Obama and Public Financing
I must admit, I just can't get worked up over Obama's decision:
Senator Barack Obama announced Thursday that he would not participate in the public financing system for presidential campaigns. He argued that the system had collapsed, and would put him at a disadvantage running against Senator John McCain, his likely Republican opponent.With his decision, Mr. Obama became the first candidate of a major party to decline public financing -- and the spending limits that go with it -- since the system was created in 1976, after the Watergate scandals.
Mr. McCain, who has been a champion of the public financing system, affirmed Thursday that his campaign would accept public financing.
And the reason I can't get worked up is this: It's not like the U.S. has anywhere near a perfect public financing system. It would be one thing if election campaigns were all funded publicly, with no private donations allowed, and there were strict and sensible spending limits. But it's essentially just a system of loopholes.
Here's how Obama himself put it: "The public financing of presidential elections as it exists today is broken, and we face opponents who've become masters at gaming this broken system. John McCain's campaign and the Republican National Committee are fueled by contributions from Washington lobbyists and special interest PACs. And we've already seen that he's not going to stop the smears and attacks from his allies running so-called 527 groups, who will spend millions and millions of dollars in unlimited donations."
Of course, the Democrats are awfully good at exploiting the system, too, especially through their own 527s, as they showed in 2004.

