President Obama famously eschewed large corporate donors in favor of grassroots fundraising and social media in 2008, casting a wide net of supporters. Following a similar strategy, the 2012 campaign garnered hundreds of thousands of small individual donations in its first several months, shattering 2008 records. President Obama has stated on public record his support for increased disclosure for corporate and individual donors as well as efforts to limit the high-value contributions from corporations that are permitted under Citizens United.
Yes, campaign finance in the United States needs to be fixed. There is something drastically wrong with a society that has thousands of people out of work and donates millions of dollars to a political campaign so candidates can attack each other on television. In addition to individual donation limits, there should also be a cap on the amount of money that a campaign is allowed to spend. There is a point where people get tired of the finger pointing and just tune out. From that point on, most of the rest of the campaign money is wasted because people no longer want to hear it.
I believe that campaign finance in American politics is in desperate need of an overhaul. Corporations are allowed to dump entirely too much money into political campaigns, which leads to improprieties and skepticism from the general public. These massive campaign donations also undermine the individual citizens role in elections, since they do not have the capacity to fund campaigns that they support.
As the 2012 election results promulgated, large donations by corporations can't buy American elections. Republicans didn't win the White House and didn't win a majority in the Senate despite large financial donations. Even so, campaign finance needs to be reformed. The $2.6 billion spent on political donations between two candidates could have gone towards food, houses and clothing for suffering Americans.