Elections USA: Paying your way

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$40,000-a-plate dinner for New York celebs, Obama said, “You’re the tie-breaker. You’re the ultimate arbitrator of which direction this country goes.”

In fact, in 2008, the Obama camp raised a record $730 million, and clobbered his opponent John McCain, who raised a mere $333 million. Obama, in one of his first be­ trayals, rejected public campaign funding. Barack Obama was the preferred candidate of Wall Street in the last elec­ tion, at $15.8 million its fourth largest contributor. The crooks at Goldman Sachs, recipients of billions in bailout funds, were Barack’s best paying Wall Street pals! The Wall Street criminals are in a panic over sagging economic prospects (their own, of course!) and the sim­ mering anger of working people against bank bailouts and rip-offs. Wall Street looks nervously at mass movements in Egypt that kicked out a U.S.-backed puppet, mass strikes erupting across southern Europe, mass protests against attacks on union rights in Wisconsin, and Occupy Wall Street, etc.

This year, many in the Bankster class chose to switch horses due to “reforms” under Obama that barely scratch the surface of corporate theft, like the 2010 Obama-backed regulatory Dodd-Frank bill, and Obama’s proposal for a minor tax on those making over $250,000. (If elected, we can expect Obama to capitulate to the Tea Party on those issues anyway!)

In 2012, however, according to the Center for Respon­ sive Politics (CRP), Romney is the current favorite of Wall Street crooks, who forked over $34 million to their man of the hour.

However, the July 3 Wall Street Journal observes that “the securities and investment industry has remained a top Obama donor. Together, Obama and the Democratic National Committee have raised more than $14.4 million from the industry toward the 2012 election cycle, accord­ ing to the most recent data available from the nonparti­ san Center for Responsive Politics. [It] contributed about $3.5 million to the Obama campaign, making it the sixthranking sector supporting the president’s re-election. The Democratic National Committee has received almost $11 million from the industry through June, the center reports, the third-highest industry donor.” “There are two things that are important in politics. The first is money, and I can’t remember what the second one is.” — Mark Hanna, a 19th-century mining baron and Republican fundraiser.

It was expected that the Democrats would beat the Republicans in fundraising. So far, Obama tops Rom­ ney in individual donations, about $300 million to $152 million. But with the explosion of so-called “Su­ per PACs” (Political Action Committees), which do not require disclosure of contributors, and “bundling” of donations, that’s far from certain.

Romney’s main Super-PAC is “Restore Our Future,” whose top contributor is Sheldon Adelson, a casino owner and rabid supporter of apartheid Israel. Adelson donated $10 million and says he may give $100 million total. The second main contributor was Texas homebuilder Bob Perry, known for funding the Swift Boat Veterans for Truth group in 2004.

In addition, “American Crossroads,” a Super-PAC headed by Karl Rove, George Bush’s former adviser, pledged to raise $200 million for Romney. Contribu­ tors include the Charles and David Koch brothers, both billionaire Tea Party funders, who say they may spend $400 million.

Obama’s main Super-PAC is “Priorities USA Action,” formed after Obama reversed his supposed opposition to PACs in February. There are several billionaires in the Obama camp also. What’s more, top-drawer cor­ porations like Microsoft and Google, Inc. are backing “We spent the vast majority of our money last time on broadcast television,” said Obama advisor David Axel­ rod, “It’s still the nuclear weapon.” An April Monthly Review magazine feature on the election reports that information from Needham and Co. to investors esti­ in this election cycle, up from $2.8 billion in 2008. In 2012, political advertising will account for 20% of TV station ad revenues, up from about 2% in the 1990s. One of the few restrictions on PACs prohibits them from “coordinating” with candidates. In practice, PACs are used to produce “attack ads” that candidates use without taking direct responsibility. “The truth was you could talk to the campaign every single day,’’ said Rick Tyler, who headed a Gingrich Super-PAC. “What you couldn’t do is coordinate expenditures.’’ But Tyler said he didn’t need to talk directly to the campaign. He’d simply give an interview. “You could tell the campaign what you were doing as long as you told the whole world,” Tyler said. “It is all a joke, it’s all laughable.” What’s more, a candidate can be invited to be a guest speaker at a PAC fund-raiser for themselves, as long as they don’t ask for specific amounts!

Campaign “bundlers” can raise up to $500,000 or more and work in conjunction with candidates. Bun­ dlers, who are politically connected, get around the individual presidential donation limit of $2500 by col­ lecting large numbers of donations—say, by throwing a gala for a couple of hundred people at $2500 a table. Bundled contributions can go directly to help pay for campaign salaries and advertising.

There are hundreds of bundlers for Obama, seeking to raise $74.2 million for his re-election. So far, Obama’s bundlers have raised $22 million from the financial sector, more than any other sector (CRP). Romney has 34 bundlers, who have officially raised $5.2 million. But the Romney camp has refused to reveal its donors. Lastly, Obama has collected donations for the Demo­ cratic National Committee, which can total $61,600 per person over two years. What’s certain is that highrollers want payback in the form of tax breaks, cuts in public services and jobs, bloated government contracts, and shady bank deals. n SOCIALIST ACTION AUGUST 2012 3

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Evan Vucci / AP (Left) AFL-CIO President Richard Trumka meets President Obama at White House, Aug. 31, 2011.

the class war being waged by bosses, bankers, and politicians against American workers. Discussion of this war that could lead to action to defend ourselves is certainly appropriate and long overdue. A real Bill of Rights for the working-class majority is a fine idea as well. But these goals clearly require attention to poli­ tics—and the party we don’t yet have.

Trumka didn’t like the AP story’s imagery but he is happy someone takes seriously his oft-repeated claims that occasional tantrums signify labor’s politi­ cal independence. The overall record of their actions shows otherwise. While Trumka sometimes issues largely ignored press releases critical of administra­ tion policies, the Federation’s agitational campaigns are designed to supplement the message de jour of Obama’s re-election campaign strategists.

Take, for example, their current approach to mas­ sive, long-term unemployment—the Bring the Jobs Home campaign. More sentiment than substance, this meshes with Team Obama’s current relentless attack on what they see as Romney’s main vulnerability— vulture capital tactics of off-shoring and out-sourc­ ing. The White House can also claim some success as companies such as GE and the Big Three automakers restore some previously off-shored jobs to this coun­ try—now that wages and benefits have been slashed by as much as 50 percent on Obama’s watch.

Of course, we should expose Romney as the jobkiller that he is. But little is said about the devastating and ongoing job cuts being carried out by Democratic “friends” in the public sector—above all, the destruc­ tion of the U.S. Postal Service as we know it. There’s