Democracy, it's your best bargain

By H. Engstrom

Public financing of election campaigns will not only serve the interests of the public better than the current system, it will be much less expensive as well.

The 1996 federal elections cost about $2 billion; the turnout was 48%. Most of that money was raised through massive donations from the tobacco industry, the banking industry, agricultural conglomerates, defense industries, and other large organizations. Could it be that these enterprises provide such largesse merely because they are interested only in the selfless promotion of democracy and the open discussion of issues? Yeah, right.

The American public has become increasingly aware of the potential for corruption of the political system through election fund raising practices. As a result several states have approved campaign finance reform measures. California with Proposition 208 is one of those. But there are problems with this and similar measures that limit the amount of money that can be raised from individual contributors. First, although large, wealthy contributors are perhaps less able to "buy" politicians, the campaign contribution limits force those same politicians to spend even more time raising funds from small contributors. Second, nothing prevents a very wealthy candidate from spending his own personal fortune to "buy" the election. The solution? "Clean money" - public funds for election campaigns.

Wouldn't this be another potentially wasteful expenditure of taxpayer dollars? In fact, it would be far cheaper than the present system of private funding. Current practices cost you, the taxpayer, in three ways: 1) All that money that lobbyists pay to politicians comes out of YOUR pockets through higher prices of the products you buy. 2) For their enormous contributions, the lobbyists receive in return legislation favorable to their interests, which means even more costs to the public. Example: Lobbying by banking interests resulted in deregulation of the banking industry. The resulting Savings & Loan debacle cost the taxpayers an estimated $300 billion. 3) We pay our legislators to find solutions to pressing social and economic problems, NOT to waste time in fundraising activities.

Public financing of campaigns save you, the taxpayer, money. It's your best bargain.

More information can be found in Campaign finance reform: why we need it and how to get it.