Political Fundraising To Really Heat Up In 2012

Fundraising is a crucial aspect for any cause but especially when it comes to politics. Political campaigns require millions of dollars to run. Failing to secure necessary funds within the time constraints can jeopardize a politician’s campaign and cause him the race. Political fundraising efforts are in full swing for the upcoming year of 2012, and many wonder whether the candidates will be able to make it.

Consider these stats – it costs over $1 million per candidate to fund a congressional campaign while senate campaigns cost over $4 million on average. Senators require an average $10,000 per week of campaign funding during re-elections. In 2007, presidential campaigns totaled $481.2 million – more than the total amount of all campaigns between 1976 and 2000. These numbers are overwhelming and spur the unceasing need for additional political fundraising.

This year political fundraising is at an all time low. In fact, a study shows that progress is far behind where it was for fundraising in 2007 for the last presidential election. Currently, Mitt Romney – the former governor of Massachusetts – leads among all the candidates with $18 million already raised. Rick Perry, governor of Texas, had collected $10 million as of the end of the third fundraising quarter. Others, like Michelle Bachmann are being less open with the progress of their fundraising.

The funds that fuel political campaigns are usually provided by political action committees or private parties willing to donate to a candidate’s cause. However, congressional candidates are limited to a maximum of $5,000 from any one political action committee. This creates the need to find other methods of fueling campaigns.

With the steady decline of the economy, politicians have come to terms with the fact that they will have to make do with less than their presidential predecessors. Campaign committees are scrambling to come up with innovative political fundraising ideas that will help them make ends meet.

There are various industries that generally donate to political fundraising. These include lawyers and law firms, the retired, securities & investments, real estate, miscellaneous businesses, business services, miscellaneous finance, health professionals, education, and media (TV/music/movies). Lawyers and firms tend to contribute the majority of these funds with media accounting for the lowest amount. 2012 candidates are sure to deplete these sources as completely as possible.

The Democrats are currently leading in funds raised but the Republicans are predicted to catch up quickly. This mad race to find sources for political fundraising threatens to violate the principle of equality. When a congressional candidate accepts money from private sources (or what are referred to as special interests) it often influences him and his political decisions in office. This effect threatens the balance of “one man, one vote” – a far more serious issue than sufficient funding.