One Data Point Captures the Massive Influx of Money into Campaigns
Bubba
31 Oct
The numbers: In a new op-ed for The Hill, Hilary Braseth, executive director of the campaign finance watchdog OpenSecrets, notes presidential election spending grew from $2.6 billion in 2000 to an inflation-adjusted $7.7 billion in 2020. (The Hill)
Close to 90% of that growth occurred in just four years: from 2016 to 2020.
Context: More money than ever is filtering into elections, with the 2024 cycle expected to break the record $15.1 billion spent in 2020.
With Americans increasingly skeptical of corporate power, both Harris and Trump supporters are accusing the opposing side of being owned by corporate dollars.
Braseth:
If we are going to allow unlimited sums of money into our political system, we must honor transparency in the process. If we are going to say that money is a method of “free speech,” then we have to honor the fact that one of the most important aspects of free speech in a democratic republic is knowing the interlocutor. Without transparency, we risk reducing our democracy to a pay-to-play system.
Bubba’s Two Cents
Here’s an insight on this topic digital strategist Eric Wilson texted me yesterday:
“Think about where we were 20 years ago —
There was no smartphone. No targeted advertising. MySpace was the most popular social media platform because Facebook was only available to select college campuses. Look at the circulation of newspapers.
In 2024, everything has changed. We have to reach more voters on more platforms with more mediums and we’re still not achieving the same level of reach as we did in 2004.
But, but, but - we’re still going to spend more on Halloween this year as a country than we do on our elections.”