In just a few weeks the presidential campaigns will kick into a higher gear and we’ll have more media coverage than anyone cares to actually be exposed to. Already the ads have started. Obama is all over my Pandora stations and anti-Obama PACs are on the TV. But things are only going to get worse.

And the only thing anyone will be talking about is the economy. I’ve already talked about why that shouldn’t matter at all and what kind of economic situation we’d need to be in for the campaigns to even matter. Though those conversations will undoubtedly dominate headlines (along with unimportant things about Romney’s past and misrepresented statements from Obama’s 2008 campaign), there are some real issues that no one is ever going to talk about.

There are certainly more than three, but these are the concerns I have the most:

Campaign reform and term limits

Politics took a few steps back in progress when PACs were suddenly allowed to collect unlimited amounts of money from anyone, including corporations. We will see in the presidential campaign that tons of money will be spent with likely no measurable improvement in either candidate’s odds of winning. But local elections, and Congressional ones can be heavily influenced now by one individual’s checkbook. Worse though is the continued pandering to donors that our Congressional representatives continue to do. Planet Money has a good profile of how much time is wasted on this process. Part of the problem could be fixed with reforms to the campaigning process but what is really needed are term limits. If our elected officials didn’t spend all their time worrying about getting reelected, they might for once represent the interest of their population.

Odds of this becoming a real issue: 1/100

Education

At the macro level our education system looks to be in good shape. We have some of the best schools in the world. People come from all over the world the study in the US not only due to our economic strength, but because of the quality of education that can be obtained here. Things aren’t so great everywhere though. We’ve got schools being dishonest about graduation rates and salaries. They’re saddling students with a huge debt burden and the schools carry none of the risk of their students being able to pay it off. Public schools are facing huge cuts in the midst of state budget crises. And all the while we’re graduating fewer scientists and engineers than we should be for a nation teetering on the peak of its prosperity. For now, a college degree is still worth the time if you’re smart about where and what you study. But how long will that be? The education system from K-PhD is in need of an overhaul on an Obamacare scale. But who will touch it?

Odds of this becoming a real issue: 1/80

Foreign policy

We like to say Romney has no foreign policy experience. But that’s as far as the conversation goes. When the media starts talking about foreign policy all they really mean is Israel and the wars. Campaigners just shift the conversation from there to defense spending and everyone forgets that will are still playing world police. Not only are we still engaged in two conflicts, but our friends in Israel want to use the multi-billions we’re giving them to pick a fight with Iranians (who are kind of asking for it to make things worse). All the while our president is slowly shifting our military resources to Asia instead of truly scaling it down. Why is it that no politician will stand up and say, “the reason the most of the developing world hates us is because we keep meddling in their business?” We don’t have to be isolationists, but we’re viewed in many parts of the world as war mongers. Foreign policy isn’t just about conflict, but because this has only ever been a superficial issue even in non-election years no one knows anything about it.

Odds of this becoming a real issue: 1/50

Based on the odds, none of these issues will be actual points of contention in presidential campaigns or even your local representative’s elections. But they should be. The media plays a crucial role in making sure we talk about these issues and others like tax reform (not tax increases, real reform) and what role government should play in the economy. We aren’t framing conversations this way though. Why? Because even our very own populous doesn’t care about them. But if we could show them how these issue do affect the individual citizen, you would probably see them start to care a lot more.

Don’t get your hopes up though.  Instead, expect an economic pissing match, stupid stories about how much someone’s shirt cost (she ain’t alone people), and some kind of lousy story about how both of them went Harvard Law.  You know, things that matter.

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But that doesn’t mean I can’t exploit my discomfort to find some pop-culture references that can be tied into something for this blog. Usually, I prefer to do these lists with things I actually like (see below), but I can make an exception.

