OBAMARAMA

With primary competitors expected to raise as much as $500 million before the general election even begins, it’s no surprise that Sen. Obama has opted out of the public campaign financing system — for now.

According to the New York Times, “the money the public system is expected to provide in 2008 — about $150 million for a candidate’s primary contests, nominating convention and general election campaign — cannot keep up with the flow of private contributions available to the candidates.” While preferable in theory, this would tie his hands in a race against opponents able to raise unlimited sums from private donors.

That’s why Sen. Obama — in typically bold and forward-thinking fashion — has issued a constructive challenge to his potential Republican opponent (as well as his Democratic colleagues): join me in a clean race by returning your private contributions and accepting public funds.

As the Times notes:

In a Feb. 1 filing with the Federal Election Commission that was made public on Wednesday, Mr. Obama said that he, too, would seek enough private donations to remain competitive, but with a twist. He asked the commission if he could begin soliciting private donations with the understanding that he might later return the money to his contributors. If he won the Democratic nomination, he could then strike a deal with the Republican nominee to return their private donations and use only public money for the general election. For 2008, that would limit each general election campaign to about $85 million.

“Should both major party nominees elect to receive public funding, this would preserve the public financing system, now in danger of collapse, and facilitate the conduct of campaigns freed from any dependence on private fund-raising,” Mr. Obama’s filing said.

This would be an especially potent challenge should the Republican nominee be Sen. McCain, who was a pivotal force in creating the public financing system through the McCain-Feingold legislation, but who is currently poised to forgo it in order to remain competitive.

Also notable is an odd criticism of the proposal from an Edwards campaign spokesman toward the end of the piece: “‘That sounds a little optimistic to us,’ the spokeswoman, Jennifer Palmieri, said.”

That’s the idea, Ms. Palmieri. The American people seem ready for a little optimism in their politics.