Big money, big stakes: 5 things everyone should know about money in 2024 elections
From OpenSecrets:
This summary of spending facts from OpenSecrets highlights just how bad the problem of money in our elections has gotten, with no signs of slowing down on its own. A few highlights: Spending in the 2024 elections topped $20 billion dollars between state and federal elections. Of that, $4.45 billion came from outside groups like Super PACs – more than double the amount of outside spending in 2022. And dark money contributions totaled over $1 billion.
Crypto’s $245 million campaign finance operation filled airwaves with ads not about crypto
From CNBC:
The cryptocurrency industry emerged as the largest corporate player in the 2024 election, with more than $245 million raised from corporations and individuals. The industry had a much better Election Day than in 2022, when cryptocurrency exchange FTX spectacularly collapsed. Crypto PACs like Fairshake spent millions of dollars on ads to boost pro-crypto candidates and attack their opponents, most often without mentioning their central issue at all. Instead, crypto PACs placed generic ads on common issues like jobs and healthcare.
How Kamala Harris plowed through $1 billion
From The Washington Examiner:
Before the election, one of the major stories was the staggering $1 billion raised by the Kamala Harris campaign in the short time between President Biden’s withdrawal from the race and Election Day. Now after her loss to Donald Trump, the question is, where did that billion dollars, raised from megadonors and ordinary supporters, go? Investigation by the Washington Examiner highlights significant spending on advertising, consultants, and events, including $1 million to Oprah Winfrey’s Harpo Productions, and a six-figure spend on a custom set for Harris’s appearance on the Call Her Daddy podcast.
US sports owners make huge political donations.
From The Guardian:
Since 2020, owners of major North American sports teams have spent more than $132.1 million on federal elections, of which 94.5% went to supporting Republicans. Of the $132 million total, almost two-thirds of it comes from Miriam Adelson, a Republican megadonor who purchased the Dallas Mavericks from Mark Cuban (a Kamala Harris supporter and campaign surrogate) in 2023. Outside of Adelson, NFL owners are the largest donors, having collectively given more than $23 million since 2020.
How much has been spent on Chicago’s school board elections? Almost $7 million
From Chalkbeat Chicago:
Though significantly lower-profile than the Presidential election, school board elections across the country have seen massive amounts of spending. In Chicago, where voters elected members of the city’s school board for the first time (the board was previously appointed by the city’s mayor, but is transitioning to elected officials), there was more than $7 million in spending, of which $3 million came from pro-school choice super PACs. The Chicago Teachers Union and allied groups spent nearly $1.5 million backing endorsed candidates. In some cases, the school board races descended into partisan mud-slinging, as groups ran mailers accusing their opponents of being connected to Donald Trump and the controversial Project 2025.
