Politics: The Checkbook Factor

"Politics has got so expensive," Will Rogers observed 37 years ago, "that it takes lots of money to even get beat with." What would Will say today? By convention time in August, presidential hopefuls will have shelled out at least $20 million—$16 million of it on primaries—and that is just a down payment on the $80 million more that they are expected to spend by Nov. 5. This year's total campaign tab, for all races down to dogcatcher, is estimated at $250 million, up 25% from 1964.

Old Republican Pro Leonard Hall, who...

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