How much would you spend out of your own pocket to get hired to a job that pays $90,000 per year? How much would you borrow? How about asking friends to donate? Well, the eight men and women running to succeed John Hickenlooper as Colorado’s next governor are spending quite a lot, often from their own pockets, for a job that pays south of six figures, and which finds roughly half of the people mad at you at any given moment.

As salaries go, $90k per year is something that most of us would take as a major pay raise. But you should know that among his 49 other peers, Hickenlooper is one of the poorest paid people to hold that office. Pennsylvania pays its chief executive $187,818 per annum, (though you must wonder why that odd $18 is tacked on – maybe he has to pay for the car pool parking?). At the other end, Maine only pays its governor $70,000, though if you’ve read about the current occupant of that office, you might think even that is too much.

So why have these eight people, all accomplished and as far as I can tell, dedicated public servants (even the ones I strongly disagree with) decided to run for a relatively poor-paying job? Based on what they are spending, they must think it is really important.

A story in Wednesday’s Gazette reported some remarkable numbers. Democrat Jared Polis has spent a bit over $6 million during the last reporting period, and has donated roughly that same amount to his campaign from his own pocket. Cary Kennedy raised a remarkable $800,000 during the same cycle, while spending $1.2 million. Mike Johnston raised $600,000, for a total of $2.1 million.  Lt Governor Donna Lynne raised $337,000, including her own donation to her campaign of $100,000. (Kennedy and Johnston did not, it appears from the Gazette story, make similarly massive donations of their own money to their campaigns during the reporting period.)

On the GOP side the stories are similar, with Walker Stapleton giving his campaign $285,000. And while just $285,000 is a sizeable self-donation, it pales when compared to the $3 million that GOP gubernatorial candidate Victor Mitchell loaned his own campaign, to get it started I guess. The third GOP candidate, Doug Robinson, loaned his campaign $300,000 and the final candidate, Greg Lopez, raised far less than any other candidate, but still loaned himself what seems almost quaint by comparison, $24,000.

So, six of the eight major candidates for governor of Colorado have made major donations or loans to their own causes. Why am I making a big deal about this self-financing? Isn’t that a good thing? After all, if candidates self-fund, doesn’t that mean they are not beholden to special interests?

Well, no, not so much…

Our current system of campaigning, both nationally and here in Colorado, create a situation in which very fine potential candidates simply do not have the financial wherewithal to even get started in running for office. Absent the ability to write your campaign a big check, the candidate (me, for example) finds they are spending 8+ hours each day dialing for dollars and asking for donations. Thus, we are left with a situation wherein only the wealthy are likely to have the necessary resources to start and run an effective campaign. How much government can you afford? It depends on your own bankbook. And is that a good thing? No.

Public financing of elections has long been discussed and has been (sort of) implemented (sometimes) on the presidential level. But at the congressional and state, public financing is much less common. Only fourteen states, not including Colorado, provide any framework for public financing of statehouse races.

We should, as a state, study carefully the idea of public funding of governors’ races. While such a system would not be without flaws, it would be a significant step up from wondering which rich person will likely be our next governor. Plutocracy is never the best option. It’s time to think about the full costs of campaigns when it comes to getting the best and the brightest into office.