The Economic Case for Holding Elections Every Year

More

You want stimulus? How about some midterm stimulus. House and Senate campaign spending will break $2 billion this year -- or $4 million for every congressional seat -- according to the Public Campaign Action Fund. Throw in a few high-octane governor races, and you're talking about real money.

Dan Gross says forget about quantitative easing from the Federal Reserve. Let's have more quantitative electioneering. The case for elections every year (in a down economy, at least):

Meg Whitman is doing Bloomberg one better. In her bid to replace Arnold Schwarzenegger as California's governor, the former EBay CEO has already plowed $140 million into the Golden State's stricken economy. One can only hazard a guess as to how much higher California's unemployment rate (12.4 percent in September) would be without Whitman.

In Connecticut, where I live, another CEO is having an even greater proportional impact. Former WWE CEO Linda McMahon through mid-October had spent more than $41 million of her own money on a Senate campaign -- about $25 for every voting age adult in the state. McMahon is single-handedly boosting Connecticut's office and retail vacancy rates by renting out storefronts, and has saturated the airwaves with ads the way Starbucks has saturated Seattle.

This doesn't take into consideration the cooling effect that upcoming elections can have on major legislative action (note the dearth of stimulus bills, or congressional compromise, in the last six months), but it's entertaining nonetheless. Read the full story at Yahoo.

Jump to comments

Derek Thompson is a senior editor at The Atlantic, where he oversees business coverage for TheAtlantic.com. More

Thompson has written for Slate, BusinessWeek, and the Daily Beast. He has also appeared as a guest on radio and television networks, including NPR, the BBC, CNBC, and MSNBC.

Get Today's Top Stories in Your Inbox (preview)


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Miami: The Next Big Start-Up City?

How the city became a center for innovation

Video

Video

A Brief History of Romantic Comedies

From The Atlantic's Chris Orr

Video

Video

Life in 'the New Arctic'

A moving portrait of a fading landscape

Video

Video

The Rise of New York City

A fascinating look at Manhattan in the 1940s

Video

'I Thought It Was Really Funny, but No One Else Did'

A day with New Yorker cartoonist Joe Dator

Video

New Yorkers: The Winemaker

Make your own wine ... in New York City

Video

What Is Methane Hydrate?

"Flaming ice" is a vast natural energy source

Video

NASA's Time-Lapse of the Sun

Now with epic dubstep music

Video

A Video Letter From the Editor

Highlights from the May 2013 issue

Video

Shaken Not Tuned: Cocktail Experiments

Can a tuning fork improve a cocktail?

Video

Video

The Rise of Environmentalism

Tracking 50 years, from the Love Canal disaster to Greenpeace

Video

Is He Cheating? A 1950s Guide

'That little blonde secretary from the office?’

Video

New Yorkers: Vintage Vacuum-Tube Amps

Risking electric shock to restore old amplifiers

Video

The DIY Piano-Bicycle

Everybody needs a hobby

Writers

Up
Down

More in Business

In Focus

2013 National Geographic Traveler Photo Contest

Just In