How Billionaire Oligarchs Are Becoming Their Own Political Party
Key Excerpts from Article on Website of New York Times
Posted: October 27th, 2014
Before 2002, parties could accept unlimited donations from individuals or groups (corporations, labor unions, etc.). The McCain-Feingold law, as it came to be known, banned soft-money contributions, and it also prohibited political groups that operate outside the regulated system and its donation limits from running issue ads that appear to help or hurt a candidate close to an election. In 2010, the Citizens United decision by the Supreme Court effectively blew apart the McCain-Feingold restrictions on outside groups and their use of corporate and labor money in elections. That same year, a related ruling from a lower court made it easier for wealthy individuals to finance those groups. What followed has been the most unbridled spending in elections since before Watergate. In 2000, outside groups spent $52 million on campaigns, according to the Center for Responsive Politics. By 2012, that number had increased to $1 billion. The result was a massive power shift. With the advent of Citizens United, any players with the wherewithal, and there are surprisingly many of them, can start what are in essence their own political parties, built around pet causes or industries and backing politicians uniquely answerable to them. No longer do they have to buy into the system. Instead, they buy their own pieces of it outright. Suddenly, we privatized politics, says Trevor Potter, an election lawyer who helped draft the McCain-Feingold law.
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