Economist Donald J. Boudreaux makes a compelling argument against campaign finance restrictions in a letter to Roll Call. He is responding to a report on a joint resolution for a Constitutional Amendment (S J Res 19) sponsored by Senator Tom Udall. An excerpt from the letter:
Suppose that Ford, Toyota, Volkswagen, and other of today’s successful automakers seek, and get, the power to regulate the raising and spending of money and in-kind equivalents with respect to auto advertising. Do you think that these incumbent automakers – whose brands are currently established and well-known – would never succumb to the temptation to use this power to protect themselves from the competition of upstart automakers?
Would you take at face value all the fine rhetoric from these incumbent automakers about the need to protect members of the car-buying public from being overwhelmed and misled by expensive and glitzy ads? …
I suspect that most people would correctly see such an effort by incumbent automakers as being a scheme to restrict competition – a scheme that would benefit greedy incumbent automakers and make them less responsive to the general public.
Read the whole letter: I’m Noble: Give Me the Power to Protect Myself from Competition.