Oligarchy Of Super PAC Megadonors Have Conquered American Politics
Regardless who wins, it’s the sugar daddies (from corporations and the individual big donors) are the one who wins. While candidates (from Hillary Clinton to the GOP candidates) are embracing super PACs they’re also playing their supporters who are likely to vote for them as suckers.
The unlimited-money super PACs account for one-third of all federal election funds raised in the first half of 2015 – up from 4 percent at this time in the last presidential election. Three-quarters of all super PAC money came from more than 500 wealthy donors, corporations and unions in contributions above $100,000. More than half the money in the presidential race so far – to super PACs and to campaigns – came from donors who have given at least $100,000.
For the first time in more than a century, the majority of funding for a presidential election is coming in six-figure or larger checks from corporations and the wealthiest Americans. The presidential campaigns, limited to a maximum of $5,400 from a single donor, raised a combined $128 million. Super PACs supporting those candidates pulled in $260 million, with $208 million from those giving $100,000 or more.
As an oligarchy of campaign contributors has begun to dominate political fundraising, opposition is mounting, with activists calling for campaign finance reform and a rejection of super PAC politics. In Iowa, a coalition of Republicans and Democrats called Iowa Pays the Price are spotlighting the influx of big money into their state to bring attention to the issue. A group called the New Hampshire Rebellion is calling attention to the trend in the nation’s first presidential primary state.