Waste of the Day: Taxpayers Are Stuck With Former VP’s Campaign Debt

Topline: Mike Pence’s failed presidential campaign amassed over $1.3 million in debt, and now he’s forcing taxpayers to help foot the bill.

Pence presidential campaign – federal public matching funds

The Federal Election Commission authorized $100,000 in public matching funds to be paid to Pence from the U.S. Treasury, with more money likely on the way. It’s the first time since 2016 a presidential candidate has used matching funds.

Key facts: Any presidential candidate who raises at least $100,000 from small donations in 20 different states is eligible to have their campaign contributions matched with public money, potentially costing taxpayers millions.

The system used to be more popular but is rarely used today because candidates must agree to spending limits and other restrictions. They can only use $50,000 of their own money and can only spend roughly $200,000 in each state during the primaries.

Pence launched his campaign in June 2023 and raised over $5 million before dropping out in October.

He spent $150,000 of his own money on his campaign but refunded most of it a few weeks before dropping out — presumably to get himself under the $50,000 threshold and make himself eligible for matching funds after his campaign ended, according to the New York Times.

The money, though, is meant to help candidates avoid dropping out of the race, not for paying off debt after the fact. Pence requested the money on Oct. 12 and dropped out on Oct. 28.

Pence has a net worth of about $4 million, per Forbes. His campaign spent over $4.7 million and had $584,000 in cash on hand this March, according to the FEC.

Even Dems know it’s wrong

Background: Barack Obama was the first major presidential candidate to reject general election matching funds in 2008, calling the system “broken” and blaming Republicans for taking “millions and millions.” Today, the New York Times says using matching funds is a “sign of desperation.”

The system was last used by Democrat Martin O’Malley and the Green Party’s Jill Stein in 2016. They accepted $1.1 million and $591,000, respectively.

Public matching theoretically amplifies the power of middle-class voters and helps keep wealthy donors from controlling elections. Donations can only be matched up to $250, potentially doubling the impact of a small donation and giving candidates more incentive to cater towards everyday voters.

Summary: Pence’s campaign didn’t make much of an impact on the electoral landscape, but it will leave an impression on taxpayers’ wallets.

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com.

This article was originally published by RealClearInvestigations and made available via RealClearWire.