Final answer:
The key factor for the large spending on the 2012 elections was the 2010 Supreme Court's Citizens United vs. FEC decision, enabling unlimited corporate and union donations to PACs, widely considered a form of free speech. This ruling significantly altered campaign finance, with corporate and wealthy individual donations heavily influencing elections.
Step-by-step explanation:
Factors Influencing Election Spending
One key factor explaining the unprecedented amount of money spent on the presidential and congressional elections of 2012 was the Supreme Court decision in the case of Citizens United vs. Federal Election Commission in 2010. This ruling removed restrictions on corporate political donations by affirming that contributions of corporations and unions to Political Action Committees (PACs) are a form of free speech. As a result, unlimited spending power was granted to corporations and wealthy individuals, potentially influencing elections and policy decisions significantly. Even though political campaign contributions were regulated through campaign finance reform legislation in 1971 and 2002, the Citizens United decision has had a profound impact on the American political landscape.
Furthermore, beyond legal reforms, the rise of online donating and grassroots fundraising has contributed to increased campaign funds, as small donations can quickly accumulate to large sums. This factor signifies a shift in political participation, enabling not just the ultra-wealthy but also individuals from various economic backgrounds to contribute to the political process.