Obviously, money plays a huge role in politics these days. Too big, if you ask me or most Americans. However, real campaign finance reform isn’t coming any time soon, certainly not by the 2006 or 2008 cycles.
The Washington Post did a piece today on the magic number that it will take to be competitive in the 2008 presidential elections. That number: $100 million.
Michael E. Toner, the chairman of the Federal Election Commission, has some friendly advice for presidential candidates who plan to be taken seriously by the time nominating contests start in early 2008: Bring your wallet. “There is a growing sense that there is going to be a $100 million entry fee at the end of 2007 to be considered a serious candidate,” Toner said in a recent interview.
The article discusses the public financing system, whereby campaigns get federal funds in exchange for adhering to spending limitations.
Many political operatives are expecting that the gradual breakdown of the public funding system — federal funds in exchange for spending limits — that has taken place in recent years will become complete in 2008. The result would be candidates in both parties racing far past old spending records, and facing new pressure to begin raising money far in advance of the election year.
Not all political finance experts and campaign operatives agree with Toner that raising $100 million over the next 22 months is the price of admission for candidates who want to establish credibility and compete on an equal footing. The $100 million is nearly three times the previous threshold for being regarded in national political circles as a first-tier candidate. But it is plain that a number of factors have converged that will render obsolete old assumptions about what it costs to run for president.
First among those factors is the 2004 precedent. President Bush and Democratic nominee John F. Kerry decided then to do without public matching funds in the nominating phase of the campaign — money that came with a requirement to limit spending to just $44.7 million each. They went on to raise $274.7 million and $253 million, respectively, before accepting public funding for the general election campaign in the fall. Their success established what many strategists believe will be a new norm in presidential politics.
What’s more, many analysts believe that 2008 will be a clash of such titanic intensity that the nominees will reject public funding — and the spending limits that govern it — even for the fall campaign. If so, most bets are that each major-party candidate would need to raise in excess of $400 million by the Nov. 4, 2008, election. Candidates would want to raise as much of that money as early as possible, so as not to waste precious campaign time holding fundraisers.
Sen. Hillary Clinton (D-NY) is expected to bank $100 million by the end of 2007 and experts suggest that any legitimate challenger to her would have to raise $35 to $40 million to wage strong campaigns in Iowa and New Hampshire.
This is an interesting article and it confirms what we already know: the race for the White House in 2008 has already started, and candidates who hope to stay competitive better get used to the ‘rubber chicken circuit.’ They should start saving their pennies now!
By the way, check out Gov. Warner’s new Political Action Committee (PAC) website, Forward Together. It has some interesting and pretty cool features.