Most Expensive Campaign Ever? Not Really

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Is 2008 the most expensive election ever? Not if you use real dollars. Yes, Barack Obama is raising more raw money than any candidate ever. And yes, this is the first time an election has surpassed $1 billion. But in 1896, William McKinley spent an astonishing $3.35 million to ensure populist firebrand William Jennings Bryan got nowhere near the White House. As Paul Krugman notes, “As a percentage of gross domestic product, it was the equivalent of more than $3 billion today, five times what the Bush campaign spent in 2004.” And Krugman is just highlighting one example; he isn’t conducing a systematic study of all election spending adjusted for inflation.

This isn’t to say the campaign finance system doesn’t need to be reformed. It does. But let’s keep context in mind when you hear shrill media claims that every election is the most expensive ever.

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PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please do your part and help us reach our $150,000 membership goal by May 31.

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