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| TOMDER55 --- McCain-Feingold and modern campaign finance. |
ETWolverine |
12/12/03 |
Hey Tom.
My take on McCain-Feingold is that most candidates in the future will do what Dean has done. That is, they'll skirt the whole issue by not taking matching government funds.
The only time hard- and soft-money issues come into play with McCain-Feingold is if you want to receive matching funds from the government. The government matches up to a certain level of campaign contributions (2% I think but I could be off), but only if you play by their rules.
In the old days, it made sense for a politician to play by those rules, because it meant free money. But with the limitations of McCain-Feingold in terms of limtations on campaing financing from a single source as well as limitations on soft money, it no longer makes sense. It costs more in terms of campaign dollars for a campaing to comply with the fund matching rules than he is getting in matching funds. What good is getting $1,000,000 in matching funds if you have to turn down $5,000,000 to get it? You're at a net loss of $4 million.
To get around this, Dean (and most of the other Dems in the presidential race have followed suit) has not filed for matching funds. That way he can get money from lots of different sources, co-mingle hard and soft money, and not worry about airing soft-money ads within 60 days of the election.
We have entered a new era of campaign finance... one in which the rules only apply to those who need to follow them and are most hurt by them, and in in which the rules do not apply to those who simply wish to ignore them and can afford to do so. If you've got money, you don't need to follow McCain Feingold. If you don't have money and need matching funds, McCain Feingold limits your ability to raise additional funds.
McCain Feingold may have "reformed" something, but it wasn't the level playing field of campaign finance. Now the field is even more skewed than ever toward the rich. Another example of political tinkering with established law at its best... or worst.
Elliot |
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