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Archive for February 8th, 2012

Report: Super PACs raise $181 million from fewer than 200 people

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As if we needed still more evidence that financial authority over national political campaigns is increasingly wielded by fewer and fewer really rich people, consider this exhibit:

Super PACs raised about $181 million in the last two years — with roughly half of it coming from fewer than 200 super-rich people.

That’s the news from a study called “Auctioning Democracy” jointly conducted by Demos, an organization that says it practices “advocacy to influence public debate and catalyze change,” and the U.S. Public Interest Research Group. Both groups seek to strengthen, if not compel full disclosure and expenditure rules.

Super PACs’ power stemmed from the U.S. Supreme Court’s July 2010 v. Federal Election Commission decision. The Court’s Citizen United decision further strengthened corporations’ claim to personhood and weakened the requirement for full disclosure of donations to super PACs.

Politico’s Ken Vogel and Abby Phillip’s analysis of the study noted that

A relatively few wealthy backers are keeping super PACs afloat — and they’re saying so. Last year alone, individuals gave super PACs $63 million.

The news only worsens.
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Written by Dr. Denny Wilkins

February 8, 2012 at 11:46 pm

Posted in Uncategorized