How much you raise, where you raise it, and who from matters
Political Fundraisers and pundits question whether the inevitable will happen this election cycle: namely will the competing presidential campaigns raise one billion dollars. Given that Barack Obama raised and spent $745 million in 2008, getting that additional $255 million in 2012 is a distinct possibility. Romney will not be far behind, if not ahead of Obama. Throw in the money spent by outside groups, and we will be looking at two and half billion dollars spent over the White House.
Critics call the number "obscene" and compare it to sloshing "Union Carbide goop into all the known sources of potable water." Congressman Jerrold Nadler (D-NY) gave a presentation entitled, "The Billion Dollar Presidential Campaign: How Money is Undermining Our Democracy."
As always numbers standing by themselves are meaningless. Compare what is spent advertising other products. Coca Cola spent 2.6 Billion in 2006 advertising. McDonalds spent 689 Million in 2006. When debating the role of money in politics, we should acknowledge that we spend far less in politics than other goods and services. Whether money poisons the process, as Congressman Nadler claims, is almost a moot point. We may not be able to do anything about it anyway.
QUESTION: Is this a problem where any proposed solution would be worse? Tell me what you think.
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