Plutocracy Rules!

plu·toc·ra·cy

   [ploo-tok-ruh-see]  

noun, plural -cies.

1.the rule or power of wealth or of the wealthy.

2.a government or state in which the wealthy class rules.

3.a class or group ruling, or exercising power or influence, by virtue of its wealth.

 

“Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.

… It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth.”

 Every American is familiar with these stirring words from the great Republican President Abraham Lincoln’s Gettysburg Address. It is basic to how we value our citizenship. But these time-honored values will soon be eroded if the power of the super PACs continues to influence our electoral process.

As we witness the Republican Presidential Primaries enfold we can clearly see how Mitt Romney and his wealthy friends continue to buy influence. In this case, influence is the purchasing of delegates to the Republican National Convention. Never the less, the wealthy friends of the other candidates are spending huge amounts on them as well. I say “huge amounts” because while they seem to be huge to you and me, they are “chump change” to these aspiring plutocrats.

Spending by super PACs aligned with presidential candidates has already surpassed spending by all super PACs in the 2010 mid-term election.

To date, super PACs aligned with one of the 2012 White House hopefuls have spent more than $66 million. Notably, the pro-Mitt Romney super PAC “Restore Our Future” accounts for almost 50 percent of this spending.

This super PAC has spent more than $32 million so far this election, nearly all of it on ads bashing his opponents. That’s nearly twice as much as the $16 million spent by pro-Newt Gingrich Winning Our Future” And it’s roughly six times as much as the $5.3 million spent by the pro-Rick Santorum’s “Red White and Blue Fund”.

In the hopes of drowning out Romney’s challengers, Restore Our Future is ramping up its post-Super Tuesday investments as well.

Restore Our Future purchased $750,000 of ad time in Illinois and also made a $457,000 ad buy in Louisiana, states which will hold their primaries in the third week of March. These buys put Restore Our Future’s total expenditures across the $32 million threshold.

In 2010, all super PACs spent $65 million.

For its part, Romney’s super PAC has leaned heavily on hedge fund billionaires and private equity managers for its funding. The group has reported raising nearly $37 million thus far this campaign season, far more than any other presidential super PAC.

Meanwhile, casino titan Sheldon Adelson, along with his relatives, has been the main financial backers of the pro-Gingrich Winning Our Future super PAC, donating close to $20 million thus far to the group.

Wyoming businessman Foster Friess and Louisiana energy exec William Dore have been the largest two donors to the pro-Santorum Red, White and Blue Fund, each giving at least $1 million to date.

And the pro-Ron Paul “Endorse Liberty” super PAC has received the bulk of its funding from PayPal co-founder Peter Thiel.

The three super PACs supporting Paul have spent a combined $3.9 million, with Endorse Liberty accounting for nearly $3.5 million of that sum.

These men are not known for wasting money, they are known for investing money. They must envision a good return on investment for their generosity.

Super PACs arose in the wake of two federal court rulings in 2010, including the U.S. Supreme Court’s Citizens United v. Federal Election Commission decision, and are allowed to accept unlimited amounts of money from corporations, unions, trade associations and individuals to fund political advertisements.  

The power is being turned from the people to the wealthy individuals, corporations, trade associations or unions. Whether the money is going to Republicans or Democrats, the size of the largesse is intended to buy undue influence. In any case, it will lead to decisions that will not be optimal for the country or the people.

Soon, I am afraid, government of the people, by the people, for the people, shall perish from the earth.