International Herald Tribune Editorial - Watergate Reform, R.I.P.
International Herald Tribune Editorial - Watergate Reform, R.I.P.
Copyright by The International Herald Tribune
Published: December 8, 2006
The table stakes for the next presidential campaign are now estimated by the reigning consultant-croupiers of politics at $100 million for openers. That sad fact suggests that the 2008 contest will likely go down in history for seeing to the effective demise of one of the most encouraging post- Watergate reforms, the creative use of public financing as an alternative to big-money donors.
Public financing had worked well for decades, inviting fresh arrays of candidates. But it was left half-dead in 2004 when President George W. Bush and Senator John Kerry declined the $44 million subsidy for the presidential primaries. This freed them to raise more than $200 million each in private, unlimited money. They did opt for public subsidies in the general election, accepting $74 million each as the spending limit. But that formula is expected to be extinct in 2008 as the finalists wage a far more expensive campaign — one that could hit $1 billion.
The breakdown of the public system need not have happened if Congress had acted to update the formula to keep pace with campaign inflation. Larger spending limits and subsidies are needed, along with a more generous checkoff donation than the current $3 per taxpayer.
A strong repair bill is in the works, along with proposals to re- educate taxpayers about the sleaze- free bargain of public financing. The bill is too late for the '08 campaign, but the new Democratic majority in Congress has a good opportunity to rescue the formula for 2012. Otherwise the nation will slip back toward the Watergate era's politics for sale.
Copyright by The International Herald Tribune
Published: December 8, 2006
The table stakes for the next presidential campaign are now estimated by the reigning consultant-croupiers of politics at $100 million for openers. That sad fact suggests that the 2008 contest will likely go down in history for seeing to the effective demise of one of the most encouraging post- Watergate reforms, the creative use of public financing as an alternative to big-money donors.
Public financing had worked well for decades, inviting fresh arrays of candidates. But it was left half-dead in 2004 when President George W. Bush and Senator John Kerry declined the $44 million subsidy for the presidential primaries. This freed them to raise more than $200 million each in private, unlimited money. They did opt for public subsidies in the general election, accepting $74 million each as the spending limit. But that formula is expected to be extinct in 2008 as the finalists wage a far more expensive campaign — one that could hit $1 billion.
The breakdown of the public system need not have happened if Congress had acted to update the formula to keep pace with campaign inflation. Larger spending limits and subsidies are needed, along with a more generous checkoff donation than the current $3 per taxpayer.
A strong repair bill is in the works, along with proposals to re- educate taxpayers about the sleaze- free bargain of public financing. The bill is too late for the '08 campaign, but the new Democratic majority in Congress has a good opportunity to rescue the formula for 2012. Otherwise the nation will slip back toward the Watergate era's politics for sale.
posted by Carlos T Mock @ 7:58 AM
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