What if every politician could only spend $1 million on campaigns?

Musing #5

I was listening to Planet Money’s Summer School episode 3. Towards the end, after discussing the government’s budget, the discussion shifted to politicians and the amount of time they spend fundraising, as well as the role of lobbyists. It was so bizarre how much time they spent before being elected and after being elected, fundraising when they should be working for the people. We could cap their ability to fundraise at $1 million for all politicians (including in-kind donations) to create a more level playing field, and perhaps shift the focus to their actions, points of view/policies rather than the amount of money they have to spend to bombard the country with their attack ads.

I also wondered how much money is donated annually to all political campaigns … couldn’t people spend it on something that benefits more people in more tangible ways? If politics were working, I would not mind them receiving money, but I don’t think it is working right now. I'd rather help those who need the help to survive.