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92 Foreign Aff. 126 (2013)
In Defense of Citizens United: Why Campaign Finance Reform Threatens American Democracy

handle is hein.journals/fora92 and id is 962 raw text is: In Defense of
Citizens United
Why Campaign Finance Reform Threatens
American Democracy
Glenn Hubbard and Tim Kane
any Americans are troubled by the country's ongoing fiscal
crisis, which is driven by endless annual budget deficits.
These deficits are building up a mountain of gross national
debt so large that it will eventually dwarf the country's GDP. Some place
blame for this predicament on a suite of large entitlement programs
that are inherently unsustainable. Others blame expensive wars abroad,
paid for on the installment plan. And still others blame democracy
itself, as a shortsighted public punishes representatives who try to
bring tax and spending policies into balance. But they all miss the forest
for the trees.
The underlying cause of the U.S. fiscal crisis lies deeper-in political
dysfunction that began when Congress moved to control campaign
expenditures through the Federal Election Campaign Act (FECA) Of
1971. Much of the law was initially declared unconstitutional for vio-
lating the First Amendment, but Congress revised it in 1974, and the
revised law governed elections for the following three and a half
decades. No longer were candidates free to raise unlimited donations,
nor were citizens' groups free to express their political opinions. In short,
organized political discussion and activity were left largely in the hands
of the news media and the two leading political parties.
GLENN HUBBARD is Dean of the Columbia Business School and served as Chair of the
Council of Economic Advisers under U.S. President George W. Bush.
TIM KANE is Chief Economist at the Hudson Institute.
They are the authors of Balance: The Economics of Great Powers From Ancient Rome to
Modern America.

126 FOREIGN AFFAIRS

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