The biggest problem with public financing is who and how does the decision get made about which candidates get the money.
Let’s just look at the Presidential Race. There are currently 11 declared candidates between the Democrats and Republicans. And those are just the declared candidates getting invited to the debates, in each party there are couple of other even less well known guys floating around that get NO attention from anybody. And that’s just the major parties, there is still the Green Party, Socialist Party and dozens of smaller parties that rarely show up on the national (or even local) radar. Outside that you have the undeclared candidates (Thompson, Bloomberg, maybe Gore) all running around.
So how do you divvy up the public pie?
I presume one of the goals of public financing is to bring new voices to the national stage so limiting funding to just the two parties is out. So what’s the cut off for who gets the funding? Is it any registered party? Any party with a registered base over X amount (and determining the X is a debate in and of itself)? Polling totals? Votes in a previous election?
And then once you decide which parties to give money too, how do you decide who in that party to give money too. Like it or not Ron Paul is a fringe candidate within the Republican Party. Even if he had a billion dollars to throw around he’s still got no chance of winning the Republican nomination. So does he, and the even more fringe candidates, get the same amount of funding as Guilani and Rommey?
And more importantly who would you pick to make all those decisions?
And that’s just the complications for the Presidential race. The same issues are multiplied a dozen fold once you start going down the line to Senatorial and House races (smaller parties will pop up like weeds at the local level).
My idea, while not perfect, at least limits the money to individual districts. In other words, the people a candidate is raising money from are the people he’s supposed to representing anyway.
Now if you combine this with RobertDublin’s idea to limit campaign spending you could create a very effective and open system for financing campaigns.
Like I’ve said before. It’ll never pass.