Doing away with the presidential public financing system

Published on April 16, 2008
by Michael Schrimpf

File Under: "Clean" Elections, Faulty Assumptions, Taxpayer Financing

As election observers continue to buzz about the public-financing conundrums of both John McCain and Barack Obama, the Chicago Tribune offers an enticing idea - do away with the program entirely.

As most readers of this blog know, McCain finds himself under fire from Democrats for backing out of the public financing system for the primary. Obama, meanwhile, discovered a "parallel" public financing (traditional, private financing but with a plethora of small donors) and has backed away from a pledge to accept public financing for the general election.

The Tribune smartly recognizes the public-financing situation of both candidates isn't about ethics - it's about tactics. The Tribune goes on to say:

"The system that is supposed to wean presidential candidates from private fundraising doesn't work. As this campaign shows, it pushes candidates to navigate around arcane government rules. It skews the presidential campaign."

So while the candidates continue to dodge and weave over their positions on public financing, the Tribube notes, " taxpayers are way ahead of the politicians-they've been abandoning this system. The money to publicly finance presidential campaigns comes from taxpayers who check off a box on their federal tax return. Check the box and you give $3 to the public-financing system.

Fewer than 7.5 percent of tax filers last year checked "yes" on the $3 contribution box. That's a big slide from the 28.7 percent who participated in 1980.

The campaign finance system has become little more than a distraction. It hasn't created a higher ethical standard in politics or government.

Let's just do away with it."