George F. Will in the Washington Post:
One excellent result of this election cycle is that public financing of presidential campaigns now seems sillier than ever. The public has always disliked it: Voluntary and cost-free participation, using the check-off on the income tax form, peaked at 28.7 percent in 1980 and has sagged to 9.2 percent. The Post, which is melancholy about the system’s parlous condition, says there were three reasons for creating public financing: to free candidates from the demands of fundraising, to level the playing field and “to limit the amount of money pouring into presidential campaigns.” The first reason is decreasingly persuasive because fundraising is increasingly easy because of new technologies such as the Internet. The second reason is, the Supreme Court says, constitutionally impermissible. Government may not mandate equality of resources among political competitors who earn different levels of voluntary support. As for the third reason — “huge amounts” (McCain) of money “pouring into” (The Post) presidential politics — well:
The Center for Responsive Politics calculates that, by Election Day, $2.4 billion will have been spent on presidential campaigns in the two-year election cycle that began in January 2007, and an additional $2.9 billion will have been spent on 435 House and 35 Senate contests. This $5.3 billion is a billion less than Americans will spend this year on potato chips.