Walter Shapiro: “In 1995, Texas GOP Senator Phil Gramm confidently declared, ‘I have the most reliable friend that you can have in American politics, and that is ready money.’ Gramm dropped out after Iowa. In 2015, Jeb Bush was awash in money. His super PAC blew through $118 million, while his campaign spent another $34 million. And, of course, in 2020 Democrat Michael Bloomberg squandered a stunning $1.1 billion of his own money in just three months on his way to winning the caucuses in American Samoa.”
“Last month, it was front-page news that the conservative fundraising network originally associated with the Koch brothers was going to oppose Trump in the GOP primaries. But it is easy to overplay the significance of this anti-Trump move. Super PACs are handicapped in primaries because they are legally charged a much higher rate for TV ads than the candidates themselves. Also, the saturation media coverage of the presidential race means major contenders for the White House are much less dependent on TV ads than, say, Senate or House candidates.”
