In “Boomtown,” a blockbuster one-hour investigative special that aired Friday on Fox News’ “Hannity,” Peter Schweizer, president of the Government Accountability Institute (GAI), and Steve Bannon, Breitbart News’ Executive Chairman, revealed a study discovered that for every dollar corporations spent on lobbying in 2004, they received $220 in return. This is a 22,000% return on investment.
In essence, this influence peddling is what has turned Washington, D.C., a town that does not create valuable product like oil, beef, or computers like boomtowns of the past, into America’s wealthiest region.
Schweizer noted that for corporations, lobbying is now “a lot more profitable than buying or creating a new good.”
He said 50% of corporations now have an ex-politician on their boards. General Electric, he said, spends $100,000 every single day to influence and lobby Congress.
“They spent a lot of time carving out things in the tax code that benefit them,” Schweizer said of General Electric.
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