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Old money: Campaign finance and gerontocracy in the United States

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  • Bonica, Adam
  • Grumbach, Jacob M.

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 candidate fundraising by age under a hypothetical campaign finance voucher policy.

Suggested Citation

  • Bonica, Adam & Grumbach, Jacob M., 2025. "Old money: Campaign finance and gerontocracy in the United States," Journal of Public Economics, Elsevier, vol. 249(C).
    • Handle: RePEc:eee:pubeco:v:249:y:2025:i:c:s0047272725001495
    DOI: 10.1016/j.jpubeco.2025.105451
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