The 2024 election is projected to cost nearly $16 billion, driven by extensive campaign activities like rallies, ads, and get-out-the-vote efforts, all of which require substantial funding.
Outside money, particularly from billionaires like Elon Musk, has played a significant role, with Musk alone contributing over $118 million to support Trump's campaign, highlighting the growing influence of wealthy donors.
The Citizens United decision in 2010 removed many limits on campaign fundraising and spending, leading to the rise of super PACs that can raise and spend unlimited amounts of money, thereby increasing the influence of big money in elections.
While both campaigns benefit from significant outside money, Harris's campaign follows a more traditional model with a strong base of smaller donors, whereas Trump's campaign relies heavily on massive contributions from wealthy individuals funneled through super PACs.
Appointing major donors to key positions, like Trump's proposal to name Musk to an efficiency role, raises concerns about potential conflicts of interest, especially when the donor has significant financial interests in government contracts.
Wiener advocates for more transparency in campaign financing and a shift towards more small donations, arguing that while politics will always cost money, it's crucial to ensure that the source of that money is diverse and transparent.
The homestretch of the presidential campaign means huge rallies, a final barrage of campaign ads, and massive multi-state get out the vote efforts. All of that costs money.And it seems like every successive presidential election ends up being the most expensive election in history.Open Secrets, a group that tracks election spending, estimates the 2024 federal election cycle will cost nearly $16 billion. It was around $15 billion in 2020.Vice President Kamala Harris' campaign raised a record billion dollars in just three months.And, according to Open Secrets, tech billionaire Elon Musk has poured more than $118-million into his America PAC in support of former President Donald Trump.As we publish this episode Tuesday afternoon, we don't know who will win this election. But we do know that outside money has played a bigger role than ever before.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org). Email us at [email protected].)Learn more about sponsor message choices: podcastchoices.com/adchoices)NPR Privacy Policy)