Remember how Obama's rejection of public financing, allowing him to raise far more money privately, was defended on the grounds that he raised hundreds of millions from many more small donors than anyone, ever -- those contributing under $200 -- a transformation of campaign financing?
Turns out that it wasn't true. While there is no taking back the zillions of stories crediting Obama with a history-making reliance on raising money from the little people, we should at least note the truth and acknowledge that Obama has killed public financing of campaigns for all time.
As reported in the Los Angeles Times:
In fact, Obama's base of small donors was almost exactly the same percent as George W. Bush's in 2004 -- Obama had 26% and the great Republican satan 25%...[emphasis added]
But the nonpartisan Campaign Finance Institute just issued a detailed study of Obama's donor base and its giving. And that's what the Institute found, to its own surprise.
"The myth is that money from small donors dominated Barack Obama's finances," said CFI's executive director Michael Malbin, admitting that his organization also was fooled. "The reality of Obama's fundraising was impressive, but the reality does not match the myth."
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