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The ConversationNov 18, 2022
US Midterms: Corporate America Playing it Safe, Data Shows
Image copyright: Drew Angerer/Getty Images [via NPR]
The Facts
Corporate America appears to be playing it safe in the upcoming US midterms, with recent data showing that incumbents and sitting federal officeholders are raking in PAC money at a far faster clip than their challengers.
Federal Election Committee data provided by OpenSecrets shows that seven incumbents in the nation's 10 most competitive Senate contests — five Democrats and two Republicans — are significantly out-raising their challengers in terms of corporate PAC and trade association donations.
The Spin
Democratic narrative
These midterms come as one-third of the nation is struggling amid a cost of living crisis — now is not the time to worry about corporate America. Trump's 2017 tax cuts are on track to cost more than $2.2T over the next decade, and, all the while, Republicans are pledging to grow an already obscene Pentagon budget. The richest nation in the world should instead look to support the poor and low-income Americans in material and moral needs.
Republican narrative
Although Democrats might feel that their agenda is "supporting" Americans, in reality, their reckless policies are undermining corporate America and weakening the economy for working people. A timely ushering in of GOP economic policy through these midterms could help slow inflation and expand the US's energy independence.