Finneran: Other People’s Money
Email to a friend
Permalink
Friday, August 28, 2015
Tom Finneran, GoLocalWorcester MINDSETTER™
Other people’s money. It’s a phrase that my friend Tom uses a lot. It’s a sarcastic and telling phrase.
It of course refers to the tendency of candidates and activists to try to sell an idea or program by making it seem “free”—i.e.—that it will be paid for by “others." How quickly we like to spend other people’s money.
Try this little experiment the next time you’re at a wedding. Watch closely--if there is an open bar it’s usually like a scene out of the roaring ‘20s, with everyone having a jolly old time at the expense of the father of the bride. Everyone’s a sport and the words “let me “”buy”” you a drink” tumble out of mouths as if it’s a Budweiser convention. Conversely, if it’s a cash bar everyone seems to be a candidate for the position of designated driver.
I know this to be true for I’ve been the father of the bride twice and boy oh boy did the booze flow like a river. Apparently we had some very thirsty friends and guests……………
The addiction of OPM of course is most frequently seen in our politics. It’s a street-corner hustle and it drives me crazy. Here’s my simple equation for virtually all public programs and expenditures---if the idea is worthwhile, then everyone pays in. Police and fire protection—we’re all in. Schools and libraries—we’re all in. Armed forces—we’re all in. Courts and environmental protection—we’re all in. Yes, these and many other things can be expensive and thus they always bear close watching. But consider that the elimination of these things would be even more expensive—our freedom, our safety, our economy, and our society would not survive without such expenditures. Thus my simple standard—we’re all in on the essentials of a free, robust, and civilized society.
It’s the notion that “the rich” or “the privileged” or “the one-percenters” will pay for everything we want that I find obnoxious. Of course it has been pointed out that eventually you run out of “other people’s money” for when untamed appetites view the teeming shelves of possible goodies the appetites go berserk and OPM is quickly spent. So much for the free ride that seemed so appealing to so many……….as with all fairy tales, there is no handsome prince, nor is there a free ride.
Of late of course we’ve all become free-riders of a sort at the national level. Our deficits and our national debt should stand as colossal embarrassments. The fact that we are not scandalized by such deficits and debts tells us a lot about our selfishness and about the grip of OPM. Of course the “other people” in this ongoing spectacle, the patsies if you will, are our children, for they are the ones who will inherit the nation’s maxed-out credit cards. We might be dead broke in a classic sense but apparently the binge must continue, no matter how reckless, no matter the cost. Both Democrats and Republicans bear the blame for this abdication of duty, a duty by the way to which you and your family abide. Neither you nor your family can spend beyond your means infinitely. You know that there’s a day of reckoning and that the piper must always be paid.
Beware then the candidates, no matter how charming, no matter how glib, who outline their version of American greatness through the magic of OPM.
There is no magic. There is only me and you.
Tom Finneran is the former Speaker of the Massachusetts House of Representatives, served as the head the Massachusetts Biotechnology Council, and was a longstanding radio voice in Boston radio.
Related Slideshow: The 2016 Presidential Candidates With the Most Campaign Money
Prev
Next
George Pataki
Total Raised: $255,795
What InsideGov said:
The former governor of New York has raised a modest amount so far. Individual donors made up most of this number, with 93% coming from large individual contributions (greater than $200). Pataki’s super PACs have not disclosed their fundraising totals, so his total amount might jump at the end of the month.
Prev
Next
Lincoln Chafee
Total Raised: $392,743
What InsideGov said:
Chafee’s campaign has yet to gain momentum in the primaries. The former governor of Rhode Island has raised over $390K, but 93% of that number came from a loan he took out for himself. No super PACs have released fundraising totals for Chafee’s campaign.
Prev
Next
Rick Santorum
Total Raised: $607,617
What InsideGov said:
The former Pennsylvania senator raised over $22 million during his presidential bid in 2012. Will he be able to match that number in 2016? So far, Santorum has a ways to go, having raised a little over $600K. The fact that his super PACs are waiting disclose their totals isn’t encouraging.
Prev
Next
Donald Trump
Total Raised: $1,902,410
What InsideGov said:
Nearly 95% of Trump’s campaign contributions has come from loans, with individual contributions making up most of the remaining 5%. While Trump sits at number 14 now, he still has a $10 billion fortune to tap into if need be.
