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In
a 5-4 decision, the Supreme Court of the United States recently
overturned campaign finance laws. This encourages more direct spending
by corporations, unions and wealthy individuals. According to a Needham
& Co. estimate, $2.8 billion will be spent in the US on issue
oriented influence this year.The ruling removes restrictions for federal campaign financing by corporations, unions, and other special interest groups and gives these groups the same rights to freedom of speech as citizens. Although this may be a boon for corporations, marketers and media agencies, the decision is profoundly harmful to the electoral and legislative processes.
We have seen, the results of massive spending on the health care debate. The Washington Post reported that corporations spent an average 1.4 million per day to defeat the President's health care legislation.
Our public debates are already being confused by misinformation and our political culture is distorted by corporate spending. Under the new ruling, facts will be lost under a tidal wave of clever corporate sponsored deceit.
This does not bode well for pending climate change legislation. The fear mongering on climate change legislation has already begun with wild claims about exorbitant rates and sky high taxes.
The Supreme Court has helped corporate America embolden its influence on the levers of power and made it more difficult for lawmakers to challenge the entrenched interests of the old economy.
