campaign financing, campiagn financing, Citizens United, competition, Corporatism, debt ceiling, disruptive innovation, dysfunctional government, independent proprietors, innovation, labor rates, large corporations, lobbying, money in politics, multinational corporations, regulatory control, self-employment, small business, Supreme Court, surplus labor, transnational corporations
After the Federal government’s debt-ceiling debacle in the summer of 2011, I posted a very brief white paper outlining some suggested reforms, aimed at reducing the massive dysfunctionality that seems to have taken root in D.C. One of those suggestions involved campaign financing:
Only individuals should be allowed to donate to campaigns, $1,000 maximum per candidate per donor per year.
I was simply interested in returning good governance, and my proposal stemmed from a realistic assessment of the Supreme Court’s Citizens United decision: If we cannot take exception with corporations’ right to free speech – based on a legally thin contention of a corporation’s personhood – then we should simply ban all organizations from donating money. While this proposal will take out the good along with the bad organizations, this should allow it to withstand legal challenges, since all organizations are banned equally. This proposal will serve two purposes; 1) remove a major source of money from the U.S. political system along with its corrupting influence and 2) drastically decrease the cost of funding campaigns, thus allowing more third-party candidates to mount credible campaigns, and keep our elected officials back at their desk, doing their jobs rather than spending most of their time raising money. The latter, of course, operates under the assumption that extravagant campaigns will disappear, and so will the need for large war chests. Continue reading