WITH nearly every American election cycle new spending records are broken. This autumn's midterm elections are nearly nine months away, but already candidates in Kentucky's Senate race have raised $19.4m and spent $7.3m. In the 2012 cycle candidates in the Massachusetts Senate race alone spent over $85m. That is small change compared with that year's presidential contest, in which $2 billion was spent (the total cost of the 2012 elections, including congressional races, topped $7 billion).