More Money, More Problems for Democracy

Politicians have always needed money, and wealthy patrons have always found ways to provide it in exchange for special consideration of their needs…. In recent decades, however, a pair of intertwined developments have magnified the influence of money on politics: The rich keep getting richer, and the Supreme Court has made it much easier for politicians to tap that wealth. The result is an arms race that leaves politicians ever more beholden to funders…. The best path forward, therefore, is to limit the influence of wealth by allowing candidates to tap other sources of financial support. The federal government offers funding to presidential candidates, but the system is virtually defunct because it imposes spending limits, and major candidates can raise much more money from private sources. The House passed a bill last year that would create a system of matching public funding for presidential and congressional candidates. A companion bill is backed by all 47 Senate Democrats. Instead of matching contributions dollar for dollar, the legislation would match each dollar from a private donor, up to $200, with $6 in public funding, up to $1,200. That could allow candidates to run competitively without relying on big donors. It would not prevent billionaires from sponsoring political candidates, but it could allow candidates to run without such sponsorship, and to let voters choose accordingly.