Really? Why would he do this?
“This is not about a money calculation,” Edwards told CNN senior political correspondent Candy Crowley on his way to an event in Durham, New Hampshire. “This is about taking a stand, a principled stand, and I believe in public financing.”
Edwards is the first top-tier Democratic candidate to agree to this funding mechanism, and he noted it will include the primary and general elections. Although he has already begun raising money for the general election, federal law requires him to return those funds if he accepts public funding.
Politico notes
The surprising end result could be that the Democratic nominee will buck historic trends and have a significant financial edge in a cycle when the nominees alone are expected to spend an unprecedented $1 billion.
Obama on Monday e-mailed supporters to report he had 75,000 new donors in the third quarter, which ends Sunday.
That figure nearly matches the entire Republican field’s donor base in the first six months of the year [...]
If history serves as a guide, many of those primary donors will be inherited by the party nominee next year, much as Democrat Howard Dean’s Internet activists stuck with nominee John F. Kerry in 2004.
“The Democratic nominee will begin with an unprecedented fundraising base and will be able to draw on the unprecedented fundraising bases of other Democrats. That will make for a very powerful force,” said Anthony Corrado, a political fundraising expert who serves on the Campaign Finance Institute’s board.
Kos isn’t too so on the ideaand did some investigating:
Any Democrat that agrees to forgo this advantage in a primary instantly suffers an “electability” hit, a misguided effort to turn a liability (relatively poor fundraising) into a positive. Obama has at least tied taking public financing to reciprocity from the Republican side, Edwards is essentially calling for unilateral disarmament.
We can’t have a nominee emerging from the primaries broke and underfunded like Kerry was in 2004. This election is far too important to fight with one arm tied behind our back.
Update: Here’s how it would play out:
Lots of money is spent in January and February. Let’s say Edwards emerges the victor — wins Iowa, and parlays that victory into national momentum. It could really happen, especially if Hillary and Barack beat the crap out of each other.
So he’s won, but he’s spent his primary money, and he won’t get his first general election check until after the Democratic convention. August 25.
So Edwards won’t have any money in March, April, May, June, July, and most of August. That’s six months of darkness.
Six months in which the Republicans will be beating the crap out of him, because they won’t do anything so foolish. Six months to turn Edwards into the devil incarnate, with no money to hit back.
This is what we want for our nominee?
Update II: Just talked to the campaign — they say
1.) the cap doesn’t apply to field, and only 50 percent of advertising counts against the spending cap ($54 million). So they think they’ll have plenty of money to get through a primary season that will be over February 5, and have enough to last through the summer;
2.) the article was wrong — they’re taking the Obama approach for the general election. That is, they’ll opt into public financing only if the Republican nominee does as well; and
3.) even if they’re short on money, the 527s can pick up the slack over the summer.
Why Did Edwards Do This? Pros and Cons is a good reference.
Kos goes on to link to this article, and again questions the move.
Edwards is not the first choice, nor the second. He inability to raise money is obviously driving this. I see this as a slap in the face to all those middle class people he claims to represent!
More discussion via memeorandum:
Jim Tankersley / The Swamp: Edwards will take matching funds
Fester / The Newshoggers: Edwards is running for a message
Kate Phillips / The Caucus: Edwards to Accept Public Campaign Funds
Roger L. Simon: Edwards Takes “Principled Stand”
Eric Kleefeld / TPM Election Central: Edwards To Accept Public Financing
Oliver Willis: John Edwards Taking Public Financing: Not A Good Sign
Karen Tumulty / TIME: Swampland: Edwards to Take Matching Funds
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