While Obama rails against the January Supreme Court ruling that allows American corporations to spend unlimited sums on political campaigns, he neglects to mention the huge funding advantage that Democrats have enjoyed in donations from special interest groups over the past couple of years. Since 2009 the top 10 industries have given $136 million to Democrat congressional candidates compared to $68 million for Republicans.
Of the top 20 industries, only 2 gave more money to Republicans: Oil & Gas (62% Republican) and Commercial Banks (51% Republican). The rest heavily favored Democrat candidates including Securities & Investment (66% Democrat), Lobbyists (68% Democrat), TV, Movies & Music (70% Democrat), Pharmaceutical & Health Products (59% Democrat), Hospitals & Nursing Homes (70% Democrat) and Building Trade Unions (92% Democrat).
Public Sector Unions, which have received billions in taxpayer bailouts, directed 92% of their political donations to Democrats. While state and local governments are struggling to pay their bills, Public Sector Unions still managed to shell out $8.5 million to lawmakers.
Lawyers & Law Firms, always on the lookout for new and creative ways to sue people, are by far the biggest special interest donors at $41 million, with 81% going to Democrats. This is almost double the next largest contributors, Health Professionals, which donated $24 million, 59% to Democrats.
The Democratic Party’s ability to shake down special interest groups for cash is unmatched and helps explain why Obama is desperate to undermine the Supreme Court ruling that could help level the playing field. However, considering Obama’s record of attacking just about every segment of American society, the Democrat fund raising advantage won’t last. Wall Street donors are already moving towards the GOP and more are sure to follow.