The PAC Powerhouse of Political Campaign Fundraising

As I think back to the Constitution and the original form of our government in its essence of democratic purity, I can’t help but wonder what our forefathers would think of the current electoral process.

Would they be aghast at the immense amount of cash raised and spent? Would they be flabbergasted at political fundraising mixed with the advancement of technology? How would they feel about Super PACs? However, I also ponder if these questions are fair to pose in an apples-to-oranges comparison. In a world in which powdered wigs, wooden teeth and only male voters existed, do the same principles apply?

In a new Washington Post-ABC News poll, it was found that 69% of voters believe that PACs should be banned. Furthermore, 78% of independent voters believe that they should be eliminated. Do PACs really deserve such a bad rap?

Restore Our Future, the super PAC supporting former Massachusetts governor Mitt Romney, has already spent nearly $34 million in early presidential primary states on his behalf. Winning Our Future, a super PAC associated with former House speaker Newt Gingrich, has already gone through $16 million. President Obama is also gaining momentum using a PAC; Priorities USA Action is in effect and is run by two former White House aides.

The Washington Post reports that, “All told, super PACs have raised more than $130 million and spent $75 million in the 2012 election cycle, according to the Center for Responsive Politics. Given that the 2012 election isn’t for another eight months or so and that super PACs focused on House races have already begun to crop up, it’s easy to see that number cresting $500 million or even nearing $1 billion before the election is over.

What does the future hold for political fundraising? Online fundraising through sites like Fundly are at an all time high and the candidates are spending time, money and strategic planning on optimizing social networking. We’ll just have to wait and see how technology and major donor giving influences the outcome of the presidential election in November.