The National Journal has a good story available online today called “The Value of a Vote” that discussed the importance of money in politics, particularly in the 2006 midterm elections and how expenditures impacted the electorate. It doesn’t necessarily reach any conclusions about self-funded candidates or the viability of candidates who spend more money or less, but I’ve crunched some numbers and here is the cost per vote for each congressional race in Iowa from 2006.
The amounts are generated by taking the amount of candidate dispersements and divide that number by the total number of votes received. The winner is listed first.
IA-01
Braley: $19.65
Whalen: $26.66
IA-02
Loebsack: $4.56
Leach: $5.26
IA-03
Boswell: $17.97
Lamberti: $19.28
IA-04
Latham: $9.06
Spencer: $5.13
IA-05
King: $5.35
Schulte: $1.14
Nielsen: $18.38
I included Roy Nielsen in the results from the 5th CD because he was able to garner 5% of the vote. However, if you remove $138,000 personal loan (which presently stands at $135,500) that Nielsen provided his campaign from his expenditures, he only spent $1.75 per voter. It is also important to keep in mind that outside interest group spending, as well as party independent expenditures, are not included in these totals. In my case study of the IA-03, using all of the totals available to the FEC, I was able to calculate that the average spent per voter by Boswell, Lamberti, the DCCC, the NRCC, and other groups was about $26.64. That didn’t even include figures from the sketchy EFF mailings, TV, and radio ads that were played in the district.
Clearly, at least in Iowa, it seems that the competitive races all watched the candidate spending more per voter end up losing. In the non-competitive races (IA-04 and IA-05), the significant spending per voter undoubtedly helped yield the result that gave the districts back to Latham and King, respectively. By spending $4 more per voter in both the IA-04 and IA-05, Latham and King were able to beat their opponents by 14% and 22% respectively. One conclusion, then, is that if more money had been available to either Spencer or King, then the races could have been even more competitive. The IA-04, at least in 2006, had a very slight Democratic advantage in the PVI, meaning that in 2008 with a strong Democratic candidate, Selden Spencer holds a legitimate shot at being able to take on incumbent Tom Latham and be successful — if he gets the necessary monetary help. Not to mention the fact that he’ll have the advantage of having already been through one race against Latham.
UPDATE: Just for clarity’s sake, I used Political Money Line for the expenditure totals and the CNN Election 2006 results page for the number of votes.