Eliminating Taxpayer Financing Of Presidential Elections
Mr. Chair, I rise in opposition to H.R. 359, which would repeal the presidential public funding system. Thanks to Wall Street, unemployment is nominally at 9.4 percent but in actuality is much higher and foreclosures continue to defy…
Mr. Chair, I rise in opposition to H.R. 359, which would repeal the presidential public funding system. Thanks to Wall Street, unemployment is nominally at 9.4 percent but in actuality is much higher and foreclosures continue to defy efforts to get them under control. Thousands die from no or inadequate access to medical care every year because the health insurance companies have given rise to one of the most expensive, least accessible, and lowest quality health care systems in the developed world. Defense companies profit handsomely off of two major wars, one of which is still expanding almost 10 years on. Fossil fuel companies continue to alter the planet at a pace that has been declared not only a major environmental and economic issue, but also a national security issue. According to the Congressional Research Service, ``in 2007, the top 5 percent of wealth owners accounted for about 60 percent of all wealth accumulated by households.''
These are also industries who happen to contribute mightily to campaigns of both parties. The Center for Responsive Politics estimates that special interests spent $281.6 million during the 2010 election cycle. These industries are not contributing out of the goodness of their hearts, but because their large investments pay dividends. It is the cost of doing business.
This is not a situation in which it is a good idea to give the wealthy more influence over the public's governance. But H.R. 359 will do that. By reducing the opt-in, voluntary contribution to presidential campaigns, this Congress will declare that the vast majority of Americans should have less influence over the selection of its government and the corporations should have more.
Instead, we should be demanding full public financing of elections with small maximum contributions. We should be amending the Constitution to clarify that our founders did not intend to create a system in which one dollar equals one vote. And we must reverse the corrosive decision to grant corporations the same rights as people in the eyes of the law.
We can do better. A thriving democracy demands it.