September 18, 2008

The biter bit....

Patrick Ruffini has an interesting post, Yes, Obama Turning Down Public Financing is Still an Epic Mistake

...Ambinder writes, "The campaigns are spending about $15m in ads per week; each is spending about $7.8 million." So, with an over 2-to-1 Obama spending advantage, McCain is keeping pace with Obama in ad spending. How does he do it?
most of McCain's ads are paid for with both McCain campaign money and money from the RNC; 97% of Obama's ads are paid for by the candidate.
Therein lies the nub of the problem. McCain's $84 million in public finance is just the tip of the iceberg. The real action is at McCain-Palin Victory 2008, the joint fundraising committee that includes the RNC, state parties in Michigan, Missouri, Ohio, and Pennylvania, and McCain's GELAC (or compliance) committee. According to their website, Victory can raise up to $67,800 per donor (and presumably, up to $135,600 per couple). Here is how the money gets divided up, according to their disclaimer:
For Individuals- The first $28,500 will go to the RNC, the next portion will be divided evenly between the Michigan, Missouri, Ohio, and Pennsylvania state parties' federal accounts up to a maximum of $9,250 for each Committee, and the final $2,300 will go to the Compliance Fund. For Federal Multicandidate PACs- The first $15,000 will go to the RNC, the next portion will be divided evenly between the Michigan, Missouri, Ohio, and Pennsylvania state parties' federal accounts up to a maximum of $5,000 for each Committee, and the final $5,000 will go to the Compliance Fund.
Yes, Obama is theoretically capturing more money into his committee by going private, but at a massive opportunity cost. All of his fundraising energies from now until the election will be spent fundraising for an account with a $2,300 fundraising limit, vs. McCain and Palin, who will be fundraising for a committee with a $67,800 limit (and presumably, $135,400 for couples). Obama has essentially turned down $84 million in free money in exchange for nothing....

I hope Ruffini has this right. Obama's dropping public financing was disgustingly cynical. He promised to use it, and he courted the support of many people who really believe in it. And then he said, "Tough luck suckers. I can use you and discard you, because you have to vote for me anyway."

Just think about those young people who are really excited by Obama, really care, and are going off with stars in their eyes to help him....and they're just chop suey to that corrupt Chicago pol. That really angers me.

Posted by John Weidner at September 18, 2008 7:47 PM
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