This newspaper continues to strongly support the current system as a way to reduce the influence of special-interest groups. We recognize that the Obama campaign has captured a phenomenal number of individual donations, but that doesn't negate the larger philosophical issue.
Since Watergate, the centerpiece of efforts to prevent money from distorting political debate has been limits on big-dollar donors, political action committees and various special interests. The system has its drawbacks – but, at the least, it serves to shine a light on a process that used to be hidden from public scrutiny.
Mr. Obama's decision doesn't advance the cause of campaign finance reform. By rejecting public funding, he makes it clear that he is more committed to making the system work for his campaign than for the American people.