“Last week, the Supreme Court reversed a century of law to open the floodgates for special interests – including foreign companies – to spend without limit in our elections. Well, I don’t think American elections should be bankrolled by America’s most powerful interests, and worse, by foreign entities. They should be decided by the American people, and that’s why I’m urging Democrats and Republicans to pass a bill that helps to
Obama supporters have already started the requisite circling of the wagons, claiming that even though the President was against creation of Super PACs (which is true but makes this decision worse, not better), he has no choice since his GOP competition will be using Super PACs with impunity. That’s wrong on a few accounts:
(1) Long before the president put his blessing on SuperPacs, analysts estimated the Obama reelection machine would raise $1 billion — the highest total ever raised in campaign history, which beats the previous total of $750 million that Obama set in 2008. To put that in perspective, $750 million is more than the combined total that George W. Bush and John Kerry raised in 2004.
(2) It would be rare for an incumbent president to be out-raised financially. In fact, it’s very likely that it has never been done before. And it’s not likely to happen to President Obama — as of August 2011 he had done more fundraisers for himself, Democratic committees or candidates, than the five presidents who preceded him.
(3) President Obama has yet to start his reelection campaign in earnest yet has already raised over $125 million, more than double that of his closest competitor, Mitt Romney, and has $81 million in cash on hand, four times that of Mitt Romney.
Bending the Law?
Moreover, sitting cabinet officials will speak at Priorities USA engagements with one caveat: they won’t directly raise money. However,
Which leads to the what President Obama could have afforded to do concerning Super PACs: vowed not to support or receive money from Super PACs. He could have denounced their use and continued (in earnest) to push for changes in election law that would have nullified the Citizens United decision. But he didn’t. And does one really think he’ll make it a priority to change it after the election? If so, how could Congress take him seriously? What effect will
Sure, the GOP can lash out and say Obama has gone back on his word but that won’t mean much to an independent voter that looks askance at what the entire political system has become: pay for play. And progressives won’t take Obama to task — not when so much is at stake and the election is around the corner. So to President Obama it was a net win. Only principle lost. But it’s been losing for a long time anyway.