How did political campaigns get so expensive? | The Indicator

The episode argues that campaign spending has become an arms race, even though money does not reliably decide who wins elections. The hosts point to Elon Musk’s reported nearly $300 million in contributions to Republican groups since July, broad GOP fundraising advantages, and past examples like Kamala Harris outspending Donald Trump in 2024 and still losing. The larger question is not whether money can buy victory, but what it buys instead.

Adam Bonica says the roots of today’s system stretch back to Buckley v. Valeo in the 1970s, which treated money as speech, and then accelerated with Citizens United in 2010, which removed limits on independent corporate spending. Trevor Potter blames a Supreme Court that does not understand elections, weak enforcement, and a deadlocked Congress, creating a “wild west” of dark money and massive, often undisclosed spending.

The episode also argues that money matters before Election Day: it shapes who can run, who gets party support, and which messages reach voters in primaries and the general election. Potter says the long-term effect is a weakened democracy and a more corrupt government, while Bonica warns the alternative is a “death spiral” unless parties eventually self-reform.