Mish's Global Economic Trend Analysis

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Obama Issues Executive Order Granting Pay Raises to Congress, the Vice President, Judges; Any Raise is Too Much; Congress Approval Rating is 18% Posted: 29 Dec 2012 02:10 PM PST Congress has done such a beautiful job handling the fiscal cliff and debt ceiling that president Obama felt it mandatory to issue an Executive Order Giving Biden, Congress Pay Raises President Barack Obama issued an executive order to end the pay freeze on federal employees, in effect giving some federal workers a raise. One federal worker now to receive a pay increase is Vice President Joe Biden. According to disclosure forms, Biden made a cool $225,521 last year. After the pay increase, he'll now make $231,900 per year. Members of Congress, from the House and Senate, also will receive a little bump, as their annual salary will go from $174,000 to 174,900. Leadership in Congress, including the speaker of the House, will likewise get an increase. Here's the list of new wages, as attached to President Obama's executive order "A new executive order has been issued providing for a new pay schedule beginning 'on the first day of the first applicable pay period beginning after March 27, 2013,'" reports FedSmith.com. "The pay raise will generally be about 1/2 of 1%." Congress Approval Rating is 18% The latest Gallup poll taken December 19, 2012, shows Congress Approval Remains at 18% During Fiscal Cliff Debate Eighteen percent of Americans approve of the job Congress is doing, as leaders continue to work toward a solution to the looming fiscal cliff. That approval rating is unchanged from last month, but remains low from a historical perspective. Republicans' approval of Congress fell slightly to 14% from 16% in November, while Democrats' approval increased slightly to 21% from 19%. The resulting seven-point partisan gap in approval of Congress is the largest measured since June 2011, with the exception of the 16-point gap prior to the election in October of this year. Any Raise is Too Much I happen to think any raise is too much. Perhaps Obama thinks 18% approval is a stunningly good achievement following the brilliant Congressional handling of fiscal cliff issues, the smooth handling of healthcare, and the always steady handing of the budget deficit and debt ceiling. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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