Small-dollar donations to Obama have surged this year, and those donors became crucial in the spring as the battle to secure the Democratic nomination intensified. But for most of his campaign, big donors have been Obama's mainstay. Employees of investment bank Goldman Sachs, for example, have contributed more than $570,000 to his campaign.
Another problem with asserting that small donors are an antidote to undue influence by wealthy contributors is that even small donors are almost certainly much richer than the average American.
In a study of $100 contributions to state campaigns in six states during 2005, the Campaign Finance Institute found that more than half of donors earned between $75,000 and $250,000 a year. The median U.S. income that year was $46,000. While it's tricky to extrapolate to the presidential race, it is unlikely that campaign giving has suddenly become a common pursuit of working-class families.
Meanwhile, big-ticket fundraising among the very wealthiest is surging into record territory. Even as he touts his base of small donors, Obama has continued to woo large contributors at events costing thousands of dollars per plate, as has McCain. This suggests that, by themselves, small donations do not offer a real corrective to the pay-to-play system.
Neither does the public financing available to the candidates. This funding is frozen at 1976 levels, which is why Obama has rejected it -- he can raise from private sources more than the amount of the government grant. McCain no doubt would have taken the same path if his fundraising had taken off.
The idea that small donors will somehow reinvigorate electoral democracy, without the trouble of fundamentally reforming our campaign finance laws, is attractive but not yet reality. For candidates to be equally responsive to all their constituents and to open to ordinary voters the same kind of influence and access now afforded a wealthy minority, the only realistic option is to increase the amount of money we allocate to the public campaign finance system. In fact, the small-donor illusion may even be functioning as a fig leaf, averting our gaze from the continued and intensifying stranglehold that big donors have on our democracy.
Jay Mandle, an economics professor at Colgate University, is the author of "Democracy, America, and the Age of Globalization."
Source: The Washington Post
Another problem with asserting that small donors are an antidote to undue influence by wealthy contributors is that even small donors are almost certainly much richer than the average American.
In a study of $100 contributions to state campaigns in six states during 2005, the Campaign Finance Institute found that more than half of donors earned between $75,000 and $250,000 a year. The median U.S. income that year was $46,000. While it's tricky to extrapolate to the presidential race, it is unlikely that campaign giving has suddenly become a common pursuit of working-class families.
Meanwhile, big-ticket fundraising among the very wealthiest is surging into record territory. Even as he touts his base of small donors, Obama has continued to woo large contributors at events costing thousands of dollars per plate, as has McCain. This suggests that, by themselves, small donations do not offer a real corrective to the pay-to-play system.
The idea that small donors will somehow reinvigorate electoral democracy, without the trouble of fundamentally reforming our campaign finance laws, is attractive but not yet reality. For candidates to be equally responsive to all their constituents and to open to ordinary voters the same kind of influence and access now afforded a wealthy minority, the only realistic option is to increase the amount of money we allocate to the public campaign finance system. In fact, the small-donor illusion may even be functioning as a fig leaf, averting our gaze from the continued and intensifying stranglehold that big donors have on our democracy.
Jay Mandle, an economics professor at Colgate University, is the author of "Democracy, America, and the Age of Globalization."
Source: The Washington Post
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