US Midterms: Corporate America Playing it Safe, Data Shows
Corporate America appears to be playing it safe in the upcoming US midterms, with recent data showing that incumbents and sitting federal officeholders are raking in PAC money at a far faster clip than their challengers.
Facts
- Corporate America appears to be playing it safe in the upcoming US midterms, with recent data showing that incumbents and sitting federal officeholders are raking in PAC money at a far faster clip than their challengers.
- Federal Election Committee data provided by OpenSecrets shows that seven incumbents in the nation's 10 most competitive Senate contests — five Democrats and two Republicans — are significantly out-raising their challengers in terms of corporate PAC and trade association donations.
- Pennsylvania's Senate contest has defied this pattern, however, as corporate donations to both GOP candidate Mehmet Oz and Democrat candidate John Fetterman have been relatively meager.
- If Republicans — who are typically ideological supporters of low taxation and limited government intervention in the economy — come to power in these midterms, their agenda could reshape the fiscal landscape of the US. The loss of a majority in either governmental chamber could also burden the Democrats' contrary aims to increase tax and implement alternative energy sources.
- Next week’s midterm elections are expected to usher in a new era of divided government under Biden's presidency, with polls suggesting that Democrats will lose control of the House and possibly also the Senate.
Narratives
- Democratic narrative, as provided by The Guardian. These midterms come as one-third of the nation is struggling amid a cost of living crisis — now is not the time to worry about corporate America. Trump's 2017 tax cuts are on track to cost more than $2.2T over the next decade and, all the while, Republicans are pledging to grow an already obscene Pentagon budget. The richest nation in the world should instead look to support the poor and low-income Americans in material and moral need.
- Republican narrative, as provided by Bloomberg. Although Democrats might feel that their agenda is "supporting" Americans, in reality, their reckless policies are undermining corporate America and weakening the economy for working people. A timely ushering in of GOP economic policy through these midterms could help slow inflation and expand the US's energy independence.
