Obama Conspiracy Theories is projecting Newt Gingrich as the winner of the South Carolina Republican Primary with 95% of the vote counted.
It appears that money isn’t everything. Romney outspent Gingrich almost 2 to 1 and still lost decisively. In total, the candidates spent, according to the Baltimore Sun, $5.4 million in South Carolina on TV advertisements, but Super PACs spent $6.9 million. (There may have been another $10 million spent on robocalls, or least it feels that way.) Super PACs can raise and spend unlimited amounts of money.
I have devised a new statistic for reporting the effectiveness of campaign spending, The “Bang for the buck” is the percentage of the vote (bang) divided by the amount spent in millions (buck) by the candidate and PACs. The Stephen Colbert Super PAC (as measured by the vote count received by his proxy Herman Cain) was by far the most effective in the use of limited campaign funds.