So far, 2008 seems to be the year of the big, round numbers: the $700 billion bailout, the $10 trillion national debt, or, if you like, the $4 gallon of gas. Now, there’s a new number in play: the record $150 million Obama raised in the month of September.
Just like all those other numbers, Obama’s $150 million isn’t as simple as it looks. First of all, Obama promised to campaign with money raised via public financing, before abruptly changing his mind when he realized he could be more effective without it. The McCain campaign has raised the real possibility that some of the anonymous $200-and-under donations may be coming from foreign donors, or individuals exceeding the $2,300 contribution limit. Throw in a dash of philosophical quandary (what does it mean for the country that the man who raises the most money may win?) and a pinch of history (McCain, after all, is the guy who shared top-billing on a high-profile campaign finance reform bill) and you’ve got a relatively complex picture.
But the coming out party for Mr. $150 Million has been largely devoid of these questions. Instead of raising and, heaven forbid, addressing these serious issues, so far the story about the money has been brimming with wow!
Oh, goodie! proclaimed the Los Angeles Times:
With Obama’s $150 million from September plus $49 million raised by the Democratic National Committee, the Democrats have a vast cash advantage heading into the Nov. 4 election. Obama can go on offense in states that Republicans must hold and still spend freely on costly TV ads.
“It is working out brilliantly,” California Democratic consultant Bill Carrick said of Obama’s decision to forgo public funding.
And, yippee! cooed the Washington Post (emphasis mine):
The campaign has raised so much money that it is considering passing some along to Democratic Party committees to try to help grow the party’s majorities in Congress, according to a campaign source.
The odd thing shared by all these stories is their implicit acknowledgement of the larger issues beneath the big number. Something’s going on here, they seem to whisper.
Mr. $150 Million is definitely a big deal says The New York Times:
It is a remarkable ascent to previously unimagined financial heights—Mr. Obama’s September total more than doubled the record $66 million he collected in August—that has been cheered by some and decried by others concerned about the influence of money in politics. The impact on the way presidential campaigns are financed is likely to be profound, potentially providing an epitaph on the tombstone of the existing public finance system.
Concern is good, and warranted. This fundraising milestone has been celebrated as a good thing for Obama and the Democrats, but there are plenty of questions about this election’s long-term effects on the public financing system, which was designed with the goal of making campaigns more transparent and less vulnerable to big-money interests.
The press, meanwhile, has left it to McCain to call for disclosure of the small donors’ identities, as mentioned in The Wall Street Journal:
The Obama campaign has also fielded criticism from Republicans for what they say is a lack of donor transparency. Federal rules don’t require disclosure of donors giving less than $200. Small donors account for about half of Sen. Obama’s 3.1 million contributors.
Granted, Obama isn’t obligated to reveal those donors, but given that McCain has done so (with his dramatically smaller number), perhaps the press, too, should sound the call for greater transparency on Obama’s part. Armed with that information, they could more clearly explore the legitimacy of McCain’s claims.
It isn’t enough to quote Democrats making pronouncements like this one in The New York Times:
Tad Devine, a former senior strategist for Senator John F. Kerry’s presidential campaign in 2004, said there were plenty of arguments that what Mr. Obama had done was healthy for the democratic process.
“What we’re going to have to figure out,” Mr. Devine said, “is why this is not only good for the Democratic Party but it’s good for the country.”