SuperPACs….Worse than you thought.
A report released this week addressed the political topic du jour….Super PACs. While all of the presidential candidates, from both parties, have railed against the influence of outside money in campaigns, no one seems to be doing much about it. In fact, just this week, the President announced that, even though he is ideologically opposed to “special interest” money in politics, his own SuperPAC would in fact be operational for the 2012 election. This was trumped by GOP candidate Rick Santorum. Santorum, after winning primary beauty contests in Colorado, Minnesota and Missouri, was on stage to give his victory speech, with none other than the chief contributor to his SuperPAC standing behind him. This would be funny if it weren’t so troubling. SuperPACs, by federal law, are supposed to be 100%, fully independent of any campaign or campaign agent…..let alone the candidate himself. The fact that a major SuperPAC donor can stand on stage, on national television, with a candidate illuminates just how ridiculous our political system has become. It gets worse before it gets better. The report found the following:
- This cycle, SuperPACs have raised $181M from fewer than 200 people.
- 15 individuals have given $1M or more. Reminder, the federal limit for an individual to a candidate is supposed to be $2,500
- One couple has given $10M to Newt Gingrich’s presidential campaign.
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