Executive
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.
Adam Andrzejewski (say: Angie-eff-ski) was the CEO/founder of OpenTheBooks.com. Before dedicating his life to public service, Adam co-founded HomePages Directories, a $20 million publishing company (1997-2007). His works have been featured on the BBC, Good Morning America, ABC World News Tonight, C-SPAN, The Wall Street Journal, The New York Times, USA Today, FOX News, CNN, National Public Radio (NPR), Forbes, Newsweek, and many other national media.
Today, OpenTheBooks.com is the largest private repository of U.S. public-sector spending. Mission: post "every dime, online, in real time." In 2022, OpenTheBooks.com captured nearly all public expenditures in the country, including nearly all disclosed federal government spending; 50 of 50 state checkbooks; and 25 million public employee salary and pension records from 50,000 public bodies across America.
The group's aggressive transparency and forensic auditing of government spending has led to the assembly of grand juries, indictments, and successful prosecutions; congressional briefings, hearings, and subpoenas; Government Accountability Office (GAO) audits; Congressional Research Service (CRS) reports; federal legislation; and much more.
Our Honorary Chairman - In Memoriam is U.S. Senator Tom Coburn, MD.
Andrzejewski's federal oversight work was included in the President's Budget To Congress FY2021. The budget cited his organization by name, bullet-pointed their findings, and footnoted/hyperlinked to their report.
Posted on YouTube, Andrzejewski's presentation, The Depth of the Swamp, at the Hillsdale College National Leadership Seminar 2020 in Naples, Florida received 3.8 million views.
Andrzejewski has spoken at the Columbia School of Journalism, Harvard Law School and the law schools at Georgetown and George Washington regarding big data journalism. As a senior policy contributor at Forbes, Adam had nearly 20 million pageviews on 206 published investigations. In 2022, investigative fact-finding on Dr. Fauci's finances led to his cancellation at Forbes.
In 2022, Andrzejewski did 473 live television and radio interviews across broadcast, major cable platforms, and radio shows. Andrzejewski is the author of The Waste of the Day column at Real Clear Policy. The column is syndicated by Sinclair Broadcast Group, owners of nearly 200 ABC, NBC, CBS, and FOX affiliates across USA.
Andrzejewski passed away in his sleep at his home in in Hinsdale, Illinois, on August 18, 2024. He is survived by his wife Kerry and three daughters. He also served as a lector at St. Isaac Jogues Catholic Church and finished the Chicago Marathon eight times (PR 3:58.49 in 2022).
Waste of the Day articles published after August 18, 2024 are considered posthumous publications.
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