This election is set to be the most expensive ever. On this week’s On the Media, what does a billion dollars in campaign funds actually buy? Plus, Democrats condemned dark money for years. Now they embrace it.

[01:00] Hosts Brooke Gladstone and Micah Loewinger explore why Donald Trump came to be so reliant on his billionaire donors. Plus, Andrew Perez of Rolling Stone details Trump’s history of promising his benefactors big favors. And Bloomberg reporter Annie Massa breaks down the relationship between Trump and megadonor Jeff Yass.

[09:48] Host Micah Loewinger speaks with Kenneth Vogel, who covers money, influence, and politics at the New York Times, about the rise of the dark money political infrastructure following the 2010 Supreme Court decision Citizens United v. Federal Election Commission.

[24:53] Host Micah Loewinger sits down with Helen Santoro, money and politics reporter at The Lever, about Kamala Harris’ robust political history as a proponent of dark money reform, and her recent about-face.

[38:16] Host Brooke Gladstone talks with Steven Sprick Schuster, professor of economics at Middle Tennessee State University, to discuss if raising more money actually helps you win an election.

Further reading / listening:

“Republicans Tell Trump That Elon Musk’s Super PAC Is Blowing It,” by Asawin Suebsaeng, Miles Klee, and Andrew Perez
“How Jeff Yass Became One of the Most Influential Billionaires in the 2024 Election,” by Annie Massa
“Democrats Decried Dark Money. Then They Won With It in 2020,” by Kenneth Vogel and Shane Goldmacher
“Harris’ Turn To The Dark (Money) Side,” by Helen Santoro
“Does Campaign Spending Affect Election Outcomes? New Evidence from Transaction-Level Disbursement Data,” by Steven Sprick Schuster

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Can a Billion Dollars Buy an Election?

On the Media