Driven by increasing anger at Democratic policies and by recent Supreme Court decisions unshackling corporate contributions, business and conservative groups are preparing a flood of campaign money to try to wrest control of Congress from the Democrats. The U.S. Chamber of Commerce, the biggest collection point for corporate contributions, has increased its spending for the congressional election in November from $35 million in 2008 to a projected $75 million this year. Officials say it may go even higher.What's clear from the above, if it wasn't already blindingly obvious, is that we've got the best democracy™ money can buy, where it's one dollar, one vote. For those of us with any political sentiments whatsoever, we are basically left with two choices: try to raise more funny-money than our political competitors (and that amount is apparently doubling or more ever two years, which is the definition of exponential growth), or give up on national politics altogether and spend our time more productively. E.g., building skills and knowledge (and relationships with those who have complimentary skills and knowledge) that are useful on planet Eaarth. And doing it all locally.
The chamber has been joined by new conservative fundraising organizations — such as American Crossroads, affiliated with Republican strategist Karl Rove — that have committed to raising tens of millions of dollars. One report circulating among Democratic leaders on Capitol Hill last week estimated that more than $300 million has been budgeted for the campaign by a group of 15 conservative tax-exempt organizations.
"A commitment of $300 million from just 15 organizations is a huge amount, putting them in record territory for groups on the right or left," said Sheila Krumholz, executive director of the nonpartisan Center for Responsive Politics, which tracks campaign contributions. "With control of Congress hanging in the balance, this kind of spending could have a major impact." The money's power is magnified because it will be concentrated in a relatively small number of swing states and districts. Of the 435 House and 37 Senate seats at issue in November, about 100 House seats and 18 in the Senate are considered competitive.[..]
Two recent Supreme Court decisions have encouraged corporate and union participation in political advertising campaigns. This year, the court decided in Citizens United vs. Federal Election Commission that corporations and unions could spend directly on elections, overturning a century of laws limiting such spending.
Chamber of Commerce officials say a more significant ruling was the 2007 decision in Federal Election Commission vs. Wisconsin Right to Life that lifted the ban on political issue advertising close to an election, allowing corporations and unions to spend unlimited sums on these ads at the last minute. The rulings have given all sides powerful tools to influence the outcome of elections.
Business leaders see high stakes in the midterm election. They were concerned about the sweeping healthcare overhaul passed this year and a far-reaching bill passed last month to establish greater federal monitoring and regulation of the financial system. Energy firms are particularly concerned about how Democratic-dominated Washington will regulate their businesses after the oil spill in the Gulf of Mexico.
Scott Talbott of the Financial Services Roundtable, a trade group for major financial firms, said banks and investment houses were participating in fundraising and lobbying at an unprecedented pace, partly because of concern over thousands of pages of new regulations that will be written to implement the laws, as well as who will be picked to head new government entities, such as the consumer protection agency for banking and securities.
President Obama's sagging approval ratings, which have dropped to 44% in some polls, have created an opportunity that could allow Republicans to gain control of the House and cut into the Democrats' majority in the Senate.
The politicians, corporatists, and talking heads, having had no education in the physical sciences, are locked into a paradigm wherein it is believed that the global economy, located as it is in three physical dimensions of space and one of time, can grow infinitely -- into apparently non-physical dimensions. They're so sick in the head that they refer to the entirely expected condition of GDP contraction as "negative growth." I prefer to think of it as reality asserting itself. We've got just one planet, and acting like we have more than that is what's turned the Earth into the Eaarth. If we keep on this track much longer, we may as well begin calling it Mars Junior.