Pity the Poor Incumbent

Combine the enormous advantages of incumbency with the campaign contribution limits Congress imposed in 1974, and you start to see why rich guys are tempted to run for office. The Supreme Court has said they have a First Amendment right to finance their own campaigns but not to finance other people's campaigns.

Most of the current Court is skeptical of that distinction, but at least four justices seem inclined to eliminate it by allowing restrictions on expenditures as well as contributions. The next Supreme Court appointment could make a crucial difference for the freedom of Americans to engage in political speech, directly or by proxy, without fear of being fined or going to prison.

Unfortunately, John McCain and Barack Obama both seem to think the main problem with campaign finance restrictions is that there aren't enough of them. McCain spearheaded BCRA and made campaign reform the signature issue of his 2000 presidential campaign. Both McCain and Obama worry that money plays too big a role in political campaigns, and both have decried the influence of ads sponsored by the independent groups that have proliferated because of BCRA's restrictions.

Then again, McCain has been criticized for excessive coziness with lobbyists, while Obama's credibility on this issue took a big hit when he decided to decline taxpayer funding for his general election campaign so he could avoid spending limits. I'm not sure who the bigger faker is, but he could turn out to be a smaller menace to freedom of speech.