2008: The first $1 billion presidential race

Discussion in 'Economics' started by isaac000, Dec 20, 2006.

  1. Road to White House may cost $1 billion
    By Ralph Z. Hallow
    December 20, 2006

    The chairman of the Federal Election Commission yesterday predicted that 2008 will produce the first $1 billion presidential race and that the $500 million that each party's candidate will need to compete will severely limit the field of contenders.

    "The 2008 presidential election will be the longest and most expensive in United States history," FEC Chairman Michael E. Toner told The Washington Times.

    "The nominee of each major party is likely to opt out of the public-financing system for the first time ever for the general election," Mr. Toner said.

    Officials told The Times that in 2004, both Sen. John Kerry and President Bush considered not accepting public financing for the general election. But they decided to accept the $75 million and the consequent spending cap out of fear of an out-of-control, money-raising race with an uncertain outcome. Both men eschewed federal matching funds for their primary contests.

    Mr. Toner said that nominees will seek to raise up to $500 million for their campaigns and that the "entry level" for getting into the presidential nomination campaign as a serious contender will be $100 million by the end of 2007. A candidate who hasn't raised that much by then will not be taken seriously by potential major donors or by the press, he said.

    Among the handful of "first-tier" potential nomination candidates in both parties, two are considered safe bets to eschew public financing for both the primaries and general elections.

    On the Republican side, Arizona Sen. John McCain, who strategists in both parties consider the best-organized candidate in his party, has the credentials and proven money-raising ability to forgo public money. New York Sen. Hillary Rodham Clinton, the best-organized Democrat, is the best bet for non-public financing in her party, strategists say.

    "Hillary can raise $350 [million] for the primary and another $250 [million] for the general," one official said privately.

    Mrs. Clinton leads and Mr. McCain runs second behind former New York Mayor Rudolph W. Giuliani in presidential preference polls of primary voters in their respective parties.

    Mr. Giuliani also is expected to have no trouble raising money from a variety of major donors both in the Republican Party -- where economic and national-defense conservatives outnumber rich religious conservatives -- and even among Jewish Democrats who admire his stand on Israel.

    Last night in New York, the former mayor and federal prosecutor held his first major fundraiser since he formed a presidential exploratory committee last month. Mr. Giuliani was expected to raise $500,000 from that one "preliminary" event, attended mainly by family and friends at the Times Square Marriott hotel.

    Mr. Toner said that realistically, the huge amounts of money required for the 2008 campaign would winnow out, earlier than usual, many potential candidates in what was expected to be a very large field in both parties.

    The per-person donation limit at the Giuliani fundraiser last night was $2,100 -- the maximum per-person donation allowed for a primary campaign for the 2008 election cycle -- although Mr. Giuliani has not formally declared his candidacy.

    Election officials say the reason that candidates will likely eschew public financing of the general election this time is the larger "hard money" legal per-person contribution -- $4,200 for primary and general elections combined -- and the longer election cycle which, with neither an incumbent president nor vice president on the ballot, will be the most wide-open White House contest since 1952.
  2. gnome


    $1 Billion, or $10 Billion. ANY amount is worth it when you can exercise power and control over millions of people AND line your own pocket from the public purse... and do it all with impunity.
  3. Wow.

    This is either cynical to the point of naivete...
    Or the CHEAPEST kind of political jab.

    You should go and live for one year in a Third World country...
    And experience what corrupt really means.

    Just to give a "European" example...
    The Parliaments of both Russia and Ukraine...
    Are ** packed and controlled ** by the leaders of Mafia Clans...
    Because membership gives TOTAL immunity from criminal prosecution.
    (btw... a seat in Parliament goes for about $10,000,000).
  4. You know who wins in this? Newspapers, radio stations and TeeVee stations in swing states. That's where all the advertising dollars will be focused.
  5. Yuguru


    Just because the American system is relatively uncorrupt compared to the rest of the world, doesn't make it right. There is no doubt the lobbyist need to court Dems, will lead to the most $$ ever spent.
  6. xeelee


    I agree. It's become a big prize and corporations will pay top dollar to have their man in the white house.
  7. gnome


    I'm "some things", all right... but naive isn't one of them. Perhaps you should study a little American History.... you'd get a feel for how it was "supposed to be" and how far we have drifted.
  8. Humpy


    I only wish there was something more than just $$$$$$$$$ to pick the leader of the world's super power.
    How about ability and integrity ???????
    If those qualities had been the judging factor the US would not have got the following:-
    Bush - wasted 1000 billion dollars and half a million lives with nothing to show for it. Cant understand climate change.
    Clinton - sex maniac but wasted ability and potential
    Bush - steady but very ordinary
    Reagan - very limited intelligence
    Carter - let it all go wrong
    etc etc
    Its up to you US people !!!!!!!!!!!
    Here in Europe we can only watch with dread as the next useless President is picked by the bean counters
  9. wdscott


    So much for Campaign Finance Reform. The very problem it was supposed to fix- curbing excess donations and leveling the playing field- has done just the opposite.

    Now only the Billionaires will run the show.:mad: :mad: :confused:

  10. belavia


    That is absolutely not true. Please actually look into the makeup of the Russian parliament. It is majority corrupt politicians associated with Yeltsin's oligarchs, who unfortunately, are not in jail yet.
    #10     Dec 29, 2006