Dean has opted out of the primary spending caps today, and it is probable that Kerry, Clark and possibily Gephardt will join Dean and Bush as not accepting federal matching funds. The system has collapsed.
The question is how do we fix it?
I supported Dean stepping out of the system because I think that he is the probable nominee who will have to face a 150 million dollar smear campaign next April, so he needs to defend himself with extra cash. However I do want public financing.
I have a couple ideas on this subject at my place which would change the incentive structure.
- Raise the total cap from 45 million to the same amount as what the nominees get in the general election.
- If in the system the maximum donation allowed is $2,500, if you opt out, the maximum allowable donation is $1,000.
- Increase the matching contribution on the first $100 from 1:1 to 3 federal dollars for every 2 private dollars. Increase the matched amount from $250 to $300 dollars
The purpose of change #1 is self evident, allow candidates to spend more money and to accumulate some reserves. The second change is designed to significantly raise the cost of going outside of the caps because if you run a Bush fundraising profile you are losing 40% of your money due to the donation restriction. The third change would primarily be aimed at making it very worthwhile for all campaigns to go after small donors for cash reasons instead of solidifying support and propaganda reasons.