Guests Sarah McCammon, Susan Davis, and Domenico Montanaro discuss the staggering campaign spending in elections, including Nikki Haley's $81.1 million expenditure. They highlight the role of campaign ads, super PACs, and the lack of enforcement. The fundraising numbers and spending of President Biden's campaign are also analyzed. The influence of billionaires in politics and the ethical concerns surrounding campaign funds are explored. Additionally, financial investments in congressional and gubernatorial races are compared to the presidential election, with limited prospects for campaign finance reform discussed.
Super PACs play a significant role in campaign spending, raising unlimited funds and running attack ads against opposing candidates.
Massive amounts of money are being spent in the 2024 election cycle, predominantly by super PACs, but ultimately money may not drastically alter the outcome of the race.
Deep dives
The Influence of Money in Elections
The podcast episode delves into the exorbitant amounts of money being spent on political campaigns in the United States, specifically in the 2024 election cycle. In 2020, a record-breaking $9 billion was spent on ads for elections, and this number is expected to climb even higher in 2024. The episode explores the sources of funding and highlights the distinction between official campaign committees and super PACs. While campaign committees have more stringent rules regarding disclosure and individual donation limits, super PACs can accept unlimited sums and spend unlimited amounts of money. The episode emphasizes that while there are technical rules against coordination between campaign committees and super PACs, the lines are often blurred, and political associates closely aligned with candidates often run and staff super PACs. The money spent on campaigns primarily goes towards ads, which help increase name recognition and move the needle in public opinion. Negative ads are often funded by super PACs, while candidates' own campaigns tend to run more positive messages. However, while money does play a critical role in politics, it may not ultimately determine the outcome of a race. The podcast notes that candidates need a certain amount of money to compete, but there is a point at which even massive amounts of money won't significantly alter the direction of the race. Small dollar donors also play a role in gauging support for candidates, and their contributions collectively signify grassroots energy and momentum.
The Campaign Spending in the 2024 Election
The podcast discusses the staggering figures of money spent in the 2024 election cycle, focusing on the Republican primary. As of the podcast recording, $283 million has been spent on campaign ads in the Republican primary alone. Nikki Haley's campaign and affiliated groups have spent the most, followed by Ron DeSantis and former President Donald Trump. Notably, most of the money is coming from super PACs rather than the official campaigns. The episode highlights the competition between candidates and the importance of funding in order to maintain a presence in the race. It also notes that the massive spending is expected to continue to increase as the election progresses. Additionally, the role of super PACs is discussed, with insights into how super PACs can raise significant amounts of money independently of the official campaign and run attack ads against opposing candidates. However, the podcast stresses that while money is an important factor, it may not fundamentally change the trajectory of the race, especially when a dominant frontrunner like Donald Trump is involved.
Fundraising and Spending in the Democratic Party
The podcast briefly touches on fundraising in the Democratic Party, focusing on President Joe Biden's campaign. So far, the Democrats have spent approximately $68 million in the 2024 cycle. The main super PAC supporting Biden's campaign, Future Forward USA Action, has spent the most, with Biden's campaign itself following suit. These ads have primarily centered around highlighting the achievements of the Biden administration, such as lowering insulin prices and fighting for the child care tax credit. The episode mentions that while Biden's campaign is not running a heavy ad-driven strategy at this point, they are expected to ramp up their messaging on topics such as Trump and abortion rights. The overall spending in all US elections combined in the 2024 cycle is projected to reach a record-breaking $10-16 billion. The podcast notes the discrepancy between what the public wants, which is a more restrictive campaign finance system, and the lack of momentum or interest in changing the current structure. Despite widespread public desire for campaign finance reform, there remain no indications of significant changes in the near future.
Campaign spending increases each election cycle; this year, almost $16 billion will be spent on races across the country. Who is the money coming from and what do they get in return?
This episode: national political correspondent Sarah McCammon, political correspondent Susan Davis, senior political editor and correspondent Domenico Montanaro.
This podcast was produced by Jeongyoon Han, Casey Morell & Kelli Wessinger. Our editor is Erica Morrison. Our executive producer is Muthoni Muturi.
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