News Release

New Look at Why the Democrats Did So Poorly in the Congressional Races: Their Highly Touted Fundraising Advantage Turned Out to Be a Fable


Ferguson is professor emeritus, University of Massachusetts Boston and director of research, Institute for New Economic Thinking. His books include Golden Rule: The Investment Theory of Party Competition and the Logic of Money-Driven Political Systems.

Jorgensen is associate professor and director of environmental studies at the University of Texas, Rio Grande Valley.

With Jie Chen, they just co-wrote the piece “Big Money Drove the Congressional Elections — Again” which is a comprehensive analysis of campaign spending in the 2020 congressional elections.

They commented that “We were very skeptical about the strong pre-election claims of a huge Democratic fundraising advantage in Congressional races. Those doubts turned out to be well founded. Two thousand twenty looks very much like the last 40 years of Congressional election results: the outcome shows strong straight line relationships between money and votes. In American politics you get mostly what affluent people pay for — which goes a long way toward explaining why stimulus programs for ordinary people, but not Wall Street, are so controversial.”