Unfortunately the only real effect of this is that only the independently wealthy would be able to successfully run for office.
Unfortunately the only real effect of this is that only the independently wealthy would be able to successfully run for office.
If getting information to the public about candidates costs money, then that's just another tragedy of the commons - an external cost of government that is simply ignored so that the rich and powerful can have government to themselves. It is very easy to argue that informing the public about their options in an election is essential and should therefore be covered by public funds.
It seems to work pretty well.
But most politicians right now they know they couldn't gather as much money as they'd like this way, because they know there aren't that many enthusiastic people who love them enough to give them money. So getting money from rich people or corporations is a shortcut to being elected.