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Amazing new data on who owns U.S. elections

Posted By Rob Schofield On January 18, 2013 @ 3:17 pm In Uncategorized | Comments Disabled

In case you missed it, the folks at U.S. PIRG and Demos released a new report [1] 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 [2]:

“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 [1].

Article printed from The Progressive Pulse: http://pulse.ncpolicywatch.org

URL to article: http://pulse.ncpolicywatch.org/2013/01/18/amazing-new-data-on-who-owns-u-s-elections/

URLs in this post:

[1] a new report: http://www.uspirg.org/sites/pirg/files/reports/BillionDollarDemocracy.pdf

[2] the release that accompanied the report: http://www.uspirg.org/reports/usp/billion-dollar-democracy

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