Billion-Dollar Democracy: The Unprecedented Role Of Money In The 2012 Elections

Source: Adam Lioz, Blair Bowie, Dēmos and U.S. PIRG Education Fund, January 2013

From the summary:
This report offers a comprehensive analysis of the fundraising and spending in federal races in the 2012 elections. The primary goal is to provide a quantitative analysis to describe tangibly what the vast majority of Americans already understand: political power in America is concentrated in the hands of an elite fraction of the populace—threatening the very concept of government of, by, and for the people. … But, more important than the total amount spent in any election is where all this money comes from. If candidates for federal office were mostly raising money in small contributions from average citizens, and if outside spending groups were organizing these average citizens to give them a louder voice in the political process, the sheer volume of money raised and spent might not present such a troubling problem. Unfortunately, if unsurprisingly, this is not the case. Spending on modern U.S. elections is dominated by a small minority of special interests and wealthy donors who use their economic clout to amplify their preferred messages and drown out the voices of ordinary citizens in the public square. The wealthy translate their greater electoral role into increased influence over public policy in two basic ways: by helping elect candidates who share their values, and by limiting the range of acceptable policy positions that candidates may take if they want to remain competitive—effectively shaping the agenda in Washington and state capitals across the country.