So what can a reality show that by its very nature defies the statistics behind matchmaking teach us about money? Just see:

If something is profitable, make more: And it doesn’t have to be good, it just has to make money. This is really what The Bachelor and The Bachelorette have always been about. Television and movie producers will happily take concept and run it into the ground. Not only have the original shows had many seasons, but offshoots of the concept like Joe Schmo, Joe Millionaire, and Flavor of Love and more have also had varying degrees of success. It doesn’t have to be good, it doesn’t even have to be a success based on the fake premise of one person finding love among dozens of members of the opposite sex. It just needs to be entertaining. This model isn’t limited to TV. We see this in toys, video games, and just about any form of entertainment because product and content executives really have no idea what will work until it’s in front of the people.

Nothing is safe, there are no guarantees: On The Bachelorette one beautiful woman is given 25 guys that will try to court her. Through a long and drawn out process of elimination she will get the group down to just one and then that one must choose to be with her or not. Many times the show ends with the two engaged or at least caught up in a fairy-tale style romance. The reality is that the couples don’t normally last. This is easily evidenced by the fact the current bachelorette won on the last bachelor and then they broke up. The same thing of course applies to our finances. No investment is perfectly safe. Any investment, even the cash in your bank account could go away. Most people assume their money is always safe because that’s how it’s pitched by bankers and investment advisors. Investments and cash are much safer than a relationship formed on a reality show, but by its very nature money is never safe. Even under your mattress.

There’s always enough idiots to fall for a scam: The financial crisis exposed Bernie Madoff’s ponzi scheme and since then government agencies have cracked down on dozens of other investment scams. But there will always be enough morons to fall for the next one. Just like there will always be enough potato-brained viewers to buy into the premise of The Bachelorette. Keep in mind, the premise is that 25 guys would all magically like the same girl and compete for her love. The only place that’s reality is China. But like an investment scam, to get viewers the show sells the idea that something that is too good to be true is actually true.

Stick with the boring options: Advisors and bankers commonly convince their clients to put their money in products they don’t understand. But they look interesting and have all the bells and whistles. On the show the best person for the man or woman is likely the most boring contestant. The one that doesn’t cause trouble and stays out of the way of the other suitors. The one that doesn’t do cheesy things to get attention of viewers or the opposite sex they’re courting. But those people aren’t entertaining, and don’t last long on the show. It was clear in the premier who the producers of the show like, and they will somehow last much longer than the view would expect because they’re fun to watch. Stick with boring investments that are easy to understand, they’re the only ones that will still be around when you’re old and grey.

Past performance is not an indication of future returns: We see this all the time on the documentation you receive about mutual funds. They must disclose this in the marketing materials because those materials contain nothing but carefully framed charts showing their past performance. It’s good they must disclose this. On The Bachelor this is not disclosed, but it is implied in the premise. The show’s track record for successful relationships is actually terrible. The simple fact that they bring back someone that was matched in a prior season is enough. This year the beauty has a kid too. I’m sure that kind of baggage will certainly get the guy to stick around after he wins.

People will do what their incentives tell them to do: On the show, every person has an incentive to win. Winning gets you celebrity status for at least a short time. If you can “win” you can parlay that into a career in Hollywood regardless of your relationship status. The winning couple can make quite a bit of money in endorsements and other celebrity related goodies. So is this really about love? Love of money perhaps. Pretending to love a pretty girl long enough to get there is a small price to pay. This is exactly the same problem we have everywhere in the world: politics, business, school, sports. People have various incentives and they may not be perfectly aligned with the intent of their position. This is why we are constantly disappointed but really shouldn’t be surprised when these people do something bad that lines their pockets.

There is much to learn in the world of television. Look all around you and try to learn lessons from other peoples mistakes.

Other “Six Things <something> Can Teach Us About Money” Posts:
Star Wars
The Ferengi
James Bond
World Cup
March Madness

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Most people who are fans of the Beastie Boys like them for their rebellious streak that many youths go through. They were the perfect band for a group of teenage boys to blast while driving home from the last day of school. Party anthems and whatnot. My appreciate for them also goes towards the ability of three Jewish boys from New York to get into the rap game. Eminem was not the first. These guys came way before him.

