Earlier this year, I tried to explain to Congress how today’s special-interest-controlled pay-to-play campaign finance system is hostile to the conservative agenda.
It puts Republicans at an electoral disadvantage, I testified. It floods swing races with torrents of out-of-state negative advertising dollars. It guts federalism and the 10th Amendment. Crony capitalism now dominates our economy.
Support for campaign finance reform in Congress remains nonetheless deeply partisan. But what may finally compel conservatives to action is the grave threat to national security posed by the status quo.
Pay-to-play crony capitalism is much more profitable than the rough-and-tumble, generally incremental gains of market competition. Companies can generate a stunning 760-to-1 return on lobbying and campaign contributions in the form of no-bid supply contracts, regulatory favors, loan guarantees, bailouts and tax loopholes. Monopolies and market concentration are up. Innovation and new business startups are down. This is why we have the world’s highest drug prices, way too many broadband and cellular dead zones, and ethanol in our gasoline.
National security cannot be walled off from our corrupt and corrupting political money system.