WASHINGTON EXAMINER: No, Americans don't spend too much on elections:

[T]he truth is that Americans don't spend too much money on politics. Far from it. If anything, they don't take the matter seriously and so don't spend enough. Based on late projections from the Center for Responsive Politics, a grand total of $3.67 billion will be spent in this two-year cycle on the 471 congressional races to be decided today, which is equal to about one-twentieth of one percent of U.S. federal spending.

[T]his is ... much less than what we spend on beer ($83 billion), lottery tickets ($69 billion), pornography ($11 billion), potato chips ($6 billion) and Taco Bell ($6 billion). And according to White House estimates, Americans spend nearly 60 times as much each year ($109 billion) on retail purchases of cocaine, marijuana, heroin and meth.

The only campaign finance reform that will ever work is to reduce the size and scope of the federal government.