people who would determine how to spend this money was less than 2/10 of 1% of that. In the context of the

enormous U.S. economy, $14.4 billion is not as much money as it sounds. U.S. consumers spend almost $2 billion

per year on toothpaste and $7 billion on hair care products. In 2020, Proctor and Gamble spent almost $5 billion on

advertising. It may seem peculiar that one company’s spending on advertisements amounts to one third of what is

spent on presidential and other elections.

Whatever we believe about whether candidates and their parties spend too much or too little on elections, the U.S.

Supreme Court has placed limits on how government can limit campaign spending. In a 1976 decision, Buckley v.

Valeo, the Supreme Court emphasized that the First Amendment to the U.S. Constitution specifies freedom of

speech. The federal government and states can offer candidates a voluntary deal in which government makes some
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