Below are my favorite five tracks from the Beastie Boys. Put your bests in the comments. There are no wrong answers.

Intergalactic

Sabatoge

(You Gotta) Fight For Your Right (To Party)

So What Cha Want

Sure Shot

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Interview of my heroes

60 Minutes report on toxic sugar: Sugar may be a lot worse for you than thought. In my opinion, the key with sugar is trying to eat things with unprocessed sweeteners, or don’t have sugar added to it. Good video.

Gross National Happiness (Washington Post): Who says GDP is the best way to measure the health of a country? Why not just measure happiness? This could happen in the future.

Conservatives Don’t Trust Science Anymore Via @drcrosson: Global warming and evolution have put strains on the views of many conservatives. Expect to see this more as science threatens business models or religious views.

Education and Economic Prosperity: Is there something to be learned from 14th century Europe about innovation today? An interesting look that points out that a good education system brings about economic prosperity. Many believe that prosperity comes first. Policy implications?

Confirmation Bias Shapes Everything, Including How We See Income Inequality: I talk a lot about how we tend to present statistics that favor our view of the world. This is a good chart that shows the various ways you can look at income inequality. Surprise! You can make it say what you want.

Foxconn workers want longer hours: Who knew?

Where do you go when you drop out of the labor force? Good article talking about what happens to people when the leave work and stop looking for new work.

Attractive people have it better at work: This would explain why everything works so well for yours truly. Related.

Hotdog Heroes: How normal people, and people like you and me see the world. Illustrated with hotdogs.

Divorce-proof your marriage: With statistics.

Five Lessons From Growing Up Rich: It’s not always easy being a wealthy child. The life lessons sure are different.

The science behind farts: An interesting story with even more interesting research.

Finally I entered the Carnival of Personal Finance for a 3rd time and for the 3rd time was an editor’s choice. Like we needed the validation.

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Let’s be a little more open-minded and at least hear them out.

1) It is not a job:  It might be hard work, but raising children is not and never will be a job.  It’s a duty, but not a career.

• No boss – Most stay-at-home parents don’t have to report to anyone. The other spouse can’t even tell them what to do. Parents use their best judgment and if they screw up there’s no one calling them into their office to say how disappointed they are in them.
• No performance review – Every 6 months no one is telling you how good or bad you’re doing.  There’s no external pressure on the parent to succeed.
• No firing – If you do a bad job, the parent is not going to get fired.  In fact, it’s quite difficult to tell if a parent is doing a bad job.
• Flexibility – Parents might not think they have flexibility, but they do. Ultimately, it is the parent that decides what they and the child will do that day. They could go to the museum and then hit up Starbucks (for a latte with a friend and organic milk) and be home in time for Ellen. It’s not always so pleasant, but the parent is in charge. If you stamp car doors out of aluminum all day you have 20 minutes of breaks and 30-60 minutes for lunch. Beyond that, you’re standing in one place and stamping doors.

2) After age 5 they’re someone else’s problem for much of the day: Once kids reach the age of schooling, they become the problem of the system for much of the day. Sure a stay-at-home parent has to get them up and get them to school, and they even make sure homework gets done and get them to soccer practice. But those in between hours once again provide for flexibility and choice. Chores have to be done but the parent still had choice and time.
3) It’s an 18 year career: If this were a job, it ends after 18 years. More kids add more time but only a Dugger doesn’t get early retirement with parenting.
4) Their moms worked: Many people today grew up in two-income households and therefore assume that since they turned out okay that stay-at-homes just had it good.

