“It’s a constraint,” Kistner said of rising campaign costs. “Really, the way I see it, it’s harder for ordinary Americans to run for office.”
This period of high inflation will also carry over into the next election cycle.
Donation limits are already set for the 2021-2022 cycle at $2,900 per person per election, but limits for the 2024 election will depend on the rate of inflation this winter, meaning individual donation limits will exceed probably $3,000 per election in the next cycle. . A 2002 campaign finance overhaul, known as the McCain-Feingold Act, indexed contribution limits for individual donors, but not corporate political action committees, to inflation.
“The next adjustment to contribution limits will take place in the winter months of 2023, when limits will be set for the 2024 cycle,” said Michael Toner, a former commissioner of federal elections who chairs election law and practice for the election. Ethics at Wiley Law Firm. . “And because of inflation and how it’s so high, we could see a jump of $200 or $300. We’re definitely going to hit at least $3,000 per election for individual donations.
The largest expense for most campaigns is television advertising time, which is not necessarily subject to the same economic forces as consumer goods, campaign agents said. But the inflation rate, the highest in four decades, comes as campaign prices were already rising.