Since we’re on the subject of politics… Check out the latest column from David Brooks.
Money is a talisman. It makes people feel good because they think it has magical properties. It probably helps in local legislative races where name recognition is low. It probably helps challengers get established. But these days, federal races are oversaturated. Every federal candidate in a close race has plenty of money and the marginal utility of each new dollar is zero. In this day and age, money is almost never the difference between victory and defeat.
Interesting point, but victory or defeat aren’t at issue in my opinion. The real issue with campaign spending (because even if it is ineffective, it’s still massive), is that it makes candidates beholden to corporate and fringe social interests, which is the main reason our government is going down the toilet.