Subscribe free to our newsletters via your
. GPS News .




DEMOCRACY
Election day caps $6 billion spree
by Staff Writers
Washington (AFP) Nov 6, 2012


Six billion dollars. That's how much money has been blown to influence the US election race that reached the finish line with Tuesday's vote.

Raising six-figure sums at parties with Hollywood czars and hedge fund tycoons or small double-digit offerings via smartphone apps, Barack Obama, Mitt Romney and Congressional candidates have smashed records for campaign spending.

According to an estimate by the Center for Responsive politics, the two White House rivals spent $2.6 billion between them by election day.

Obama trumped his Republican rival in individual contributions, by late October raising $645 million to $413 million.

But the CRP had Romney ahead when all other spending in support of him was considered, from political action committees and other groups pitching for the candidates indirectly.

Surprisingly, the presidential race spending is lower than the $2.8 billion in 2008's White House race.

Instead, the big jump is spending on hundreds of Congressional elections, especially for the Senate, where close races raised the possibility that the Democrats could lose control of the upper house.

In all, the bill comes to $40 a vote, based on 2008's record turnout, 57 percent of the voting age population.

What the voters got, best understood by residents of swing states like Nevada, Florida and Ohio, has been a tsunami of advertisements on their televisions, radios, email accounts and Twitter feeds.

Spending was guaranteed to soar this year after the landmark Supreme Court "Citizens United" case decision in January 2010 said that corporations and unions are able to spend money to promote candidates just like individuals can.

That has allowed outside political action committees known as Super PACs to pump nearly $1 billion into the races, according to the CRP.

And then there are the unidentified sources of spending.

"What remains unknown -- and may never fully be accounted for -- is how much money secretive 'shadow money' organizations spent, with some investing massive sums on ads, but also on unreported and purportedly "non-political" activities, as the election neared. It may take years to determine how much they spent."

According to the CRP, Obama as before has relied more on small individual contributions than Romney, but large donors have been crucial for both.

Banks and their staff have been a key resource for Romney while academics and tech companies and their workers have been important to Obama.

Romney's top three sources of donations are Goldman Sachs and its employees; Bank of America, and Morgan Stanley.

For Obama it was the University of California, Microsoft and Google.

But in categories of employment, retired people were by far the largest source of donations, giving more than $50 million to each candidate.

This year new technology has pushed into the fund-raising in a big way: donating via one's phone.

A Pew Research Center survey in October found that 13 percent of all adults had donated to one of the presidential candidate, and of them 10 percent had contributed via a cell phone app or text message.

Donors, Pew said, are evenly split between Democrats and Republicans, but Democrats are far more likely to donate on line or via their phone.

.


Related Links
Democracy in the 21st century at TerraDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








DEMOCRACY
Myanmar minister warns off opportunists
Yangon, Myanmar (UPI) Nov 5, 2012
A senior Myanmar minister said the government will crack down on anyone taking advantage of the communal unrest in Rakhine state for their own ends. But he also made an appeal for senior community leaders from all sides to cooperate to end the violence between Muslims and Buddhists that has claimed several hundred lives and forced thousands to flee their homes. Union Minister for ... read more


DEMOCRACY
Drought halves Kazakh grain harvest

Agriculture and food production contribute up to 29 percent of global greenhouse gas emissions

Storm-battered Haitian farm sector needs $74 million: UN

Could chloroplast breakthrough unlock key to controlling fruit ripening in crops?

DEMOCRACY
Northrop Grumman Begins Sampling New Gallium Nitride MMIC Product Line

Japan's electronics sector in race against time

Taming Mavericks: Stanford Researchers Use Synthetic Magnetism to Control Light

Near-atomically flat silicon could help pave the way to new chemical sensors

DEMOCRACY
Hypergravity helping aircraft fly further

Japan Airlines profit soars but China spat weighs

Northrop Grumman Awarded U.S. Air Force Payload Transporter System Contract

Lockheed Martin C-130J Super Hercules Variants Declared 'Mission Capable' After U.S. Air Force Testing

DEMOCRACY
Toyota hikes full-year profit target, warns on China spat

US car giants report record October in China

Hyundai, Kia to pay owners for inflated mileage

Mazda in profit, cuts sales outlook on China row

DEMOCRACY
Non-EU Swiss grapple with immigration rise

India's Wipro profits up 24%, beats forecast

China grants 95% tariff discount for Angolan exports

Iraq opens biggest trade fair in 20 years

DEMOCRACY
New three-fingered frog discovered in southern Brazil

Action needed to prevent more devastating tree diseases entering the UK

Inspiration from Mother Nature leads to improved wood

Brazil's Indians appeal for help to stop eviction

DEMOCRACY
NASA's SPoRT Team Tracks Hurricane Sandy

Sizing up biomass from space

NASA Radar Penetrates Thick, Thin of Gulf Oil Spill

Satellite images tell tales of changing biodiversity

DEMOCRACY
Low-resistance connections facilitate multi-walled carbon nanotubes for interconnects

New discovery shows promise in future speed of synthesizing high-demand nanomaterials

Graphene Mini-Lab

Strengthening fragile forests of carbon nanotubes for new MEMS applications




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement