Much is being made of the ever-escalating cost of political campaigns. In the presidential race this year alone, each candidate raised approximately $1 billion. As recently as 2000, both candidates spent $343 million; it was $718 million in 2004. Expenditures in 2008 were more than $1.3 billion -- a 279 percent increase in just eight years. The 2012 expenditures were 54 percent above that.
Overall, it's estimated that $6 billion was spent on all national elections, propelled by legal and regulatory decisions (i.e., the Citizens United Supreme Court ruling in 2010) that allowed wealthy megadonors and special-interest groups to pour unlimited amounts of cash into races.
Yet while outside spending affected the election in numerous ways, the prizes sought by many megadonors remained beyond their grasp. King of the megadonors, casino operator Sheldon Adelson, poured tens of millions into conservative campaign coffers backing eight candidates. All of them lost.
Some advocates for tighter campaign-financing regulations argue that who won or lost is beside the point. The danger, they say, is that in the post-Citizens United world, politicians on both sides of the aisle are far more beholden to the wealthy individuals who offer large-scale donations. If money pollutes the political process, it is probably safe to assert that the more money candidates have to raise, the more polluted the process becomes.
The debate about the impact of money on politics is contentious and inconclusive. But for argument's sake, let's assume that ridiculously high and escalating campaign expenditures are not healthy for our political system. Then the question becomes: "How do we reduce campaign costs?"
One answer is as simple as it is complex -- ban paid political advertising on television.
It's not widely realized, but about 50 percent of all campaign expenditures go directly into the pockets of local-market TV stations, or, in most cases, into the bank accounts of the handful of media conglomerates that own them. Thus, if $6 billion was spent on all national races this year, the tab could have been reduced to $3 billion without TV ads.
I know it's difficult to imagine a world without TV campaign ads. They've been with us, and in ever-increasing numbers, for decades. But why?