2018 wasn't a presidential race, which consistently have higher spending. 2020 and 2024 were each over $15B, and there is a steady upward trend in real dollars.
The current supreme court also has a tendency to strike down campaign finance regulations. Everyone knows citizens United, but more recently e.g. AFP v Bonta (2021) struck down reporting requirements in California, which paves the way for unlimited anonymous spending, and Snyder (2022), which reclassifies anything except the most obvious bribes as "gratuities". We'll probably have more 5-4 or 6-3 decisions in the next four years that increase money in politics.
https://www.opensecrets.org/news/2024/10/total-2024-election...
The current supreme court also has a tendency to strike down campaign finance regulations. Everyone knows citizens United, but more recently e.g. AFP v Bonta (2021) struck down reporting requirements in California, which paves the way for unlimited anonymous spending, and Snyder (2022), which reclassifies anything except the most obvious bribes as "gratuities". We'll probably have more 5-4 or 6-3 decisions in the next four years that increase money in politics.