The New Arms Race: Money

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It was over a hundred years ago that Ohio political boss and Senator Mark Hanna spoke about the relationship between politics and money. So there's no use longing for the "good old days" when it comes to political fundraising – because there weren't any. Let's not be naïve here, the fact is that politics has always been infested by money. And that's a major problem - money and politics just do not mix, and it is time for their divorce.

Last week the political world about came to a stop as the 2008 presidential candidates reported their fundraising returns from this year's first quarter. We saw the top three democratic candidates – Hillary Rodham Clinton, Barack Obama, and John Edwards – combine to bring in $65 million, while their top three counterparts from the Republican Party – Mitt Romney, Rudy Giuliani, and John McCain – brought in nearly $50 million combined. These numbers are not necessarily staggering (remember George Bush and John Kerry raised $1 billion between them prior to the 2004 presidential election), but they are greatly disconcerting. And they just give further evidence that it is time to pass real and revolutionary campaign finance reform.

The problem is that very few elected officials and political aides truly want to eliminate political fundraising or strengthen campaign finance laws. Former House Speaker and potential 2008 presidential candidate, Newt Gingrich described the Bipartisan Campaign Reform Act from 2002 (also known as the McCain-Feingold Act), as "the most systematic effort to censor and repress political speech by those in power since the Federalist overreach of the 18th century." The current fundraising frontrunner for the Republican Party, Mitt Romney received a thunderous ovation when he recently told the Conservative Political Action Conference last month that McCain-Feingold was "ill-considered" and "harmful," and that he would repeal it if elected president. Gingrich and Romney are just a few examples of influential folks who believe money is speech, and/or that privately donated money is necessary for democratic campaigns to run properly.