Vicky Arias, FISM News
A new analysis from OpenSecrets, a non-profit organization that tracks money in politics, revealed last week that the combined U.S. federal and state midterm elections are projected to cost over $16.7 billion, in what would make them the priciest U.S. midterms on record.
“No other midterm election has seen as much money at the state and federal levels as the 2022 elections,” Sheila Krumholz, OpenSecrets’ executive director, said. “We’re seeing record-breaking totals spent on elections up and down the ballot.”
Adjusting for inflation, elections for federal office have already surpassed the record of $7.1 billion, set in the 2018 midterms, according to Business Insider.
Candidates and committees are expected to spend $8.9 billion on federal elections this year, while fundraising for candidates at the state level, which includes committees for ballot measures and political parties, is anticipated to bring in around $7.8 billion.
The projected $16.7 billion is more than the entire yearly budget for some states. “Iowa, Oklahoma, Nebraska, North Dakota, South Dakota, Montana, Idaho, Vermont, New Hampshire, Wyoming, Rhode Island, Maine, Delaware, Alaska, [and] Hawaii” all have annual budgets near to or less than $16.7 billion, according to Business Insider.
Of the billions of dollars being spent, an estimated $880 million is coming from billionaires. Liberal businessman George Soros sits at the top of the donor’s list, having contributed $128 million to Democratic candidates. According to Fox News, Soros donated far less, roughly $20 million, to the 2018 midterm elections. One of the leaders of the World Economic Forum (WEF) and contributor to the campaigns of many of America’s most radical left-wing politicians, Soros’s political actions are often focal points for those warning of the WEF and the “Great Reset.”
The number two spot goes to Richard Uihlein, CEO of supply company Uline, and his wife, Elizabeth, for having donated $67 million to candidates in the Republican party, according to CNBC.
While Soros is number one on the individual-donors list, Fox News reported that “Republican mega-donors represent seven of the top 10 individual donors making hefty monetary contributions this election cycle.”
Intense scrutiny and debate have surrounded this year’s midterms as control of the Congress is up for grabs.
The closely watched senate races in Pennsylvania and Georgia made the top ten list of most costly congressional elections.
In Pennsylvania, Democrat John Fetterman is campaigning against Republican Mehmet Oz, and in Georgia, Republican Hershel Walker hopes to defeat the Democratic candidate Raphael Warnock.
In a recent report from USA Today, “the candidate who spends the most money almost always wins the election. For the past 20 years, data from OpenSecrets has shown that the House or Senate candidate with the most money wins between 71% and 98% of the time.”