USA Today’s Jas. Drinkard reported yesterday that political spending on television ads has eclipsed the record spent by candidates, political parties, and independent groups in the 2000 presidential year and could hit $1 billion by election day. This is evidence that we have a thriving democracy. With luck, the people will get even more involved and spend even more in the future. This spending spree is all the more impressive in that it stands as a kind of grass roots revolt against the regulatory regime that the politicians are trying to put in place over political speech — meaning the campaign finance law sponsored by Senators McCain and Feingold. The law, on which Mr. Bush caved earlier this year, will ban soft money contributions to the national political parties after November 6.

This has seth both Democrats and Republicans scrambling to express themselves politically while it is still legal. The Washington Post reported yesterday that the parties have been winning major contributors big time. The DNC, the Post says, has actually had a livelier enthusiasm than the RNC in soft money donations this year, as donors have raced to help it build a new Washington headquarters. The party scored two particularly notable $3 million donations from Hollywood supporters. The Republicans, meanwhile, have been getting help from the drug industry to the tune of $925,000, which came from the Pharmaceutical Research and Manufacturers of America. On the outflow side, the national parties have been flooding local races with money to help get their message out, an effort that will become illegal once the new campaign finance law comes into effect. This effort is focusing on about 10 of the most tightly contested House races and a smaller number of Senate races, from which participation by these kinds of enthusiasts will all too soon be forbidden.

It remains to be seen, however, whether the regulators will be able to quell the enthusiasm of those who are willing to underwrite our free elections. The effect of the McCain-Feingold legislation come 2004 and 2006 will be mainly a devolution of power away from the national parties. Independent groups will still be free to raise soft money, and people will still be allowed to participate financially in the state parties. People will not be able to argue their point of view on the issues if they name candidates within 60 days of an election, unless they can get the television stations to run their messages for free. This blatantly unconstitutional provision is being challenged in a lawsuit spearheaded by Senator McConnell. Still, the Federal Election Commission has ruled that tax-exempt charitable, educational, and religious groups will be exempt from speech regulations. If the idea behind the campaign finance law is to censor political speech, it will be an uphill battle, as the people strive to help their candidates beat the regulators at their own game.