Hey Reader,
In the first 24 hours following President Biden's decision to not seek reelection, Vice President Kamala Harris raised a whopping $81 million to launch her campaign as the presumptive Democratic nominee (source). When I heard this announcement I had two reactions:
- Wow! That's impressive!
- Wait, where did that money come from?
Campaign finance is a beast and confusing. Why? Because the Supreme Court has muddied the waters. Take individual contributions for example. If you wanted to donate to Vice President Harris' campaign - the most you could donate would be $3,300 according to the Federal Election Committee limits on individual contributions. These contribution limits have been upheld by the Supreme Court as constitutional because unlimited contributions from one person to one candidate could lead to bribery (Buckley v. Valeo).
Sounds reasonable, right? But then came Citizens United which paved the way for the rise of the Super PAC. Simply put, the Supreme Court ruled that an individual can contributed unlimited amounts of money to Super PACs as long as those Super PACs are not affiliated with any one candidate or their campaign. Arguing the First Amendment, the Supreme Court ruled that money is speech and therefore the restriction of money to promote a certain political view is unconstitutional.
I share this information for two reasons. First, Vice President Kamala Harris' haul is impressive because it did not come from a Super PAC. In fact, according to her campaign, the $81 million come from 888,000 'grassroot donors.' Second, I think it is important for us to consider what happens to a society when monetary contributions are considered free speech. In a society that functions with that value, naturally the voices of the wealthy are going to hold more power.
Money is a proxy for power, and I believe, like so many humans in the modern world, that when you have money you have power.
This is the first line from one of my favorite personal finance books by Paco De Leon - Finance for the People. Her approach to personal finance is practical and rooted in this idea that financial power should be shared among the masses, not the select few. As we continue this election cycle, I encourage you to consider the money that is at play and whose power that money represents.
The masses? Or a select few?
With Wild Imagination,
-Rayce
P.S. Enjoying the newsletter? I appreciate a shoutout on your socials as I work to grow Faithonomics' audience. Be sure to tag me (@raycelamb) and Faithonomics (@faithonomics)!
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Thank You!
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