Megan McArdle on the remarkable lack of impact of “outside money” on US election campaign financing:
“Money can’t buy you everything.”
“The best things in life are free.”
“I don’t care too much for money. … Money can’t buy me love.”
Turns out timeless clichés and the Beatles understood the 2016 election season before the rest of us did. All that dangerous, dastardly outside money that people have been worrying about since the Citizens United decision? Stunningly irrelevant.
The New York Times has a nice summary of campaign fundraising and spending to date.
Hillary Clinton has done well in both traditional and PAC fundraising, but that might be effect as much as cause: The obvious front-runner and already-crowned establishment candidate is going to do well in fundraising, even if the money isn’t needed. So let’s look at the Republican race.
By June, Jeb Bush was the GOP PACman; he had raised more than $100 million, and spent over $10 million of it. Second in such fundraising is Ted Cruz, who raised $38.4 million in outside money. The two of them together have 60 percent more cash than all the other candidates combined. They are currently tied for fourth place in polling.
Meanwhile, Scott Walker, who used to be running third in the PAC race, has already dropped out, as have Rick Perry and his $13.8 million worth of outside funds. Marco Rubio, with a comparatively dainty $17.3 million, is doing better than the three early leaders in outside fundraising — and yet he’s still being blown away in polling by Donald Trump and Ben Carson, who have raised, to a first approximation, zero in outside funds.