Much of the argument comes over an imaginary line drawn in the sand about whether or not a full time parent is a job. In many measurements of such a thing, parenting is not a job. It is many things and in many ways harder than a job, but that doesn’t make it a job. This is a search for equality on some common ground, which is a waste. But simply because a full time parent isn’t a job, doesn’t mean they shouldn’t be respected the more than workers. Here’s why:

• Economic reliance: The choice to be a stay-at-home parent shows a trust in a spouse that isn’t as common as it once was. Most marriages are stable, but should a divorce occur things can get very difficult for a parent that hasn’t worked in a decade or more.  This is a risk in the 21st century and shows a willingness to self-sacrifice.
• Can’t quit: You can quit jobs, but can’t quite parenting. And if one parent finds themselves not working, they immediately become the full time parent. You can’t change kids just because they suck either.
• They do things for your kids: While you’re out having a “business meeting” at Starbucks yourself, some mom is on the field trip with your kid to the museum. They’re also going to take your kid to soccer practice after school and only at this weekend’s game where you think you’re an awesome parent for showing up will that parent fill you in on the stuff you missed this week.
• 24/7: Many workers can put an end to their day at 5:00 and come home. If they come home to a stay-at-home parent there’s likely very little they must do. They can play with the kids and connect with them. But there’s less pressure on the working parent to make dinner or run the house. They are a participant in the household instead of manager. The full time parent still has stuff to do.

As I said before, parenting of any kind is not a job. It’s hard work. Harder than the work of many with jobs. But it’s not a job. This obsession over defining what full-time parenting is comes from our societal fixation on defining people based on the answer to the question “so what do you do?“. We’d view this entire situation differently if the question was “so what did you do today?“.

Being a working parent is like being a working student. You can do it, but you are going to miss out on some things. It may be the only way to do it for lots of people. But those that can focus on one thing at a time and choose to should be respected for it. And before we rush to judgment we should ask if we’re really having the right conversation.

Image: Ed Yourdon

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It costs too much to regulate – Billions are spent every year pursuing growers, dealers, importers, and everyone else involved in the trafficking of weed.  It’s expensive to regulate, and that money could go elsewhere.

It can be taxed – All other controlled substances are already taxed. Some of the taxes are there to create a deterrence, but others are just there to create income for government. Estimates vary widely, but $6 billion in new tax revenue is achievable.

Legal weed is safer – It wouldn’t be too hard to find scientists that say weed is safer than high fructose corn syrup or aspartame. It’s certainly no worse that any other drug currently available over the counter or in liquor stores. The FDA could regulate the sale and distribution of weed and make it safer than it is today. Today you really don’t know what you’re smoking unless you grew it yourself. Like most eaters of food, smokers of weed are not likely to make their own. It’s use can be controlled by age limits and operation of heavy machinery just like other controlled substances.

Legal weed creates legitimate jobs – Marijuana is a multi-billion dollar industry and most everyone makes their money illegally. They are not recognized as a part of our economy. Yet tobacco workers are. Jobs would materialize overnight in a legal weed economy. Legitimate jobs also make for legitimate income tax.

Public support for weed is about to move in favor of it – It’s mostly older people that say it should be illegal. As that population continues to age general support for the legalization of marijuana rises. We’re at the cusp of a majority of people saying it should no longer be completely illegal.

Tobacco and alcohol are legal – This is kind of a weak argument, but it still applies. We regulate the use of tobacco and alcohol and still have a functional society. We all know that if these were illegal, the market for them would be just like marijuana is today.

Weed became illegal due to disinformation – Growers of hemp competed with growers of things like cotton. Cotton growers didn’t want to have to compete, so they launched a massive disinformation campaign that led to a misunderstanding of what marijuana really is. People were told marijuana leads to murder, insanity, and death.

It’s not a gateway drug – You know what is?  Tobacco.  Find me a meth-head, alcoholic, coke addict, or pill-popper that didn’t pick up a cigarette first and I’ll show you 5 that did. If pot were gone from the world, addictive personalities would find something else. Pot is readily available, that is why it’s the first illegal substance people try. That doesn’t make it the gateway.

