NEWS >POLITICS > HUGE DONATIONS MATTER NOW THAT ROMNEY AND THE REPUBLICANS ARE IN THE LEAD
HUGE DONATIONS MATTER NOW THAT ROMNEY AND THE REPUBLICANS ARE IN THE LEAD
June 7 2012
Washington, D.C. – For years, decades even, politicians have tried to enact some kind of campaign finance reform, something, anything, which would reduce the amount of money thrown at political campaigns. In so doing, the hope is, it would extract the power that certain individuals – say people like the Koch brothers or George Soros – have over the politicians once they gain office.
At its core, campaign finance reform is designed to restored the core principles of democracy, to remove money from the equation and allow the system to work for the people and by the people. All such efforts have, of course, fallen flat and even effectively been outlawed by the Supreme Court.
Because of that, this election cycle we will see more money spent than at any other time in history. At the low estimate, each candidate will spend $1 billion dollars in this cycle, which is what both candidates spent combined last time. For months the front runner in dollars has been the President, something which has drawn sharp criticism from Republicans, a position which they have now flip-flopped after out-earning the Democrats in May, making all that money just fine by them.
“We are encouraged by the financial support from a broad range of voters. It is clear that people aren't willing to buy into 'hope and change' again. Voters are making an investment because they believe that it will benefit the country,” said Romney finance chairman Spencer Swick.
Romney out-earned Obama by about $17 million last month, the first time they have topped the President who still has way more in the bank.
None of the money the two candidates have earned is in anyway related to their unaffiliated SuperPacs which can donate as much money as they like.
“Beating Obama is certainly good news for the Romney campaign but may not be quite as it seems. Obama already has a lot of money in the bank and so the month-to-month may not be a strong indicator of how much is actually flowing in. Obama supports have already given a lot and so that means lower totals per month going forward, likely,” said Scrape TV Political analyst Gabriel Kinsey. “Still it seems kind of like a victory and seems to have completely changed their whole attitude towards process. Previously they had been very critical of it, like it was a bad thing but they sure have changed their tune now that they are in the lead, kind of, though they could change again next month. It is Romney after all.”
Romney reported having $107 million on hand while the Obama campaign chose not to embarrass them with their number.
“One could point out the irony of accomplishing exactly what they were criticizing Obama about over the last few months but that would be mean. They had a great month and they need to relish that moment. Heck, they might have a good run here of a few months but that will change come election time I would bet for a lot of reasons,” continued Kinsey. “The reality is the majority of financial support will come from the SuperPacs because they can donate millions there. I don’t know if many Republican supporters even understand cheques without at least seven zeros. That means the campaign will lose support but the money will still be going towards them in a kind of vague way which I’m sure will make them happy.”
The Obama campaign has not criticized the Republican fund raising success yet.
Edward Bastil, Political Correspondent