Crunkus wrote:
Why do politicians waste so much time fundraising if it's not's effective at generating influence? Are they just horribly misinformed on the subject?
My thoughts on this are a bit more jumbled (I was about to call them "nuanced" and decided to just call a spade a spade), but essentially yes, past a certain point I think political elites have dramatically miscalculated how important fundraising is, and are just beginning to realize that now, despite at least a decade of public choice theory research indicating they're wrong, particularly when it comes to how influential dark money can actually be. To a certain extent that proves I'm wrong: if politicians believe money matters, then by virtue of that belief it does. For instance, there's speculation that Romney would have run again in 2016, but Jeb Bush boxed him out by locking down his donors. However, this fits with my theory that money is about signalling influence, not exerting influence. It's saying "the establishment prefers me to you, and they prefer me $125 million worth," not saying "I have this $125 million I can use to purchase votes." If that's true, campaign finance reform doesn't matter, because if we can't signal with huge unlimited and secret donations, we can signal some other way.
So if fundraising is signalling, it also tells us why politicians spend so much time doing it. Party members are signalling to several different groups: they are connecting with constituents (their donors are also their voters), they are showing their value to other party members to attempt to gain influence within the party, and, importantly they are trying to outraise their opponents to project dominance. That, in my opinion, is why fundraising has gone sky-high: it's a race to the top purely because neither side wants to look weak. I think that's part of why Sanders has been so successful. He has simply flipped the signalling script on money. He signals his strength not through the size of his total war chest, but through his numbers of donors.
Now, to be clear, money does matter in that you need 1) to get name recognition and 2) to hire the best staff you can, and keep them on-board. Once you pass that threshold, it's not obvious to me what additional influence more dollars accomplishes. I don't know exactly where that limit is, but I can pretty confidently say we're way past the point of more money having a measurable effect on outcomes. Like, I don't know a voter who's said anything like "OK, that was the tenth Romney ad I've seen and I've only seen four Obama ads, so I guess I'll change my vote and go with Romney this time around."
Crunkus wrote:If "people make it out to be" basically the only relevant variable, I'd say you have a point. But if they are simply making it out to be grossly more important than it should be, a well funded campaign going off the rails isn't proof of much really except of the existence of other relevant variables. I don't think it comes down to just few vs. many doners either. Money is prioritized because it can be used to generate influence and change minds. Money can fail to do so, be misspent in chasing this goal, but that doesn't mean it can't translate into an enormous amount of support and completely change the nature of the conversation surrounding an election.
Bolded mine. Do you have an example of that? I feel like it's common wisdom that isn't that well supported. How would a candidate spend money to change a voter's mind, above and beyond getting their message out there? You don't need a billion dollar campaign to get people to know your agenda, and once people know your agenda, how do you spend money to get them to change their vote?
Crunkus wrote:I've never particularly understood why a donation is considered exercising free speech. The concept that people are going to be somehow disenfranchised if they cannot donate money to political candidates is ridiculous. There's no reason for that nonsense that anyone's ever explained to me adequately. Free speech is actually threatened when you have more of it or less of it depending on the size of your bank account.
I'm not sure how I feel about this, to be honest. For me it doesn't pass the smell test to make this a Constitutional issue, especially if you're an originalist, there is no way in hell James Madison had concerns about ensuring citizens had the right to secretly give money to people when he was writing about free speech. A right to secret free speech is inherently absurd; "secret" speech doesn't need to be protected by the law any more than we need a Constitutional right to our imaginations, so the elision from "speech" to "donation" I don't think works.
Talking about just spending limits in general, though, I'm less sure. Surely at some point limiting somebody's ability to spend money impacts their right to free speech. We wouldn't tolerate "you have a right to free speech, but you may not spend any money on paper or pens or postage stamps." Obviously there's a dramatic gulf between that and "you may not purchase $15 million of television advertising," but I'm not sure on what principle we've decided $2,700 guarantees your right to free speech, but $2,701 is corruption.
Then again, we've always balanced an unlimited right to free speech with the potential impact of said speech, so if the state has a beneficial interest in limiting political spending, limit away. What precisely that beneficial interest would be is less clear to me. At a minimum, I'd say political spending is a tremendous waste of resources.