Amazing new data on who owns U.S. elections
In case you missed it, the folks at U.S. PIRG and Demos released a new report yesterday that includes some downright stunning numbers on the way big money has seized almost total control of U.S. Elections in the post-Citizens United world. The following is from the release that accompanied the report:
“Newly minted Super PACs dominated outside spending reported to the FEC, aggregating huge sums from millionaires and billionaires.
- The top 32 Super PAC donors, giving an average of $9.9 million each, matched the $313.0 million that President Obama and Mitt Romney raised from all of their small donors combined—that’s at least 3.7 million people giving less than $200.
- Nearly 60% of Super PAC funding came from just 159 donors contributing at least $1 million. More than 93% of the money Super PACs raised came in contributions of at least $10,000—from just 3,318 donors, or 0.0011% of the U.S. population.
- It would take 322,000 average-earning American families giving an equivalent share of their net worth to match the Adelsons’ $91.8 million in Super PAC contributions.
- Super PACs accounted for more than 60% of outside spending reported to the FEC.
- For the 2012 cycle, Super PACs received more than 70% of their funds from individuals, and a significant percentage (12%) from for-profit businesses. “
As the Koch brothers, Art Pope and others of their ilk will probably tell the Chief Justice the next time they see him: “Heck of a job, Johnny!”
You can read the entire (and very sobering report) by clicking here.