Jeb Bush's millions aren't buying votes. Will money not matter in 2016?

Both parties have stories to tell about the campaign finance system. Neither is completely accurate.

A campaign can no longer be won on money alone.

A year ago, Jeb Bush's allies told reporters that they were preparing a "shock and awe" fundraising campaign in which they would amass such an intimidating pile of cash that other candidates might just leave the race lest they be crushed by Bush's gargantuan war machine made of money. True to their word, Team Jeb met its ambitious target of $100 million, then began to deploy it to sweep Bush's opponents aside on his path straight to the White House.

But as you might have noticed, something went awry with the plan. As The Washington Post reported this week, Bush's super PAC Right to Rise has spent $50 million, which has brought Jeb from his peak suppport of 15 percent earlier in the year to around 5 percent now, putting him in fifth place behind a reality TV demagogue, a doctor with zero political experience, and a couple of pipsqueak senators.

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Paul Waldman

Paul Waldman is a senior writer with The American Prospect magazine and a blogger for The Washington Post. His writing has appeared in dozens of newspapers, magazines, and web sites, and he is the author or co-author of four books on media and politics.