand by Fortune 500 companies.
Companies like Delta Airlines, UPS, BP America, and Coca-Cola hire lobbyists to help navigate the bill. These lobbyists will remain in high demand until at least 2020 – when some portions of the law will finally be implemented – to help change requirements and seek exemptions.
This grand lobbying push isn't new in Washington, D.C. We've seen a similar lobbyist rollout with previous legislation like the Dodd-Frank Act.
But the Obamacare lobbying highlights a growing trend in Washington. It highlights another "revolving door" that exists: the one between the halls of Congress and the boardrooms of corporations looking to game the system…
Obamacare Facts: Healthcare Is Lobbying on Steroids
According to OpenSecrets, hundreds of former congressional representatives and senators are currently lobbyists or senior advisors to companies, helping to influence the very government on which they once served.
It wasn't always this way.
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In 1974, only 3% of retired or defeated congressmen became lobbyists.
Then in 2009 U.S. President Barack Obama said his administration would reduce the influence of lobbyists in Washington.
A funny thing happened…
His policies' lack of bite fueled an increase in what has long been a favorite pastime for Washington elite, particularly members of Congress.
Now, according to author Mark Leibovich, about 50% of former senators are lobbyists, in addition to 42% of former congressmen.
That means the people scoring cozy, high-paying spots at some of the premier K Street firms are congressional staffers, legislators, and regulators – all who helped craft legislation like Obamacare.
Former Rep. Earl Pomeroy, D-ND, for example, was a critical voice on healthcare and tax issues as a member of the House Ways and Means Committee. Pomeroy and his former Chief of Staff Bob Siggins joined lobbyist shop Alston & Bird in 2011, after his district-race defeat to Rep. Rick Berg, R-ND.
And it's not just acting members of Congress who voted to serve their constituents – it's also staff members who worked for these lawmakers…
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.