Federal lobbyists are slated to spend in record numbers this year after lobbyists raked in $2 billion in the first two quarters of 2022 alone — an all-time high.
The analysis of lobbyists’ financial disclosures by OpenSecretsRecord spending by lobbyists this year follows earlier record spending. Lobbyists spent record amounts in the first quarter 2022. reported spendingA staggering $1.1 billion. Their spending is expected to break records with another record-breaking haul of nearly 11,400 lobbyists. last record of almost $3.8 billionThis was just last year.
Lobbyists are focusing their efforts on the federal budget, which is a major issue for them. They try to influence funding and appropriations bills. The conservative U.S. Chamber of Commerce and the real estate lobbying firm, the National Association of Realtors, Big Pharma lobbyist PhRMA, and Blue Cross Blue Shield, a health insurance group, are the top spenders this year.
The top two spenders in lobbying spent eight figures on Q2. U.S. Chamber of Commerce spent $16.2 million on federal issues, while the National Association of Realtors spent $14.9 million. This lobbying was as follows: everyday AmericansInflation was a problem while corporations raked in record profits rents and home pricesFor Americans with lower incomes, it became increasingly difficult to afford.
Other top lobbyists included corporate behemoths like Meta and Pfizer, as well as Lockheed Martin, the Pentagon contractor, which all spent millions of dollars in Q2.
OpenSecrets points out that the loop between lobbying firms, Capitol Hill, and their clients remains as open as ever. Nearly half the 3,130 lobbyists who were active in Q1 were ex-government employees. The report shows that at least seven former House members were registered as lobbyists for Q2.
These findings are significant given that political spending by corporations is on the rise and the wealth continues to increase each year. Thanks to the Supreme Court’s 2010 decision in Citizens United v. Federal Election CommissionWealthy donors, corporations, and interest groups have unlimited money available to influence elections and policies.
This has led to major inequalities in the political power of certain groups. Last month, Americans for Tax Fairness was foundOnly 27 billionaires accounted for nearly half the funding received by the two major Republican congressional committee PACs. Billionaires include people like Fox NewsRupert Murdoch is the founder. He has spent a staggering $89.4million so far this cycle. Most of the 27 have gleaned their fortunes from Wall Street.
As a result of Citizens UnitedBillionaires spent nearly 40x more on elections than they did on other expenses. What they spentThe case was decided 12 years ago. In 2022, billionaires spent $1.2 billion on elections — up nearly $1 billion from the $31 million given by billionaires in the 2010 election cycle.
This is a great investment for those with deep pockets. Between The 55 corporations that paid no dollars in federal income taxes in 2020, for instance, the groups spent a combined nearly $450 million in lobbying and campaign contributions since 2015 — which translated to $12 billion in tax savings and rebates for the companies in 2020.
