The cost of running a successful presidential campaign in the United States is astronomical, with some estimates putting the price tag at over $1 billion for the most expensive campaigns.
The 2020 election, for example, cost a whopping $14.4 billion, with a large portion of these expenses being paid by hard-working taxpayers. The presidential public funding program enables qualified presidential candidates to receive federal government funding to cover the costs of their primary and general election campaigns. To be eligible for this funding, candidates must meet certain requirements.
This is in stark contrast to the cost of the Starlink program by SpaceX, which reportedly costs around $11.75 billion.
The billions of dollars wasted on U.S. presidential campaigns could have been invested in initiatives that would directly benefit society. How many projects similar to Starlink could have existed if more capital was available for entrepreneurs to start businesses?
The government’s constant drain of financial resources and funding hinders the creation of new inventions and innovations, effectively stealing progress from society. This is because inventions and advances that could have happened, such as new medical breakthroughs or scientific discoveries, never do because the government took that money and wasted it.
Much like how the American education system suffers from a lack of improvement despite the vast amounts of money poured into it, the government’s financial irresponsibility is also evident in the deterioration of the country as a whole.
Private citizens and innovators, on the other hand, do not have access to the kind of money politicians do. So, they must be more efficient in their use of resources in order to achieve their goal of benefiting society, leading to the free market being more adept at utilizing financial resources and contributing to economic growth.
The consequences of draining money and resources from society are exponential, vast, and far-reaching. The potential for progress and advancement is greatly limited when the majority of financial resources are squandered, going down the drain. The loss of potential inventions and innovations is not just limited to the present but also affects the past and future. Society is robbed of the opportunity to create a better, more advanced world due to this mismanagement of resources. So much potential is lost.
Furthermore, the money spent on a U.S. presidential campaign is essentially lost after the election is over. On the contrary, the benefits of Starlink are likely to be ongoing, as the system will provide internet access to people around the world, including those in underserved or remote areas. This access to the internet can have a range of positive impacts, including improving education and communication, increasing economic opportunities, and enabling access to information and resources that were previously out of reach.
Overall, the way money is spent on U.S. presidential campaigns highlights the government’s lack of value for financial resources and its poor management of the nation’s funds. The government frequently spends billions or trillions of dollars on endeavors that drain resources from society, contributing to the economic struggles of many individuals. The government’s printing of money leads to inflation, causing the cost of living to rise while wages remain stagnant and further exacerbating the financial burden on citizens through taxes. This hinders economic growth as individuals do not have the financial means to start businesses, which requires a significant amount of risk and investment. Instead of using money to support progress, the government wastes it on endeavors that hinder progress and impede societal advancement.