Billionaires push political spending to record-breaking $16.7 billion
![vote here sign photo](https://cdn.mos.cms.futurecdn.net/BuMGceSEKspVTeeTyyuytj-415-80.jpg)
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.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
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."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
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.
-
Nasa's 'strangest find': pure sulphur on Mars
Under the Radar Curiosity rover discovers elemental sulphur rocks, adding to 'growing evidence' of life-sustaining elements on Red Planet
By Harriet Marsden, The Week UK Published
-
Bodycam shows deputy killing Black woman
Speed Read An Illinois deputy fatally shot Sonya Massey, who had called 911 about suspected trespassers
By Peter Weber, The Week US Published
-
'Spare us the charade'
Instant Opinion Opinion, comment and editorials of the day
By Anya Jaremko-Greenwold, The Week US Published
-
Menendez convicted of bribery, fraud, and extortion
Speed Read The New Jersey Democratic Senator was found guilty in a federal corruption trial
By Rafi Schwartz, The Week US Published
-
Florida judge dismisses Trump documents case
Speed Read Judge Aileen Cannon ruled that special counsel Jack Smith was improperly appointed
By Rafi Schwartz, The Week US Published
-
How could J.D. Vance impact the special relationship?
Today's Big Question Trump's hawkish pick for VP said UK is the first 'truly Islamist country' with a nuclear weapon
By Harriet Marsden, The Week UK Published
-
Hamas says military chief survived Israeli strike
Speed Read An Israeli bombing failed to hit its intended target, military commander Mohammed Deif, but killed at least 90 Palestinians
By Peter Weber, The Week US Published
-
Biden, Trump urge calm after assassination attempt
Speed Reads A 20-year-old gunman grazed Trump's ear and fatally shot a rally attendee on Saturday
By Peter Weber, The Week US Published
-
First Israeli report on Oct. 7 finds 'severe mistakes and errors' in IDF response
Speed Reads Israeli military admits failures in response to deadly Hamas attack that triggered Gaza war
By Rafi Schwartz, The Week US Published
-
Biden saw neurologist during physicals
Speed Read Following his bad debate performance, many are asking questions about the president's brain
By Peter Weber, The Week US Published
-
Russia bombs Kyiv children's hospital
Speed Reads The daytime barrage interrupted heart surgeries and killed at least 40 people
By Peter Weber, The Week US Published