Billionaires push political spending to record-breaking $16.7 billion


An influx of cash from billionaire donors is pushing political spending in the 2022 midterm elections to record-breaking highs. It is estimated to hit $16.7 billion after Election Day tallies are complete. The bulk of the money is coming from "largely unregulated super PACs" financed primarily by Republican megadonors, The New York Times reports.
An analysis by the non-partisan Open Secrets released on Thursday predicted that the total amount of money spent on campaigns in 2021 and 2022 would easily surpass the previous midterm spending record of $14 billion in 2018.
This year's total amount spent on federal races has already surpassed the 2018 inflation-adjusted record, at $7.5 billion compared to $7.1 billion four years ago. When the final count is tallied, it is expected to reach $8.9 billion, per the Times. Regarding where the cash flow comes from, 15.4 percent of the total was donated by billionaires, an increase from 11.9 percent in 2020, and 15.3 percent in 2018. The top 1 percent of donors in terms of income level have provided 38 percent of the funds.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Inflation is putting pressure on smaller donors to keep up with the money flowing in from billionaires, who can quickly funnel in funds.
"This is a crucial sector of the contribution base because they are able to nimbly put in whatever amounts are needed at any moment," said Sheila Krumholz, executive director of Open Secrets. "It's a highly volatile source, and it could change rapidly, even in the next few days."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Theara Coleman has worked as a staff writer at The Week since September 2022. She frequently writes about technology, education, literature and general news. She was previously a contributing writer and assistant editor at Honeysuckle Magazine, where she covered racial politics and cannabis industry news.
-
AI scammer fakes Rubio messages to top officials
Speed Read The unknown individual mimicked Rubio in voice and text messages sent to multiple government officials
-
SCOTUS greenlights Trump's federal firings
speed read The Trump administration can conduct mass federal firings without Congress' permission, the Supreme Court ruled
-
New tariffs set on 14 trading partners
Speed Read A new slate of tariffs will begin August 1 on imports from Japan, South Korea, Thailand and more
-
Elon Musk launching 'America Party'
Speed Read The tech mogul promised to form a new political party if Trump's megabill passed Congress
-
Judge blocks Trump's asylum ban at US border
Speed Read The president violated federal law by shutting down the US-Mexico border to asylum seekers, said the ruling
-
Thai court suspends prime minister over leaked call
Speed Read Prime Minister Paetongtarn Shinawatra has been suspended, pending an ethics investigation
-
Senate passes GOP megabill after Alaska side deal
The pivotal yes vote came from Sen. Lisa Murkowski, whose support was secured following negotiated side deals for her home state Alaska
-
Trump sues LA over immigration policies
Speed Read He is suing over the city's sanctuary law, claiming it prevents local law enforcement from cooperating with federal immigration authorities