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I haven't been able to think of a good alternative, though I have tried. And no, outlawing everyone's freedom of speech except what's approved by the regulators is not an alternative (and that's what public financing would need to have in order to be remotely effective).
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Public financing is working reasonably well in a handfull of states. It is volutary and generally works by requiring candidates to raise a threshold amount of small contributions in order to qualify for public financing. Being voluntary, I dont see how it impacts freedom of speech.
If the other candidate chooses to finance privately, the publically financed candidate would receive an equal amount of public funds. In many cases, it also takes the advantage away from incumbents, which is a good thing. What they dont address is the impact of the 527 organizations.