The business community believes that Democrats will make huge gains in the 2008 elections and are working to get their stockings stuffed this Christmas while they still have some influence with the legislative and executive branches. A New York Times article says they are "racing to secure final approval for a wide range of health, safety, labor and economic rules, in the belief that they can get better deals from the Bush administration than from its successor." While this probably doesn't surprise anyone, my big concern comes with the funneling of massive amounts of business money into the presidential campaigns, primarily those of Democrats. If you can't beat them, buy them.
According to Open Secrets, campaign funding from business PACs is significant. For Democrats, the top recipient is Chris Dodd, with $365.312 from business PACs, which is 79% of his total PAC contributions. (PAC donations are broken into business, labor, and ideological/single issue.) Next is Hillary Clinton, with $304,408, 56% of her total. Richardson comes in at $84,550, 60% of his total. Biden ain't doin' too bad with $50,700, or 60% of his total PAC money. Obama has received only $3,250 (26%) and Edwards only $500 (4%). Kucinich and Gravel have received nothing from business PACs.
It doesn't take a genius to figure out that business is betting on the Dems. When you look at business PAC donations to the Republicans, it's clear they don't want to sink much money into a losing horse. Mitt Romney, of course, leads the pack with $156,550 from business PACs, 60% of his total PAC contributions. Giulani comes in next at $146,385 (70%), following by Brownback at $43,250 (86%), Huckabee at $21,500 (60%), and Hunter at $20,100 (54%). Fred Thompson has only received $11,500 (40%), Paul $10,500 (77%) and Tancredo $500 (5%). Keyes has received nothing from business PACs.
There are a couple of lessons to learn here. First is that it takes a ton of money to win a presidential election and business is the easiest way to get it. Second is that when elected officials govern in favor of businesses and against people, it's no surprise why. And third is that this has got to stop. We need to make campaigns publicly funded so that everyone has an equal chance. And then, whoever is elected, they won't "owe" business contributors. They can govern in the interests of the people. However, this doesn't appear to be anywhere on the horizon so, until then, I'll donate to the person receiving little or no money from corporations and that's who I'll vote for too.
The Issue Wonk