The hard-fought Republican primary and the intense conservative opposition to President Obama has meant that the 2012 cycle has been dominated by outside spending by Republicans, though a pro-Obama SuperPAC, labor unions, and environmental and abortion-rights groups have also spent heavily. But when critics of political spending cite the massive numbers invested in presidential politics this cycle — $2.5 billion by November— it’s easy to forget that this is some of the least effective spending in the world.

…the good news is that they are really, really stupid.

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