To illustrate, the $14.4 billion spent on political campaigns in 2020 is about 1/15th of 1% of the U.S. economy, which was nearly $21 trillion that year. Comparatively, this is less than the 2/10 of 1% of the total government spending programs.
The question addresses the complexity of defining excessive campaign spending in the U.S., comparing the numbers to consumer spending and the size of the economy. Campaign spending amounts to a tiny fraction of the U.S. economy, although it stirs debates about the influence of money in politics and potential reforms.
When considering consumer spending, U.S. consumers spend roughly $2 billion on toothpaste and $7 billion on hair care annually. Proctor and Gamble's advertising expenditure came close to $5 billion in 2020, suggesting that individual companies allocate substantial resources toward promotion, much like political campaigns do for visibility and influence. While some argue the increasing costs lead to undue influence and a necessity for reform, others defend the legality and right of political spending within the current framework.
Critics often worry about the potential for excessive campaign spending to create entanglements with special interest groups. There are calls for a system that restricts campaign spendings, such as public campaign financing or free television advertising time, to alleviate this issue. The balancing act between the necessity for resources in competitive elections and the risk of corruption or undue influence continues to be a point of debate.