Monday’s Prager University video features Pulitzer-Prize winning columnist George Will discussing how campaign finance reform breeds corruption.
Will explains that in 1968, Sen. Eugene McCarthy (D-M.N.) was able to launch a primary battle against sitting president Lyndon Johnson because five donors provided “seed money” that allowed McCarthy to raise $11 million, which would be worth $75 million today. Even though McCarthy didn’t win the primary, his challenge forced Johnson to refrain from running in 1968.
The Democratic party establishment was not pleased, so they pushed campaign finance regulations to ensure that nobody would ever challenge a sitting Democratic president again. Under today’s campaign finance laws, the most McCarthy could have raised from the five donors was $13,000.
The whole point of campaign finance reform is to allow incumbent politicians to remain entrenched in the political system. It is far more difficult for upstart campaigns to raise enough money to challenge incumbents because of the limits on campaign donations. While advocates of campaign reform argue that money allows donors to buy politicians, Will cites research showing that most donors contribute to politicians who already agree with them.
The full video can be seen here: