To give you an idea of how nuts that is, the Bullock campaign spent about fifty bucks per *registered voter*! In Montana! In one quarter! The entire Senate race in the state six years ago cost less than a third of what Bullock spent in Q3.
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If you give me $50 per voter I will buy everyone a ham, a bag of edibles, and a bottle of fantastic vodka, and win any election you care to put me in.
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Seriously asking - what is the marginal return of spending five dollars per person in the entire state? Let alone the second and third time you do it.
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There's a recent paper on this—for TV ads, it's almost nothing for President and Senate candidates, a little bit for House, more for state candidates. I'll try to dig up the reference
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