This is pure speculation, perhaps simply an expression of fear. But I believe that today's 5-4 decision to remove limitations on campaign spending may prove to be one of the most significant decisions in the U.S. Supreme Court's history. I expect the following consequences.
- Corporate spending by companies that have the most to lose from a Democratic agenda (e.g., insurance, oil, coal, banking) will skyrocket.
- In the near term, the threat of enormous spending by corporate Republican supporters targeted toward a few Senate seats, added to the recent Republican victory in Massachusetts, will be sufficient to bring meaningful health care reform, climate change intiatives, and regulation of the financial industry to a halt.
- Republicans will gain a significant number of seats in the House and Senate during the midterm election.
- Republicans will win back the Presidency and a majority in both houses of Congress by 2016.
- Corporate interests will dominate political advertising and gain increasing control over large, private media sources.
- By 2020, corporate-supported conservative sources will have gained significant influence over internet-based political information and will have succeeded in reducing funding for publicly-funded media sources (PBS, NPR).
- The gap between wealthy and average Americans will widen further. According to the Forbes Executive Compensation Report, from 1990-2008, average total CEO compensation increased from $2.4 million to $12.8 million (reported in 2007 dollars). By contrast, median overall U.S. household income has increased by 30% since 1990, and the increase is only slight when inflation is taken into account. This disparity in income for wealthy and average Americans will now accelerate.
- Policies will support growth in short-term corporate profit with little regard for long-term consequences. Current global demands on natural systems exceed their regenerative capacity by nearly 30 percent. We are taking fish from the sea, water from underground aquifers, trees from rainforest, and topsoil from land faster than they can be replenished - all of which accelerates with ongoing population growth. Do I need to mention carbon emissions? Unbridled corporate interests do not, on the whole, favor long-term sustainability over short-term profit; this court ruling assures that corporate interests will not be bridled by government.
Somebody, please convince me that I am wrong.