Skip to comments.President Obama, Robert Gibbs, and the public sector pay debate
Posted on 01/06/2011 8:04:41 AM PST by freespirited
When President Obama thanked Robert Gibbs for his service on Wednesday, he suggested it made sense for his outgoing press secretary to want to go earn big money.
"He's had a six-year stretch now where basically he's been going 24/7 with relatively modest pay," Obama told the New York Times.
But at a time of persistent unemployment and a sagging economy, Obama's comments begged a question: Is a six-figure government salary really "relatively modest"? Opponents may see his thoughts on pay as red meat for the growing fight regarding public sector compensation. Mayors, governors and lawmakers of both parties are targeting government workers and their unions in the wake of a[n] election that exposed voter displeasure with the pay and benefits for government workers.
Gibbs -- and 22 other senior aides -- earned $172,200 last year .... (He's unlikely to earn a government pension because he's only served about five years as a congressional and White House staffer, according to federal pay experts.)
His pay is far less than the $400,000 collected by Obama and sums earned by top Congressional leaders. But it is much more than the vast majority of employees in the private sector -- and comes at a sensitive moment, as rank and file federal workers earning various sums begin a two-year pay freeze.
Even by West Wing standards, Gibbs is highly paid: Junior White House staffers earn between $40,000 and $60,000, and Obama, conscious of austerity, froze West Wing salaries early in his administration.
Rank and file federal workers earned an average $67,691 in 2008 -- about $7,600 more than private sector employees, according to Bureau of Labor Statistics.
When pay and benefits are calculated together, feds earned an average $123,049 in 2009 -- topping non-government workers by at least $60,000.
(Excerpt) Read more at voices.washingtonpost.com ...
I wonder if he ever paid for his own dry cleaning, or even food.
Would like to know value of his benefits. Would like to see Gibbs’ Investment portfolio as well.
If $170,000 is modest pay, how is $250,000 considered excessive pay by the Dems?
I hope some Republicans will use Obama’s modest pay remark in campaign ads.
Am betting we paid for his cell phone and it's service; his internet fees and TV cable. . .and probably his car. Probably any number of TV's considered a a business expense as well.
(SCOFF) FORGOT TO MENTION-----$172,200 DOES NOT INCLUDE PERKS THE GOVT SHOWERS ON THESE LOW-SHOW TYPES.
Obama told the NYT: "Gibbs' has had a six-year stretch now where basically he's been going 24/7 with relatively modest pay."
If Gibbs doesn't like his pay scale....then GTH out and find another job elsewhere.
The "entitlement" mindset of these "progressives for the people" types is nauseating. They sure don't mind sucking off the backs of working class taxpayers---while bemoaning "the system."
But then most stations went self-serve.
Behind The Real Size of Obama's Wall Street Bailout (more like $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum
The price tag for the Wall Street bailout is often put at $700 billionthe size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs (controlled by Rahm Emanuel)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokeragesas much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].
--SNIP--- long read
Federal Reserve bailout programs
Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.
Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.
Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.
Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.
--SNIP--- long read
REFERENCE The Federal Reserve Bank of New York and the United States Treasury rescued AIG with a taxpayer backstop totaling $180 billion. The US Treasury's $180 billion rescue is "interesting" b/c then-COS Rahm Emanuel directed Treasury's activities.
So where did that $180 billion go? "Professor" Ohaha knows nothing about high finance----but Rahm toiled on Wall Street before becoming a (gag) public servant (4 term Congressman, Clinton henchman, Fannie Mae looter).
HOW DID GANGSTER GOVERNMENT SCAM $180 BILLION? PROBABLY WITH THE MADOFF MO: The trustee ID'ing Madoff's assets, found Madoff created a labyrinth of interrelated international funds, institutions and financial entities of unparalleled complexity and breadth......with assets and businesses in multiple places offshore that hid government fraud, thievery, money launderering, tax evasion........ all out of sight of taxpayers, the IRS, SEC, FEC and US banking laws. BTW, stolen money is taxable.
POINTS TO PONDER
POINT ONE On June 9 President Obama called a press conference to announce, "Several financial institutions are set to pay back $68B to taxpayers." While Mr. Obama's announcement was welcome news, it was assumed that any money or profit would be returned to the general funds from whence it had come in order to pay down the debt. The truth, however, is that the money returned by the banks is finding new life as part of what amounts to a Treasury Department-controlled slush fund.
POINT TWO We keep reading and hearing Congress rushed to approve the "$787 billion stimulus package" early this year, but very little of it has been used. Uber-Lobbyist Thomas Hale Boggs, Esq (Patton Boggs) was interviewed by nightly network news and said there was $2 TRILLION federal stimulus waiting to be distributed..... AND that he is getting unprecendented numbers of calls from all over the US......from those who want a piece of it. Boggs is the son of former Cong Hale Boggs and sister of ABC-TV commentator Cokie Roberts.
POINT THREE Obama tapped VP Joe Biden to "allocate" the stimlulus $$trillions. Biden's family was involved with Texas financier H. Allen Stanford, now charged with an $8 billion offshore fraud, the WSJ said. The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related companies marketed the fund to global investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.......... Paradigm Global Advisors is owned through a holding company by the VP's son, Hunter, and Joe Biden's brother, James, according to newspapers.
POINT FOUR How can this be legal? A jaw-dropping policy the White House released late on a Saturday afternoon........hoping we would not notice. "Following OMBs review, the Obama Administration has decided to make a number of changes to the rules that we think make them even tougher on special interests and more focused on merits-based decision making. First, we will expand the restriction on oral communications to cover all persons, not just federally registered lobbyists. For the first time, we will reach contacts not only by registered lobbyists but also by unregistered ones, as well as anyone else exerting influence on the process. We concluded this was necessary under the unique circumstances of the stimulus program."
POINT FIVE The Reserve Primary Fund's recent failure was "a tragedy" said Crane Data. Without details, sounds like a very strange charge. It may just be a diversion and scapegoating in a broad "War on Wall Street" that Obama, Soros and FDIC's Sheila Bair, among others, are engaged in right now, to get complete control of our financial system.
24/7 = 24-hour workweek with 7 weeks of vacation each year.