There are legitimate medical benefits – That’s not an argument that you should be able to buy it for fun, but if a doctor thinks it will help a patient they should be able to prescribe it.

It might even make you skinny – Perhaps the munchies aren’t as strong as people thought.  This isn’t an endorsement of weed as a diet drug.  But there may be a lot more to this plant than people know today.  Few have researched it since it’s illegal anyway.

This is a post continuing a conversation started from an original post back in 2009: Legalize And Tax Pot

Image: eggrole

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The Natural: The cream of the crop. They are really good and can be put anywhere in an organization. But overconfidence can lead to lack of attention to detail. Worse, they are more likely to not stay on top of their game like a hard worker. They expect their talent to do the work and may not value experience as much.

The Glue: Glues are very important to organizations. They are underpaid experts. They become so good at their jobs they can’t get promoted because no one can do it better. This helps with job security but can also backfire. They won’t get promoted and are too scared to move to another company because they’d have to learn a new system they aren’t the masters of.  Glues can lead teams, but not businesses.

The Colonel:  Everyone needs a leader, and colonels thrust themselves into those roles.  They often spend much of their days making decisions and are looked to for their ability to make tough calls and execute. But exercise caution.  They can lose sight on the future because they’re always in emergency mode and can’t think beyond the current battle.  If they don’t trust you expect to be micromanaged.

The Sire:  For those that don’t know, sires are male dogs that are usually bread bred.  Sires are certainly capable of following instruction and can manage many tasks with minimal supervision.   They have a natural sense to lead but will walk a pack in front of traffic if no one is watching.  They don’t take risks, but can lack intelligence which leads to mistakes.  They aren’t likely to work well in groups, especially among other Sires.  The worst thing is their tendency to leave their mark on everyone’s work without improving it; sometimes leaving it to wreak reek of piss.

The Sandman:  These people can’t focus on the task at hand.  They are always looking towards the next job.  Always thinking about what else they could be doing.  Menial tasks seem like a waste of time.  When you put them in the right role they thrive, especially under pressure to meet a deadline.  They’ll work odd hours to either get the job done, or leave the impression they are working hard.  They have dream jobs but aren’t likely to have the ambition to pursue them.  Push them hard though and they’ll be top performers.

The Punch Card:  They’re only here to get the jobs done.  They have no ambition with the company.  Expect them to be low to middle performers. The few above average performers  can climb up to respectable levels in an organization. But they are never going to give you more than needed to get just above average. This is likely because they have better things to do.  Maybe he’s a single dad of triplets, or coaches little league, or has a side business.  Or he might not care about they job.  They are competent, but don’t expect them to do more than what’s in the job description.

We are all one of these employees at any given time.  Perhaps one day you’re a Punch Card and the next a Sire.  The key is understanding what type of employee you are so you don’t fall into the traps that make them a bad employee.

Trying to categorize yourself and don’t see a fit?  That’s because I made all this up.  Posts like this are stupid.  Don’t read them.  Including mine.  Okay, maybe just mine.

Image: star5112

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Revisions: When the report first comes out it’s considered an initial estimate. It’s really just a best guess by the BLS based on the results of surveys they conduct each month. The results are not fully compiled by the time the report comes out so what is available runs through a model and spits out a number. It’s a statistically valid number, but it can change. It usually does too, but only if the revised number is significant does it ever creep into the news cycle. The good news is that lately the revisions have been positive. So in the first estimate maybe the economy added 200k jobs, but in a revision it might be 225k jobs. That’s 25,000 more jobs than previously thought! The revisions give a much more accurate view of what is going on in the economy, but they rarely make headlines.

Employment across the pond: While the employment situation in the US has been anemically improving, in other parts of the world it’s getting worse. Take a look at the chart below.

