Money in politics is destroying our democracy

David Brat, the upstart Tea Party candidate who scored a stunning victory over House Majority Leader Eric Cantor won in part by carrying a simple message;  “The crooks up on Wall Street and some of the big banks—I’m pro-business, I’m just talking about crooks—they didn’t go to jail, they are on Eric’s Rolodex.”

Brat hit the nail on the head. People are angry at Wall Street and big banks because of the inordinate amount of power they wield over Congress. They do it with money, and now that the Supreme Court has wiped out limits on the amount of money a person can contribute to a campaign, it will get worse.

The issue cuts across party lines. Democrats may blast the Koch brothers for their mega-contributions, but now comes a fellow named Tom Steyer who has announced that he will contribute $100 million to get Democrats elected. Not surprisingly, Steyer is a Wall Street billionaire.

Congressmen and Senators spend about a third of their waking hours raising money. They listen to people who have it. Members of Congressional committees are showered by donations from the very organizations that fall under their jurisdiction.

Of course, nearly everyone in office will tell you that no matter how much money they receive in campaign contributions from an individual or organization, it has zero effect on their decision making process.

However, (and I’m sure it’s an unconscious decision by those elected), the wealthy, banks, investors, and corporations “too big to fail”, are still protected at the expense of the rest of America.

The bailouts that occurred in 2007 and 2008 were paid for by the American taxpayer and were classic examples of “privatizing the profits and socializing the losses.”

The law that defies logic holds that money is speech because it buys advertising and that’s how the donor’s voice may be heard. The advertising, which is designed to convince the voter to vote for—or more often against—a candidate has a corollary effect. Because “repetition is truth” the American citizen becomes convinced that what benefits outfits with big bucks also benefits the little guy; less government, fewer regulations, lower taxes, less spending.

Well, it was less government and fewer regulations that were instrumental in causing the Great Recession and creating enormous increases in government spending to protect those “too big to fail”, leaving those of us who are “small enough to fail” out of luck.

Working Americans today are earning a salary that is equivalent to what people earned decades ago, while corporate executives are earning way more. The stock market is at an all-time high, which is good for some, but it’s small comfort to those who lost their homes and retirement because of the Great Recession.

If we want this inordinate amount of influence to stop, the money has to be taken out of national politics. It is done with some success in twenty-five states by having publicly funded political campaigns, but on the national level it will be an uphill battle against the financial overlords who are enjoying the benefits of the status quo and can convince our national legislators that it’s good for all concerned.

But it’s not. It is harming ordinary Americans and destroying our democracy. It must be stopped.

There will always be those who have influence on elected officials, and that’s fine, as long as it’s earned, not bought.

**Jim Elliott is a former state senator from Trout Creek.