Why does public campaign financing matter?
An editorial in the Washington Post argues, counter-intuitively, that Barack Obama's fundraising success over the internet is not a death-knell for the public financing system, but rather all the more reason to reform it: According to an analysis by the nonpartisan Campaign Finance Institute of the fundraising totals through August 2008, the percentage of people whose total donations to Mr. Obama aggregated to $200 or less was 26 percent. That almost matches President Bush's 25 percent in the 2004 election. But Mr. Obama relied less on donors who gave $1,000 or more (47 percent) than Mr. Bush (60 percent). [...] Mr. Obama must lead a serious conversation about the role of the public financing system and how Internet fundraising should affect its structure. In an op-ed last month in The Post, Democracy 21 President Fred Wertheimer championed a new campaign finance system centered around the Internet. He proposed matching funds for small donations up to $200 per donor, incre