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And while most Americans understand this system to be badly broken already, the US Supreme Court this year ruled, in Citizens United v. Federal Election Commission, to permit unlimited spending by corporations and unions to influence elections. Indeed, early figures show that vastly more money is being spent to influence the outcome of our elections this fall – $4.2 billion in political ad spending alone compared with just $2.1 billion in 2008, according to Borrell Associates. Less than a third of organizations spending money on the fall elections thus far are disclosing their sources of funds, thereby denying citizens any knowledge of who is trying to influence the election.

As an important first step in reclaiming our elections and curbing the undue influence of special interests on our candidates, it is high time that Congress passed the Fair Elections Now Act, introduced in the House by my former colleagues Democrat John Larson of Connecticut and Republican Walter Jones of North Carolina. Modeled after successful Fair Elections programs in eight states, the proposed law would require that participating candidates turn down special interest money and accept only $100-or-less donations from their constituents. Candidates who reach a qualifying threshold of 1,500 in-state donations would then be eligible to receive sufficient matching funds to run a serious campaign. This would dramatically reduce the influence of special interests, including unions and corporations. And Fair Elections would open the election process to many more Americans who currently have no opportunity to seek public office for lack of funds.

The high court also upheld a more sweeping disclosure requirement. Any corporation spending more than $10,000 a year on electioneering efforts must publicly disclose the names of individual contributors.

The Supreme Court did not jettison all campaign finance restrictions. Corporations and unions are still prohibited from making direct contributions to federal candidates. Such contributions must be made either by individuals or through regulated political action committees.In addition, although corporations may now spend money to make a political point during election season, the high court has strongly endorsed – by an 8-to-1 vote – disclaimer and disclosure requirements within the federal campaign finance law.That means that when corporations place a political ad on television or radio within 30 days of a primary or 60 days of a general election, it must include the disclaimer: "______ is responsible for the content of this advertising."This disclaimer requirement may deter many corporations from engaging in the kind of vicious political attack ads that some analysts suggest will now become commonplace.

State government finances are a wreck. The drop in tax receipts is the worst in a half century. Fewer than 10 states ended the last fiscal year with significant reserves, and three-fourths have deficits exceeding 10% of their budgets. Only an emergency infusion of printed federal funny money is keeping most state boats afloat right now.

It's much more likely that we're facing a near permanent reduction in state tax revenues that will require us to reduce the size and scope of our state governments. And the time to prepare for this new reality is already at hand.

After crunching the numbers, my team has estimated that it would take GDP growth of at least twice the historical average to return state tax revenues to their previous long-term trend line by 2012.