What Is The Impact of Black Money on American Policies
As the impact of black money on American polies looms larger, questions arise about the true nature of democracy in the United States.
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In the United States, everything is up for sale, including the presidency and congressional seats. Billionaires and interest groups can effectively purchase senators to advocate for their agendas, whether it's for a full six-year term in the Senate or a two-year stint in the House of Representatives.
Moreover, presidential candidates can be swayed by hefty donations, ensuring they align their decisions and legislation with the interests of the companies or conglomerates that have generously funded their campaigns with seven-figure checks.
This system operates on the fuel of political money or donations, which play a pivotal role in American elections. The preliminary contests, known as "Great Tuesday," kick off this process, with Republicans and Democrats competing in primaries across 13 states. This day serves as a critical juncture in determining the presidential nominee for the upcoming November election. It's not just about selecting the next occupant of the White House; it also involves electing one-third of the Senate and all 438 members of the House of Representatives.
The pivotal force in these elections is "lobby property," often dubbed as "black money," encompassing funds whose origins remain undisclosed to the American electorate. This opaque financing includes contributions whose sources are obscure or unknown, leaving voters unaware of who bankrolls candidates and why.
Electoral regulations dictate that the party or candidate amassing the most funds stands the best chance of clinching victory. Consequently, both the Democratic and Republican factions vigorously pursue amassing the maximum allowable "political money" stipulated by the US Constitution.
Yet, both parties, particularly the Democrats, balk at divulging the origins of their finances, as many contributions fall under the category of "dark money," perceived by voters as morally questionable despite being technically legal. Statistics indicate that the Democratic Party has received the lion's share of "black money" thus far.
But what exactly constitutes "black money"? How does its legitimacy compare to other forms of "political money" in American elections? And to what extent does "black money" influence the decisions of the US president post-election, once they have assumed office in the White House? These questions underscore the complex interplay between finance, politics, and governance in the American democratic landscape.
The most expensive election
The upcoming November 5 presidential, congressional, and gubernatorial elections in the United States are poised to be the most expensive in history. This isn't solely due to the deep political divide between Republicans and Democrats but also stems from stark differences in their economic agendas.
Republicans advocate for bolstering "industrial states," advocating for the repatriation of American companies from China and Mexico, and supporting oil exploration projects. Conversely, Democrats champion free trade agreements and a green economy. Consequently, financiers on both sides fear potential losses should their preferred party fail to secure victory.
Although the US Constitution doesn't impose caps on electoral contributions, there are suggested limits—Senate candidates shouldn't exceed $80 million in expenses, and House of Representatives candidates shouldn't surpass $3 million. However, candidates from both parties routinely exceed these thresholds, underscoring the exorbitant costs associated with modern American elections.
The numbers reveal staggering expenditures in the last American election (2020), with a total of $14 billion spent by the two parties. Of this, $6.6 billion went towards the fiercely contested presidential race between Biden and Trump, while approximately $7.4 billion was allocated to competitive House of Representatives and Senate races. This marks a significant increase compared to previous elections, with $7 billion spent in 2016, $7.1 billion in 2012, and $6.3 billion in 2008.
Types of financial aid
Since the 1970s, Democratic Party leaders have aimed to distance themselves from "black money" in elections. However, 2020 election statistics reveal a different reality. Democrats reportedly sought and received more "black money" than Republicans, with $1.5 billion compared to the GOP's $900 million. Fifteen American institutions contributed "black money" to the Democrats for Biden's victory, while eight backed Trump and the Republicans.
The concerning trend is the escalating influx of "black money" into American elections, reaching a record $2.4 billion in 2020 compared to $5.2 million in 2006 and $300 million in 2012. This highlights the increasing influence of shadowy political actors, raising doubts about the US claim as a beacon of democracy and underscoring the primacy of lobby interests over national concerns.
Official reports indicate around 700 political money lobbies in Washington DC, with an additional 20,000 operating across all 50 states, spanning political, economic, ethnic, religious, and other domains.
Democracy on the sidewalks
The pervasive influence of political money in America begs the question: Is the United States truly a democratic nation? Has its democracy become so commodified that it can be bought and sold by those with deep pockets? This raises doubts about the moral high ground claimed by American politicians who frequently intervene in the internal affairs of other countries, questioning the legitimacy of their claims to democracy and freedom.
The idealized image of Washington presented to the world is increasingly being scrutinized in the face of the growing role of "black money" in American political life. As this influence continues to expand, the credibility of American democracy faces mounting skepticism.
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