Gingrich $4.5 in debt!
It seems like the Republican party is constantly bashing Democrats for "spending too much." Ironically enough, Newt Gingrich's campaign has spent about $4.5 million more than it has raised! Trying to keep up with Romney has proved disastrous for Gingrich (who also has almost no chance of winning). Who is spending too much now, Newt? Not too responsible, eh?
Super PACs - The New Craze
Interestingly enough, Obama was the first presidential nominee to forego public funding for the general election cycle, which created a huge advantage in his campaign against John McCain in 2008. Neither Obama nor Romney will take out the public fund this fall. If they did, it would limit each of their expenditures to about $91.2 million.
|Awesome political cartoon by Dave Granlund|
Super PACs (political action committees) are where the money is at. These groups basically exist as a legal means for corporations and trade unions to make donations to candidates. They are not legally permitted to do this directly. Super PACs can raise and spend unlimited amounts of money to support or oppose political candidates! As with almost anything that is "unlimited," things can get out of control...
Right now, President Obama's fundraising is not nearly where it was in 2008. Of the top 10 super PACs backing presidential candidates, 9 are Republican and have raised a combined $116 million! This is some serious money, people! Priorities USA Action (the only Democratic Super PAC) took in only $6.5 million. That's a huge discrepancy in funding. Democrats are having a really hard time adjusting to this super PAC era. It seems that a lot of people underestimate Romney as a potential threat to President Obama. This kind of thinking is dangerous, and if you want to win an election, you gotta be ready to fight until the end! It also does not help that we are in a recession...
I don't know about all of you, but I am not at all comfortable with the idea of unlimited amounts of money being spent on campaigns. This inevitably leads to corruption. There is a reason why there are limits on contributions to federal candidates, and I do not believe that using super PACs to basically get rid of this limit is fair or wise.
What do you think? Do you think super PACs should be made illegal?