Vox had an explainer I didn’t notice until now.
“The Wesleyan Media Project has released its latest numbers on presidential advertising spending, and the headline finding is that “Super PACs Dominate Airwaves.” … But the more puzzling takeaway is just how little all that money appears to be buying.”
Oh, yeah. Totally puzzling. Except of course for that time in 2011, when someone outspent someone else by $129 million to $29 million and ended up with… Nothing.
Or this other time in 2012 when someone outspent someone else by $479 million to $396 million and ended up with… Nothing.
Or, ooh!, ooh!, there was this time in 2012 when someone did a study, and it turns out in competitive Congressional elections (both House and Senate), the candidate spending less wins 2 out of 5 times. Which is not that far from the 2.5 of random chance.