Yahoo Finance Drops in From Mars to Explain Big Money Hasn’t Bought U.S. Politics
A recent New York Times/CBS poll found that 84 percent of Americans think money has too much influence in U.S. politics, and 85 percent want the campaign financing system completely rebuilt or at least fundamentally changed. Even politicians themselves will tell you that big money controls most of what they do.
Yahoo Finance, however, has done a study on money in politics, and determined that everyone else in America is wrong:
With so much concern about democracy for sale, Yahoo Finance set out to ask a basic question: Are rich donors buying election results? We scrutinized thousands of federal records on campaign donations in presidential and congressional campaigns in 2012 and 2014, and came up with this simple answer: no.
What Yahoo did was simple and straightforward: Look at the top 10 individual donors to campaigns and Super PACs, as well as the top 10 biggest Super PACs, and then check to see how often the candidates the donors and Super PACs supported won.
And it turned out that big money’s candidates didn’t win every time! For instance, the candidates of the top individual donor, casino mogul Sheldon Adelson, won only 56 percent of the time. The candidates of the biggest-spending Super PAC, Karl Rove’s American Crossroads, only won 51 percent of their races.
So case closed, according to Yahoo: “The return on investment to big donors appears to be less than the fretting over the health of democracy suggests.”
Of course, the flaws in Yahoo’s study are as painfully glaring as the lens flare in a J.J. Abrams Star Trek reboot. Here are the top four, from least important to most:
• Yahoo doesn’t know who the top individual donors were and how much they gave — because nobody does. When you look at Yahoo’s list of the top 10 donors for the 2012 and 2014 elections, you’ll notice something odd: Charles Koch is last, at No. 10, and only contributed a scant $5 million total.
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