You can say "correlation != causation" all you want, but the simple thing is more $$$ = more advertising, and the more advertising = more votes. IOW more $$$ = more votes.
To a certain extent, this is true.
It must be remembered, however, that there are other ways to "advertise".
The "incumbent advantage" is an obvious one - it's pretty easy to get your name in the news just by proposing a new law, even if you have no intention of following through on it. And the evening news is just more advertising for a candidate.
Likewise, if a candidate is preferred by the various news organizations, he/she/it tends to get better coverage than a candidate that is actively disliked by the media. Again, free advertising....
Do remember that it's actually pretty hard to limit campaign spending without tripping over the First Amendment (face it, if a candidate is rich enough, he can just buy a TV station and BECOME part of the media)....
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