Slush funds of anonymous unregulated money are now the dominant institutions in American politics, converting our elections into auctions – and transforming the legislative process into a donor bidding war.
In the last election, independent expenditure groups spent more money than the total amount spent by all congressional candidates combined. One in every $5 flowing through a Super Pac came from organizations that do not disclose their donors. In all, $2bn of “independent” spending was dark money, meaning the public cannot see who is buying elections – even though politicians know exactly who they owe once they are in office.
The current election cycle promises to be even worse: Super Pacs have already spent nearly a quarter of a billion dollars, fueled by donors in the artificial intelligence and cryptocurrency industries demanding policy favors from Washington. Again, much of it is anonymous cash: for example, new campaign finance filings show the second-largest donors to House and Senate Republicans’ Super Pacs are dark money groups.