Is the National Security Agency wasting tax dollars by paying Booz Allen to handle routine intelligence tasks, such as the systems administration work that 29-year old Edward Snowden was doing for $122,000 a year? It sure seems that way.
The financial services industry is second to none in dreaming up ways to rip off Americans. Show me a a financial product—credit cards, mortgages, checking accounts, 401(k)s, annuities—and I'll show you a stack of consumer complaints documenting how banks and other firms have sought to bleed dry the American public.
It's no secret that wealthy people have a lot more clout when it comes to politics and civic life. They are more likely to vote, contact their representatives, belong to advocacy organizations, and—of course—contribute to politicians, parties, and PACs. Compared to ordinary folks, many of the wealthy are "super citizens."
More controversial, though, is whether these disparaties pervert our democracy—or whether it's no big deal to have super citizens wielding what Demos has called "million dollar megaphones."
With over twenty million Americans still unable to find full-time work, Washington shouldn't take its eye off job creation for a minute. That's certainly the feeling of voters, who overwhelmingly told exit pollsters on Election Day last November that fixing the economy should be Congress's number one priority—far more than said reducing the deficit.
Frankly, though, official Washington seems better at destroying jobs these days than creating them: Exhibit A are the sequestration cuts, which are eliminating jobs as I write this. Exhibit B is the rollback of the payroll tax holiday on January 1, which ensured that nearly every working American has been living with a pay cut for the past ten weeks.
When a crew that calls themselves the "Systemic Risk Council" speaks, it's a good idea to pay attention. After all, the last time people pooh-poohed deep-seated problems within the financial system, trillions of dollars vanished into thin air and millions of people were thrown out of work.