Midterm Election Spending Sets Records Despite Recession

Based on the latest financial reports, House and Senate candidates in this election cycle have raised nearly $1.2 billion, well ahead of the pace for contests in 2008, 2006 and 2004. Races for governor in 37 states (more than half of those for open seats) are also setting fundraising records.

Former CEO of eBay Billionaire Republican Meg Whitman leads the way, pumping $104 million of her own money into her campaign for California governor.

Millions of dollars are pouring into campaigns that have been dominated by discussions about the government's fiscal prudence. When it comes to getting elected, there is absolutely no such thing as restraint, even during the worst recession on record. 

Factors influencing role of money in the election:

The Supreme Court and Big Money

Thanks to the supreme court, corporate ad spending will play an enormous role in this election. 

"What we will see is corporations not wanting to anger their shareholders, not wanting to anger their retail customer by getting involved in partisan elections," said Paul Ryan, a senior lawyer at the Campaign Legal Center. "Instead they will employ strategies to obscure the fact, or hide completely the fact that they are dumping money into politics by routing their money through groups like the Chamber of Commerce." [AP]

Advantage Republicans.

Independent Groups

Shadow groups will donate untold millions to help Republican candidates. One of the most prominent, American Crossroads, was created by former Bush political strategist Karl Rove and former Republican National Committee Chairman Ed Gillespie. American Crossroads and its affiliates are relying on large corporate and individual donors. The Tea Party relies on personal donations from followers to bolster it's financial arsenal.

Yes. Democrats have their own groups who will donate to help Democratic candidates, but Republicans have an extreme advantage in this arena.

National Parties

Democrats have a slight advantage in fundraising and have more cash on hand than Republicans, but all this does is put the burden on outside Republican groups like American Crossroads and other groups like the Republican Governors Association.

Conclusion:

Our "democratic" system of electing leaders is about as democratic as high school children selecting teammates in gym class. Only much much sleazier.