Public Financing

Over the past week, many people hammered Barack Obama over his "flipflop" on public financing. First, everybody who knows anything about campaign financing, and I mean everybody, knows it is not anywhere near perfect.

But, what confuses me is that Republicans, of all people, are angry that Barack Obama will refuse to take tax payer money. This is the ultimate case of grasping for straws. Republicans are slamming Barack Obama for beating them. He is raising more money than they have ever raised, and they cannot keep up. George W. Bush started the trend away from public financing after all.

Obama did say he would take public financing in the general election if he could work out a deal with the Republican candidate. That did not happen. Publicly, McCain can claim that he tried to work for a deal and he may very well have done that. But, thanks to McCain's own bill on campaign financing, 527s would outspend both candidates, likely tipping to the fundraising scale to McCain. This is where the swiftboating came from in 2004. Public financing would not provide Obama with the money he needs to fight back. John Kerry took public financing in the general election, and could not fight back.

McCain also is living quite dangerously in criticizing Obama regarding public financing. In November, McCain took out a $4 million loan and the DNC wants the Federal Elections Commission to investigate McCain.

The most compelling part of this story is that Obama is running the most "public" campaign in the history of Presidential campaigns. Over 1.5 million people have donated to his campaign, at an average of less than $100 per person. Half of his donors have given less than $200. Only a quarter of McCain's donors have given less than $200. McCain relies on old-school back slapping with the rich boys over wine and $1000 per plate dinners. Obama relies on the working people who believe in his cause.

Bottom Line? Its all political. The American people need to realize that. Another American people should learn? Who is the elitist here?