
This might be a game changer: Sands casino CEO Sheldon Adelson just donated $10 million to the biggest pro-Romney SuperPAC, and he claims there’s a lot more where that came from. He’s indicated that he’ll go at last up to $100 million as a rough ballpark, but Forbes reports that his real number is actually bigger: “limitless.”
Forbes points out that Adelson is worth $24.9 billion, and that his recent $10 million donation is equivalent to $40 to a family of 4 with a net worth of $100,000. Donating hundreds of millions of dollars—or whatever amount it would take to overwhelm Obama’s fundraising efforts—wouldn’t make a dent in his personal fortune, and he seems to be serious about about doing just that. “No price is too high,” says Adelson.
His reasoning sounds lifted verbatim from a Fox News segment:
What scares me is the continuation of the socialist-style economy we’ve been experiencing for almost four years. That scares me because the redistribution of wealth is the path to more socialism, and to more of the government controlling people’s lives.
…
U.S. domestic politics is very important to me because I see that the things that made this country great are now being relegated into duplicating that which is making other countries less great.
I guess it’s understandable why very rich people would hate the phrase “redistributing wealth.” But this line of logic always amazes me. It’s as if these people have never heard of the New Deal, which “redistributed wealth” to the tune of pulling us out of the Great Depression. It’s as if they’ve never driven on a highway, for that matter, which were all built by pooling dollars to create something collectively that we would never build otherwise.
The things that make this country great aren’t just an every-man-for-himself free-for-all that allows guys like Adelson to get insanely rich. It’s a hybrid free market and social-minded approach that both allows guys like Adelson to get insanely rich and also gives him a road to drive on when he walks out the front door of his house.
Beyond Adelson’s line of reasoning, what’s troubling about his promise of “limitless” funds is that it almost guarantees Obama’s wealthy backers will feel pressured to match, making it basically a zero sum game but ensuring that political dialogue becomes a matter of inundating voters with paid messaging. That’s not how voting was supposed to work. But it’s the new reality of how things are.





June 14, 2012 at 9:31 pm, Rob Kane said:
Obama is a socialist as much as Jamie Dimon.
July 10, 2012 at 1:35 pm, Obama sweating over Mitt’s fundraising | Death and Taxes said:
[...] donations to Super PACS now possible under Citizens United, and ultra-rich conservatives like Sheldon Adelson who vowed to donate at least $100 million personally to Romney, that drubbing is probably worse [...]
August 15, 2012 at 12:41 pm, Obama gets his own Swift Boat attack ad (video) | Death and Taxes said:
[...] have a motive to discredit the president’s most celebrated achievement? The Koch Brothers? Sheldon Adelseon? Romney campaign insiders? Thanks to our regulatory rules we’ll never know—but what’s [...]
November 07, 2012 at 3:23 pm, Election 2012′s biggest loser: Citizens United | Death and Taxes said:
[...] with lots of super-rich people. And they came forward, with guys like casino owner Sheldon Adelson pledging to donate at least $100 million to the Romney effort but saying he’s spend whatever it took to get him elected.As early as [...]
December 03, 2012 at 3:00 pm, Sheldon Adelson blew $150 million trying to get Romney elected | Death and Taxes said:
[...] to get Romney elected By Alex Moore 1 min agoIn the presidential campaign Sands Casino magnate Sheldon Adelson pledged $100 million to pro-Romney groups and promised to spend “as much as it takes” [...]