Money is Speech

Chart of the Day: Midterm Money in Politics – Money is Speech?

The total cost of 2022 state and federal midterm elections is projected to exceed $16.7 billion, according to a new OpenSecrets analysis. Federal candidates and political committees are expected to spend $8.9 billion, while state candidates, party committees, and ballot measure committees are on track to raise $7.8 billion.

Election-related spending at the federal level has already blown past the inflation-adjusted 2018 midterm record of $7.1 billion. State-level candidate, party committee, and ballot measure committee expenditures could surpass the estimated 2018 midterm spending record of $6.6 billion, adjusted for inflation. See this in the chart below and learn more here.

Midterm Election Spending Totals

Based on data reported to the Federal Election Commission through Nov. 1, just over $7.5 billion has already been spent on the federal 2022 midterm elections. Federal candidates and political committees are projected to spend $8.9 billion in total on the 2022 midterm election. See the trend growth in the chart below.

Midterm Election Spending Trends by PartyFive of the ten most expensive congressional races this election cycle are all U.S. Senate races rated toss-ups by the Cook Political Report – PennsylvaniaGeorgiaArizonaNevada, and Wisconsin. These five races have also attracted the most outside spending during the general election, as outside groups that seek to sway voters for or against their preferred candidates targeted battleground states that could determine control of Congress. See this in the chart below.

Most Expensive 2022 Midterm Races

Of the top-spending Senate hopefuls, just two of the top ten candidate campaigns are Republicans. This is surprising as Cook Political Report has 21 Senate races listed as leaning Republican and just 14 leaning Democrat. The only races to have both candidates in the top ten highest spending candidates are the Pennsylvania senate, with Mehmet Oz (R) and John Fetterman (D), and Florida Senate, with Val Demings (D) and Marco Rubio (R) spending in the top ten. See this in the chart below and learn more here.

Most Expensive Campaigns 2022 Midterm Races

While candidate spending was dominated by Democrats, coordinated buys seemed to be dominated by Republicans. Seven of the top ten highest spending coordinated buys in Senate races were from Republicans. Coordinated buys are spending typically coordinated with a presidential campaign or the party’s financial apparatus. This would mean that the candidate would not have full control over the spending.

Most Expensive Coordinated Buys 2022 Midterm Races

Emblematic of what happened in many of the key 2022 midterm races, for example, in Georgia, Raphael Warnock (D) outspent his opponent, Herschel Walker (R), by almost $13M. It is difficult to win with this kind of campaign spending.

Then there is this.

According to a recent analysis by the Washington Post, $1 billion of these campaign funds can be attributed to the top 50 individual donors. Though the majority of individual donors were Republicans, the majority of this money went to coordinated buys. See this in the chart below and learn more here.

Largest 2022 Midterm Donors

What is interesting about the above chart is that the second-largest Democrat was Sam Bankman-Fried (SBF), who is now embroiled in the Crypto FTX scandal. Was the entire FTX scandal all part of a plan to fund Democrats for the 2022 midterms?

What are some takeaways from all this data?

  • Though both major political parties spent about the same amount of money, Democratic candidates in key races had more money and more money in direct control for their campaigns.
  • Considering that the opposing political party typically gains in midterm elections, the RNC has done an abysmal job of managing the campaign monies that they have received – regardless of candidate quality.

One has to remember – top campaign spenders win 88% of the time. Is money speech?

See more Chart of the Day posts.

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 RWR original article syndication source.

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Written by Tom Williams

Born down on the farm in America's Midwest, my early life was spent climbing the ladder via a long career in information technology. Starting as a technician, and after earning a degree going to night school, I eventually found a place working at ATT Bell Laboratories as a software engineer.

Later moving into management and then a long stint in a major management consulting firm working with major banking, telecommunications, and retail companies. Working in various states in America, I also spent considerable time living and working in several European countries - currently expat in France. As a side career, I was heavily involved in real estate development and an avid futures trader. This experience can give one a unique view of the world.

The storm clouds of dark change are near. Today America is at a crossroads. Will it maintain its prowess as a national leader in the free modern advancing world, or will it backtrack in the abyss of the envy identity politics of tyrannical socialism, and the loss of individual freedoms. The 2020 election may have decided this. Join the Right Wire Report team and make a stand.

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