Old Money: Campaign Finance and Gerontocracy in the United States

Abstract

Politicians in the United States rank among the oldest globally. This study examines how money in politics contributes to age inequality in political representation. Using record-linkage to construct a novel data set combining the ages of voters, donors, and candidates, we find that the median dollar in US elections comes from a 66-year-old—significantly older than the median voter, candidate, or elected official. Results from within-district and within-donor analyses confirm that age proximity with candidates increases contributions on the extensive and intensive margins. Finally, we simulate counterfactual candidate fundraising by age under a hypothetical campaign finance voucher policy.

Keywords: political economy, campaign finance, gerontocracy