The Economist website report screenshot
China Daily, November 2 (Dang Chaofeng) The Economist website reported that this year's US midterm election will be the most expensive midterm election in US history. According to advertising consulting firm AdImpact, the cost of in this midterm election will exceed US$9.7 billion.
Why is the most "money-burning"?
The website of the British magazine "Economist" gives an explanation. First, since the control of the two houses of the U.S. Congress is about to be fought for, the bet is particularly large. 4 Republican html is believed to be expected to win the House of Representatives. The victory or defeat of the Republican and Democratic parties over the Senate is unpredictable. Who will control the Senate? It depends on the senator seats campaign in four key states, namely Arizona , Georgia , Nevada and Pennsylvania . Therefore, these four campaigns attracted a lot of funds and are expected to exceed US$200 million. By comparison, in the 2018 midterm elections, only two senator seats ran above the $100 million mark.
Secondly, this splurge is also in line with a long-term trend. Partisan polarization has made politics increasingly a zero-sum game . Interest groups can expect that if a party is elected, they will promote their interests. For business and individual campaign donors, this has changed the cost-benefit analysis of campaign funds. Meanwhile, it became much easier to spend politically after the Supreme Court decided in 2010 to allow companies and external interest groups to spend unlimitedly in elections. An analysis by
"Open Secret" organizations that track money used for politics and its impact on elections shows that external organizations, including nonprofits and the so-called "super Political Action Committee," have contributed $1.6 billion this year.
Finally, new technology also provides convenience for donations. Software such as the Democratic Party’s Actblue platform and the Republican Party’s WinRed platform make it easy for individual donations. Small donors with donations of $200 and below have contributed $1.14 billion, about twice the amount in 2018. Driven by the long-term rise in the stock market, large donations are also eye-catching. Billionaire and current Democratic Governor of Illinois, J.B. Pritzker has invested more than $130 million in his own pocket for his re-election campaign. Overall, spending this year on the governor’s campaign is expected to double what it was in 2018. Where does
come from?
World Socialist website reported that a large amount of corporate funds poured into the Democratic and Republican campaigns. The report lists major donors from both parties.
billionaire Sam Bankman-Fried is a Democratic donor who donated more than $39 million.
Democrats have also received massive donations from unions, such as the Carpenters and Woodworkers Federation, which has provided more than $31.4 million to Democratic candidates and groups that are aligned with Democrats, based on data from “open secrets” organizations that track money used for politics and its impact on the election. Following the Carpenters and Woodworkers Federation is the National Association of Education, which has donated $31 million.
Other major union donors include the American Federation of Teachers, the International Union of Service Employees and the American Communications Workers Association, each of which donated $10 million. In addition, unions in the transportation industry have donated a total of $10 million to Democratic candidates and the Political Action Committee, and the largest Republican donors are couples of Richard Uhlein and Elizabeth Uhlein, founders of Uline, the U.S. shipping and commercial supply company. In addition to the tens of millions of dollars given to the Republican Party in the previous elections, they donated a total of $70 million to Republican candidates in this round of elections.
Other major Republican donors include Castle Investment Group founder Kenneth Griffin has donated nearly $66 million. Jeffrey Yass, a leading member of the American think tank Cato Institute, donated more than $48 million to Republican candidates.
(Editor: Qi Lei)
