How did political campaigns get so expensive?

政治竞选怎么会变得如此昂贵?

The Indicator from Planet Money

2026-10-15

8 分钟
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The 2026 midterm elections are fast approaching, and it’s gearing up to be the most expensive election in American history. So how did we get here, where every election feels more expensive than the last?  Today on the show, we’re exploring what’s causing the flood of money into our politics.  Fact checking by Sierra Juarez. Your Next Listen –Bad economics, smart politics –Over 2,000 episodes in our archive on the NPR App Connect with The Indicator from Planet Money–The Indicator newsletter — a weekly roundup of news, ideas and staff picks. –Instagram, TikTok and YouTube –Find the Planet Money book –Find the Planet Money game, Sell Me A Sasquatch, and other merch at the NPR Shop! Support public media by subscribing to NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include sponsor-free listening. Learn more at plus.npr.org. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy
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  • NPR.

  • Next month's midterm elections could be the most expensive in history.

  • Billionaires are largely to blame.

  • I saw this week that Elon Musk told the New York Times he's given Republican groups almost $300 million since July.

  • I guess that buys a lot of attack ads.

  • But Republicans already had a big spending advantage.

  • By some estimates, they've raised almost twice as much as Democrats for the midterms.

  • And yet, despite all this money, things aren't looking good for the Republicans.

  • If you trust the polls, of course.

  • Right.

  • But also prediction markets like Kalshi and Polly Market, they think the Democrats are going to win.

  • This wouldn't be the first time that money doesn't win big.

  • Case in point, Vice President Kamala Harris far outspent President Trump two years ago.

  • And, well, we know how that turned out.

  • Are you saying billionaires can't actually buy elections?

  • Shockingly, it does seem like their money can't actually buy everything.

  • But that's still not stopping people or corporations from spending more and more of it on U.S.

  • Politics.

  • This is The Indicator from Planet Money.

  • I'm Waylon Wong, joined by journalist and friend of the show, Maria Aspin.