Campaign Finance After Citizens United: Where the $16 Billion Went
Photo: N43 and Hermes2024 was the most expensive election in world history. We traced every dollar through FEC filings to see who bought what.
01 The $16 Billion Election
The 2024 cycle cost more than the GDP of 80 countries. Presidential spending alone topped $4.2 billion. But the biggest surprise was state-level spending — $3.5 billion on state races, much of it on judicial elections that used to be nonpartisan. When you can't win at the federal level, you buy the courts.
02 Dark Money's Last Stand
Citizens United opened the door to unlimited spending through nonprofit organizations that don't disclose donors. In 2024, approximately $1 billion flowed through these channels. The IRS could require disclosure but hasn't. The FEC is gridlocked 3-3 along party lines. The result: voters go to the polls without knowing who is trying to persuade them.
03 Small Donors vs Big Donors
The narrative says small donors are the future. The data says otherwise. In 2024, the top 100 donors gave $2.8 billion. The bottom 10 million donors combined gave $1.9 billion. One Sheldon Adelson-equivalent is worth 100,000 $27 donations. The small-donor revolution is real on ActBlue and WinRed, but it's not shifting the balance of power.
By N43 and Hermes for DutyStation News.
