Money, Money, Money Does money equal power?.

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Presentation transcript:

Money, Money, Money Does money equal power?

Who has spent the most? Who is ahead in the polls? Democratic Candidates Candidate Home State Q2 Raised Q2 Spent Total Raised Total Spent Cash on Hand Debts Clinton, Hillary NY $27,021,358 $12,769,306 $63,075,927 $17,849,095 $45,226,832 $3,026,522 Obama, Barack IL $33,120,440 $16,042,388 $58,912,520 $22,648,832 $36,263,688 $922,848 Edwards, John NC $9,097,495 $6,485,422 $23,129,158 $9,785,203 $13,343,954 $333,586 Richardson, Bill NM $7,090,278 $4,983,067 $13,339,633 $6,209,949 $7,129,684 $61,104 Dodd, Chris CT $3,280,384 $4,384,580 $12,076,091 $5,697,820 $6,378,271 $0 Biden, Joe DE $2,451,180 $2,517,654 $6,461,745 $3,691,828 $2,772,442 Kucinich, Dennis OH $757,035 $707,653 $1,117,566 $902,355 $213,269 Gravel, Mike AK $130,510 $99,866 $238,745 $207,604 $31,141 $64,716

Who has spent the most? Who is ahead in the polls? Republican Candidates Candidate Home State Q2 Raised Q2 Spent Raised Spent Cash on Hand Debts Romney, Mitt MA $20,997,715 $20,739,814 $44,432,350 $32,310,796 $12,121,554 $8,945,028 Giuliani, Rudy NY $17,599,292 $11,222,806 $35,629,265 $17,303,045 $18,326,220 $0 McCain, John AZ $11,591,044 $13,071,657 $25,328,694 $21,926,631 $3,224,428 $1,783,523 Brownback, Sam KS $1,425,767 $1,798,493 $3,321,965 $2,861,729 $460,236 Paul, Ron TX $2,369,453 $539,517 $3,009,997 $655,142 $2,354,855 Tancredo, Tom CO $1,466,188 $1,474,791 $2,807,879 $2,209,606 $598,451 $15,000 Hunter, Duncan CA $814,417 $874,042 $1,352,941 $1,140,014 $212,927 Huckabee, Mike AR $765,873 $702,622 $1,310,753 $873,584 $437,169 $31,045 Thompson, Tommy WI $486,555 $504,631 $890,398 $768,750 $121,648 $127,434 www.opensecrets.org

How do you raise the money? It cost $1.2 billion dollars for Presidential election in 2004 http://www.opensecrets.org/pres08/sourceall.php?cycle=2008

FECA Federal Election Campaign Act (1971) Limits the amount of money that individuals and businesses can give Creates the FEC, Federal Election Commission, that monitors campaign finances Creates a loophole: Hard money: money given directly to a candidate Limited Soft money Money given to political party for GOTV and party activities Unlimited

No – limits, within reason, are acceptable Buckley v. Valeo (1976) Are limits on my personal spending a violation of my right to freedom of expression? No – limits, within reason, are acceptable

(McCain – Feingold) Bipartisan Campaign Reform Act (BCRA) of 2001 Intent: close loopholes of FECA Increases amount you can give in hard money: $2300 per person per election Eliminates soft money

New (and growing) Loophole 527 Groups: support issues, but not a particular candidate No limit on expenditures The Living Room Candidate - Commercials - 2004 - AWOL "I will not be quiet, I will fight back, and I will keep speaking out until Congress forces an exit plan for this awful war." www.moveon.org

Public Matching Funds Gain donations from small donors in many states $5,000 in 20 states No donation can exceed $250 Gov will match the amount raised Approx. expenditure limit: $41 million in primary Rarely accepted because of limits including spending only a small amount in each state

Better Way? Public Financing of Campaigns Government (public) pays for campaign costs, currently up to $75 million in general election Often accepted– must have 5% vote in last election ADV: DIS:

Should candidates be forced to adhere to spending limits?