Prev
Next
Martin O'Malley
Total Raised: $2,006,905
What InsideGov said:
Any Democratic challenger to Hillary Clinton better be prepared for an uphill battle. O’Malley’s campaign is roughly on par with the average for campaign committees ($2.46 million). Moreover, O’Malley’s super PAC has yet to disclose its totals.
Prev
Next
Lindsey Graham
Total Raised: $3,709,553
What InsideGov said:
Graham’s campaign committee has gotten off to a solid start. Individual contributions made up around 58% of the total and transfers from affiliated committees made up 41%. Graham will surely rank higher when his super PACs release their numbers.
Prev
Next
Carly Fiorina
Total Raised: $5,104,704
What InsideGov said:
Fiorina’s official campaign committee lags behind most others in terms of fundraising, having raised a little over $1.7 million. But her super PAC is picking up the slack, with $3.4 million in fundraising.
Prev
Next
Rand Paul
Total Raised: $6,932,779
What InsideGov said:
Senator Paul prides himself on being a grassroots leader, and his fundraising breakdown reflects his campaign style. So far, Paul’s campaign has raised nearly $7 million without the help of his super PACs. Even more impressive is that 46% of his campaign contributions came from small individual donors.
Prev
Next
Mike Huckabee
Total Raised: $8,004,463
What InsideGov said:
Huckabee was one of the first candidates to announce his 2016 presidential bid, but his campaign committee has struggled to attract significant donors, raising just $2 million. Huckabee’s super PACs raised triple that amount.
Prev
Next
Bobby Jindal
Total Raised: $9,278,758
What InsideGov said:
Jindal’s official campaign committee has raised less than $600K, putting it behind most of its GOP rivals. But the combination of super PAC funds and outside committees have pushed his total amount above $9 million.
Prev
Next
Ben Carson
Total Raised: $10,600,000
What InsideGov said:
As one of the first candidates to enter the race, Carson has had more time to fundraise than most of his competitors. His campaign’s contributions mostly come from small individual donors (68%) and large individual donors (32%). Carson’s two super PACs have not released their totals yet.
Prev
Next
Bernie Sanders
Total Raised: $15,247,353
What InsideGov said:
The Democratic senator from Vermont is adamantly opposed to super PACs, arguing that billionaires should not be able to “buy politicians.” Even without super PAC help, Sanders is off to a strong start. His official campaign committee has raised over $15 million so far, more than any other 2016 candidate except Hillary Clinton.
Prev
Next
Rick Perry
Total Raised: $17,939,367
What InsideGov said:
After an embarrassing gaffe during the 2012 Republican primaries, Perry’s image took a big hit. Perry’s official campaign is still struggling to connect with people, raising a paltry $1.1 million. But the former Texas governor received a major $16.8 million boost from super PACs.
Prev
Next
Marco Rubio
Total Raised: $44,000,000
What InsideGov said:
Rubio’s total fundraising is divided between three main sources: the official campaign committee ($12.1 million), a super PAC ($16.1 million) and a nonprofit named the Conservative Solutions Project ($15.8 million). Overall, it’s a promising start for the young Florida senator.
Prev
Next
Ted Cruz
Total Raised: $52,300,000
What InsideGov said:
As the first person on this list to announce his candidacy, Cruz has had the most time to fundraise. His campaign committee has raised $14.2 million so far, but where he really stands out is in super PAC funding. Cruz’s super PACs have raised $38 million, the second highest of any candidate.
Prev
Next
Hillary Clinton
Total Raised: $63,149,950
What InsideGov said:
Clinton is the clear Democratic frontrunner in terms of fundraising. Her campaign committee has raised an impressive $47 million, more than any other presidential candidate, and her super PACs have brought in an extra $15.6 million. Interestingly, 82% of Clinton’s total campaign contributions have come from large individual donations.
Prev
Next
Jeb Bush
Total Raised: $114,429,898
What InsideGov said:
Jeb Bush blew his GOP rivals out of the water with a stunning $104 million fundraising effort from his super PAC, Right to Rise USA. In fact, Bush delayedhis official entry into the race so that he could fundraise directly for his super PAC.
Since his formal announcement of candidacy, Bush’s campaign committee has raised nearly $11.5 million, though this amount is largely skewed toward large individual contributors (93%).
Related Articles
Enjoy this post? Share it with others.
Email to a friend
Permalink
Follow us on Pinterest Google + Facebook Twitter See It Read It