Election 2026

This Week's Election Returns Confirm That Money Can't Buy Politicians Love

In one race after another, candidates prevailed over opponents with big spending advantages.

Jacob Sullum | 11.4.2026 2:40 PM

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The U.S. Senate race in Texas was by far the most expensive contest in this year's midterm elections. In fact, according to AdImpact, it was the "most expensive non-presidential race on record," prompting ad spending that totaled $573 million as of October 30. But although Republican nominee Ken Paxton had a sizable financial advantage over his Democratic opponent, James Talarico, he nevertheless lost the election by 12 points.

That conspicuous example is one of several reminders from Tuesday's election results that money can't buy politicians love, contrary to the assumptions of campaign finance reformers who see speech in the form of ad spending as a grave threat to democracy. In one race after another, candidates prevailed over better-financed opponents, sometimes dramatically.

Pro-Paxton spending in the general election totaled more than $333 million, including $212 million kicked in by Elon Musk, the world's wealthiest man. That was about 35 percent more than the $246 million or so........

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