The End of Public Financing of Elections

The National Review reports on the end of modern journalism:

For years an axiom of the liberal establishment was the need for public campaign financing — and the corrosive role of private money in poisoning the election process. The most prominent Republican who crossed party lines to ensure the passage of national public campaign financing was John McCain — a maverick stance that cost him dearly among conservatives who resented bitterly federal interference in political expression.

In contrast, Barack Obama, remember, promised that he would accept both public funding and the limitations that went along with it, and would “aggressively pursue an agreement with the Republican nominee to preserve a publicly financed general election.” Then in June 2008, Obama abruptly reneged, bowing out entirely from government financing, the first presidential nominee in the general election to do that since the system was created in 1976.

Obama has now raised over $600 million, by far the largest campaign chest in American political history. In many states he enjoys a four-to-one advantage in campaign funding — most telling in his scheduled eleventh-hour, 30-minute specials that will not be answered by the publicly financed and poorer McCain campaign.

The story that the media chose to ignore was not merely the Obama about-face on public financing, or even the enormous amounts of money that he has raised — some of it under dubious circumstances involving foreign donors, prepaid credit cards, and false names. Instead, they were absolutely quiet about a historic end to liberal support for public financing.

For all practical purposes, public financing of the presidential general election is now dead. No Republican will ever agree to it again. No Democrat can ever again dare to defend a system destroyed by Obama. All future worries about the dangers of big money and big politics will fall on deaf ears.

Surely, there will come a time when the Democratic Party, whether for ethical or practical reasons, will sorely regret dismantling the very safeguards that for over three decades it had insisted were critical for the survival of the republic.

Change you can believe in.