Controversial billionaire George Soros will spend more on the 2018 midterm elections than in any previous one.
In 2010, the Supreme Court ruled in Citizens United v. Federal Election Commission that corporations, unions, and certain nonprofits should be allowed to raise and spend unlimited amounts of money to advocate for and against political candidates.
Since then, Soros has raised $5 million for Democratic politicians in midterm elections.
Specifically, Soros took advantage of this ruling by using his Open Society Foundation (OSF) as a major contributor hub for the politicians and legislative proposals he liked best.
And in the two midterm elections since Citizens United (in 2010 and 2014), that $5 million amounts to mere pocket change for the hedge fund aficionado.
He’s worth a whopping $25.2 billion, after all.
George Soros Could Double His Previous Donations… Easily
According to the OSF’s 2017 budget, some $512 million is slotted to be spent on “Grants and Other Direct Program Costs” this year.
Included in that designation are the organizations to which George Soros will use the OSF to donate money.
How many and precisely which organizations will be sharing this half-billion dollars is unknown.
But we know that a $5 million shift in funds – an amount equal to his total political contribution over the past two midterm elections – would be a measly 1% of the total amount budgeted for donations this year.
What’s more, the OSF’s budget routinely includes over $100 million in reserves “available to be allocated quickly throughout the year for unanticipated opportunities.”
Keep Your Eyes on the Super PACs
When the 2014 midterms rolled around, Soros upped the ante in an effort to keep Dems from losing control completely in Congress.
That year, OSF contributions to super PACs came to roughly $3.5 million, doubling the previous midterm sum, CNBC reported on Aug. 30, 2017.
So, here we are today, quickly approaching the 2018 midterms with a full Republican government at the helm.
And all we need to do is take one look back at Soros’ 2010/2014 combined $5 million failed efforts to conclude he’ll likely be hitting “Mach 10” ahead of the 2018 midterms to push for a Congress that aligns more closely with his own agenda.
What Soros’ Past Tells Us About His Future Moves
To further estimate how much Soros will contribute to super PACs ahead of next year’s midterms, we can look at where he’s already making big-money contributions in order to get an idea of what he might have in mind…
For example, on July 31, the Soros-backed American Bridge super PAC launched a multi-pronged effort to attack the White House on global climate change and the environment.
Soros has long donated to this organization – giving it $2 million in funding last year alone.
Just a day later, on Aug. 1, the OSF shelled out $80,000 to the Center for Public Integrity super PAC, according to PublicIntegrity.org that day.
These kinds of liberal donation dispersals from Soros, spread across the American bureaucratic landscape, will not only continue but also increase as we draw nearer to the midterms next year.
But they won’t guarantee a Democratic takeover of the Senate.
And even if that does happen – thanks in large part to Soros’ efforts – that’d mean a divided Congress, which is less likely than the current “do-nothing” Congress to get anything done.
Full article: Liberal Billionaire George Soros Will Spend More on the 2018 Midterm Race Than Ever Before (Money Morning)