As Americans grappled with the upheaval following the unprecedented suspension of President Joe Biden’s campaign for a second term less than four months before Election Day, the question “How did we get here?” echoed through the country. While talking heads and political insiders argue over nuance, the answer is actually simple: follow the money.
The moneyed class has wielded historic influence in the 2024 election due to a campaign finance system that permits donors to funnel unlimited funds into campaigns. Elon Musk last month joined the list of billionaires who’ve committed their personal wealth to support a presidential candidate. However, what sets this year’s political spending apart is not merely the record-breaking amounts being spent to elect our next president, but also the extent to which billionaires used their leverage to pressure Joe Biden to withdraw from the race.
Long before the June presidential debate sparked intense demands for President Biden to withdraw, two-thirds of Democrats expressed their desire for a different nominee. But by amassing a substantial campaign finance advantage before primary voting began—raising over $90 million largely from big-dollar donations—Biden was able to sail through the primaries and stop any serious challenger from entering the race. Any potential Democratic opponent’s fundraising efforts would have paled in comparison to the incumbent’s massive war chest.
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Fast forward several months, and the same major donors who created the disparate political landscape that ensured the president’s path to the nomination were the ones who turned against him, wielding their financial leverage over not only him, but his entire political party. In the weeks following the president’s debate with Donald Trump, major Democratic donors like Michael Moritz, a billionaire Silicon Valley venture capitalist, threatened to withhold tens of millions of dollars unless Biden suspended his campaign. Some pressured congressional leaders into prompting Biden’s withdrawal, exploiting their fears of having money cut off to down-ballot candidates. To no one’s shock, they were successful, and as soon as President Biden suspended his campaign, the moneyed class crowned a new candidate of their choosing: Vice President Kamala Harris. Within 24 hours, major Democratic donors had committed $150 million to a super PAC to support her campaign.
This is no way to choose a president. But decades of Supreme Court decisions have opened the floodgates of unlimited money into our elections, giving the wealthy unprecedented influence and diminishing voters’ ability to elect candidates that truly represent them up and down the ballot. Americans are increasingly disillusioned and angry with a broken political system that doesn’t seem to address their everyday concerns. That’s why overwhelming majorities from both parties cite reducing the influence of money as one of their top priorities.
Because of the precedent set by cases like Buckley v. Valeo (1976) and Citizens United v. FEC (2010)—which lifted restrictions on campaign spending and has given billionaires, special interest groups, and even foreign actors free rein to abuse the system to their advantage at great cost to voters—legislative efforts to limit political spending are often overturned. The only durable solution is to amend the Constitution. That’s why my organization is calling on Congress to propose the For Our Freedom Amendment, which would empower states and Congress to set spending limits that fit their needs. Supermajorities in both parties support the amendment, and 22 states have passed resolutions in support of ratification.
No election has demonstrated the degree to which big-money influence can destabilize our political system like the 2024 election cycle has, and it will get much worse if left unaddressed. The Founding Fathers envisioned a system that empowered the citizenry to elect leaders who would act in their best interest, and to hold them accountable at the ballot box if they failed to uphold their duties. When wealthy elites have the power to elevate and elect candidates who don’t reflect the views of voters, then voters have lost control over their government. Amending the Constitution is the pathway the Founders provided to ensure that We The People have the final say in choosing our leaders.
Jeff Clements is the CEO of American Promise, a cross-partisan organization committed to a singular vision: ratifying the For Our Freedom Amendment to empower the states and Congress to set reasonable limits on political spending, ensuring every American voice counts.
The views expressed in this article are the writer’s own.
