At a time when it’s become a cliché to say that Occupy Wall Street has changed the nation’s political conversation -- drawing long overdue attention to the struggles of the 99% -- electoral politics and the 2012 presidential election have become almost exclusively defined by the 1%. Or, to be more precise, the .0000063%. Those are the 196 individual donors who have provided nearly 80% of the money raised by super PACs in 2011 by giving $100,000 or more each.
SuperPac moneybags Sheldon Adelson and Foster Friess
(Reuters/Voices To Action with Alice Linahan)
These political action committees, spawned by the Supreme Court’s 5-4 Citizens United decision in January 2010, can raise unlimited amounts of money from individuals, corporations, or unions for the purpose of supporting or opposing a political candidate. In theory, super PACs are legally prohibited from coordinating directly with a candidate, though in practice they’re just a murkier extension of political campaigns, performing all the functions of a traditional campaign without any of the corresponding accountability.
If 2008 was the year of the small donor, when many political pundits (myself included) predicted that the fusion of grassroots organizing and cyber-activism would transform how campaigns were run, then 2012 is "the year of the big donor," when a candidate is only as good as the amount of money in his super PAC. “In this campaign, every candidate needs his own billionaires,” wrote Jane Mayer of The New Yorker.
“This really is the selling of America,” claims former presidential candidate and Democratic Party Chairman Howard Dean. “We’ve been sold out by five justices thanks to the Citizens United decision.” In truth, our democracy was sold to the highest bidder long ago, but in the 2012 election the explosion of super PACs has shifted the public’s focus to the staggering inequality in our political system, just as the Occupy movement shined a light on the gross inequity of the economy. The two, of course, go hand in hand. [...]
More than 300 super PACs are now registered with the Federal Election Commission. The one financed by the greatest number of small donors belongs to Stephen Colbert, who’s turned his TV show into a brilliant commentary on the deformed super PAC landscape. Colbert’s satirical super PAC, Americans for a Better Tomorrow, Tomorrow, has raised $1 million from 31,595 people, including 1,600 people who gave $1 each. Consider this a rare show of people power in 2012.
Otherwise the super PACs on both sides of the aisle are financed by the 1% of the 1%. Romney’s Restore Our Future Super PAC, founded by the general counsel of his 2008 campaign, has led the herd, raising $30 million, 98% from donors who gave $25,000 or more. Ten million dollars came from just 10 donors who gave $1 million each. These included three hedge-fund managers and Houston Republican Bob Perry, the main funder behind the Swift Boat Veterans for Truth in 2004, whose scurrilous ads did such an effective job of destroying John Kerry’s electoral prospects. Sixty-five percent of the funds that poured into Romney’s super PAC in the second half of 2011 came from the finance, insurance and real estate sector, otherwise known as the people who brought you the economic meltdown of 2007-2008. [...]
Blast from the Past. At Daily Kos on this date in 2009:
With "several ways of going forward," President Obama will make a decision "shortly" on increasing troop levels in Afghanistan [...]
"This is the first time that this president has been asked to deploy large numbers of troops overseas, and it seems to me a thoughtful and deliberative approach to that decision is entirely appropriate," Defense Secretary Robert Gates said last week. [...]
The US commander in Afghanistan, General David McKiernan, has requested up to 30,000 additional troops, including three more combat brigades and an aviation brigade and support troops.
While we can argue whether or not committing more troops to Afghanistan is a good idea, I think we can all agree that it must be done with clearly defined goals, a definition of victory, and with an exit strategy.