McCain says campaign finance reform is dead
WASHINGTON – Sen. John McCain says the movement he led to reform how political campaigns are financed is dead.
McCain says the Supreme Court has spoken on the constitutionality of political contributions by corporations. The Arizona Republican had sought to regulate them with a landmark campaign finance law he wrote with Sen. Russ Feingold, D-Wis.
Last week the Supreme Court ruled that corporations may spend as freely as they like to support or oppose candidates for president and Congress.
McCain says there's not much that can be done about campaign financing now. Still, he predicts a backlash over time from voters once they see the amount of money that corporations and unions pour into political campaigns.
McCain spoke Sunday on CBS' "Face the Nation."
This is what I said, I predict a backlash from the voters once the airwaves are saturated with negative ads. The corporations will have to add their names to the commercials so we will know who to boycott won't we! The people are tired of corporate America and this will only make them madder. As we saw in Massachusetts, the voters will exercise their rights, I believe this will backfire on the republicans, and I say republicans because it is their party who will benefit from this terrible ruling from the Supreme Court. IF that was not the case then explain the 5-4 vote!
I will be interested in hearing from Sen. Feingold on this ruling.
Edited: Linda said the ruling will make a level playing field for both sides, not according to Laura Chapin and this article from U.S. News and World Report,
According to the Center for Responsive Politics, business and corporate interests accounted 70.8 percent of the total U.S. political contributions in 2007-2008, while only 2.7 percent came from labor. Political Action Committees (PACs) show a similar disparity: 69.5 percent from business, 15.7 percent from labor. The center does issue this caveat: "CRP uses employer/occupation information to categorize donors, and because just about everyone works for a business, contributions from members of labor unions and ideological groups are often classified under business."
Still, the gap is big enough that it's clear corporations have both the will and the ability to vastly outspend unions. And yes, this includes "527s"--tax-exempt organizations that engage in political activities. Republican-leaning 527s spent almost $13 million in 2008, Democratic ones about $8.3 million.
If the GOP and its corporate allies have their way, you can kiss the will of Colorado voters goodbye. And no, the fact that the Supreme Court ruling would potentially lift the limits on union contributions doesn't make things equal. The checkbook for corporations dwarfs that of labor. It's not a level playing field in any sense of the phrase--corporations versus unions is like the Texas Longhorns going up against an NCAA Division III team.
And at least that contest would involve real persons.