As you can see when the recession hit things went bad for the US pretty quickly. The UK fared slightly better but had a higher rate leading up to the recession. As the US employment situation has steadily improved since then, it’s gotten worse in the UK. What’s going on? The two countries have different economies. The UK is more reliant on its European neighbors. They also enacted spending cuts that the US has not had the political will to pass. This has led to stagnation in the country and an increasing level of unemployment. It remains to be seen if the rate will level off soon. But just because developed countries are all intertwined, doesn’t mean our economies move in the same direction.

Natural unemployment: Did you know that it’s impossible to have a 0% unemployment rate? There is a natural level of unemployment which accounts for movement in the economy. People quit jobs, get fired, enter the workforce for the first time, etc. In the US that natural level is around 4-5%. But it is different in other countries.  In Europe it can be much higher.  This is in part to a wider safety net for the unemployed.  Jobless benefits are more substantial and so workers have less incentive to get back into the labor force as quickly.  In the US, shorter terms of benefits gets people back to work and less picky about their options.  Labor laws in Europe also make it more of a pain for a company to hire a new employee so they want to be really sure they need the job before setting up interviews.  This leads to a natural unemployment level that is higher than the US.

There’s a lot more to employment than the simple numbers of jobs added and whatever the unemployment rate is that month.  Hopefully we’re all a little smarter, but don’t stop watching those headlines because it’s still one of the best indicators for the economy we’ve got.

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Cheap people like me end up reluctant to spend money on much of anything. This could seem smart today and really dumb tomorrow. There are many things in life worth paying extra money for. I made this list not just for the benefit of the reader, but for myself as well:

Food: This isn’t food at restaurants, which never represent actual value. But any fresh or healthy food is worth every dollar you put into it and more. It’s an investment in yourself and to carry the painful analogy forward it pays dividends. It costs more than unhealthy food and will likely be that way for the conceivable future, but it’s worth the cost.

Education at a public school: There’s a lot of talk out there about an education bubble. People are borrowing more for college than ever before and jobs are harder to come by than they used to. But it’s even harder to find someone who would say that college is still a bad idea. One just needs to be smart about it. Find a school that’s a good value, and know what you want to get out of it.

Footwear: This is especially important for larger folks or people with weird feet. Quality footwear isn’t just about comfort, but also durability. This costs money, but it’s money well spent. If you can get shoes that fit your feet perfectly they can do everything from giving you energy to making you happier. It took me a long time to learn I had wide feet, and even longer to learn I need to spend more than $60 on dress shoes.

Work clothes: If you’re settled into a career and know you’re going to be there for a while, quality clothes are worth the extra money. You don’t want anything trendy, just a few quality garments that can be re-worn and will last for years. A quality pair of pants costing $100 will last more than twice as long and look better than a pair costing $50.  This doesn’t just apply to white collar work, the key in every work outfit is finding what quality really means in your world.

Home improvement: Sweat equity is not dead, but really what we’re talking about it peace of mind. When you’re doing work on your house, nothing is more valuable than having it done right the first time. There’s something to be said about experimenting and learning to do stuff yourself, that’s what the back room and guest bathroom are for. Where it matters, get it done right the first time. Spend the extra money so you don’t have to keep thinking about the project.

Vehicle maintenance: Just like home improvements, car maintenance is worth the cost. One of the most common maintenance items drivers put off are replacing brake pads. If you wait too long the brakes will damage the rotors. A $200 stop becomes a $1200 one. Car maintenance really pays for itself when the owner is informed. You don’t need to know how to change your oil, but you need to know what’s going on, why something needs to be done, and have a general idea of how much it costs. What you’re paying for most here is peace of mind.  Here’s a picture explaining brakes if you need it.

Insurance: Speaking of peace of mind, insurance is synonymous with it. The advice here is always buy as much insurance as you can afford. With the insurances requiring deductibles, go high and just keep tons of cash to keep the premiums down.

Family: It’s hard to explain exactly what anyone would mean by saying family is worth the money, but they are. It means something different to everyone, but it’s also true for everyone.

