Presidential Fundraising in an Era of Populist Politics

• In Event: The Historical Presidency, Populism, and Politics

Abstract

Recent changes to the rules governing money in electoral campaigns have highlighted the influence of economic elites and the functioning of the American campaign finance system. This study examines the extent to which presidential fundraising practices have evolved in the current era of populist politics. To do so, it draws upon an original and newly expanded data set of the time that presidents have devoted to fundraising since the beginning of the current campaign finance regime in the 1970s.

This study contends that changes in campaign finance dynamics are in part a function of repeated expressions of voter discontent. For more than a decade, voters who have felt poorly served by their elected leaders have repeatedly voted to change the party in power. These competitive elections that in any cycle could switch party control of Congress, the White House, and state houses across the country have contributed to an increased focus on presidential fundraising for the next election in hopes of tilting the political balance of power in one’s favor. The result is a vicious cycle in which frequent changes in political power are both a contributing cause and result of an increase in fundraising by presidents and their parties as they focus more and more on the next election. These rapidly evolving dynamics have important ramifications for presidential leadership and questions of populist influence in our system of representative government.

Author

• Brendan J. Doherty, U.S. Naval Academy