Networking: Go out with your co-workers. Invite people out for coffee. A few bucks a week on drinks will do a lot more for your long term economic prosperity than paying off debt a month earlier than you thought. That doesn’t mean you shouldn’t rush to pay off debt, but make room in the budget for networking expenses.

Lobbying: Not everyone can afford to lobby, but let’s be honest it’s one of the best things you can spend your money on. The return on investment for lobbying is huge.

Clearly not everything is worth spending extra money on. Some easy ones are cars, watches, and financial advice. They’re all filled with extras and don’t pay for themselves. When you’re considering what to spend a little extra on, it should be on things that give you peace of mind and can be reasonably certain offer a good return.

Image (peaches): North Charleston

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On a purely selfish level, they have absolutely no reason to stop. First and foremost, they both continue to raise money and win delegates, meaning it’s increasingly difficult to Romney to win outright. To quote Lloyd from Dumb and Dumber when asking about his chances of getting the girl:

Lloyd: Hit me with it! Just give it to me straight! I came a long way just to see you, Mary. The least you can do is level with me. What are my chances?
Mary: Not good.
Lloyd: You mean, not good like one out of a hundred?
Mary: I’d say more like one out of a million.
[pause]
Lloyd: So you’re telling me there’s a chance… *YEAH!*

So before we proceed in talking about what Gingrich and Santorum are actually up to, we have to assume that they know their chances are practically nothing and they’re pushing forward simply because they have no reason to stop; even though they won’t win. So what’s the reason?

As the headline says, they have no reason to stop and every reason to keep going. For these guys, what is the worst thing that could happen if they kept going? In all honesty the worst thing is they’d end up being Vice President. The best case scenarios are limitless.

These guys will continue to campaign until ever donor and volunteer dries up. The longer they stay in front of the media, the better it is for their careers. Despite Newt’s attacks on the mainstream media, he needs them to keep his career going. At this point these guys have been so scrutinized by the media, there’s no other secrets that will pop up. Otherwise someone like Herman Cain would still be running.

Let’s look at some former politicians and presidential contenders and see how things have gone for them:

Dan Quayle: On the board of multiple corporations, President of Quayle & Associates, speaking engagements.
Jon Huntsman has already appointed to board of Ford
Mike Huckabee: Fox News has made him loaded
Al Gore: Involved with some investment companies, writes books, and  runs Current.TV
Fred Thompson: Running for president restarted his acting career and he had a radio show.
Giuliani: Has a law firm and consulting company. The consulting company is said to specifically leverage his name recognition and is very secretive. He’s also regularly showing up in the media.
Cain and Bachman published autobiographies before even dropping out of the race.
Dukakis: Lost to Bush in 1988 but he’s been a professor ever since at Northeastern and UCLA, as well as sitting on the board of Amtrak.
Howard Dean blatantly announced a move to the private sector in 2009 after a career in politics. He’s still on TV quite a bit and does consulting for healthcare companies and law firms.

All of these people had successful careers before running for office, but it was that national attention of the run towards the White House that really took them to the next level. They can all make enough money through speaking engagements alone to live comfortably, but most of them do so much more. Newt has been playing his hand from the 90s for a while, but running for President will secure him with enough jobs and speeches to last the rest of his life. Santorum was a relative unknown until last year. He has every reason to continue the pandering that might have made him unfavorable to a majority vote, but highly favorable with a large minority that will consider him a hero for their values. He’s young enough too that he can continue to run for any office that becomes available for the next decade or two to keep his career moving.

As you can see these guys have nothing to lose and everything to gain. When they do eventually quit it will be to move on to something more lucrative than they were doing in 2010. This can span a wide spectrum that includes speeches, punditing, books, consulting, think tanks, and lobbying.

What will be interesting to see is if this continued campaigning damages the party in the campaign against Obama this summer. But at this point it’s becoming clear to most people why they are still running.

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