Welcome to the neverending campaign

Election day is fast approaching. Within 48 hours, the last campaign television ads will be shipped, the last radio ads recorded, and the last of those dreaded robo-calls will be programmed. All that will be left is to count the ballots — and the dollars spent.

2014 will prove to be the most expensive midterm election in history. The Center for Responsive Politics (CRP) projects this year's midterm elections will cost $3.67 billion, eclipsing the $3.63 billion spent in 2010. Of this $3.67 billion spent on electioneering activities, $975 million was spent by outside groups, including super PACs, 501(c)(4) organizations or "issue money" groups which can avoid disclosure of their donors if they spend money before the so-called "window"— 30 days before a primary or 60 days before a general election, and some other non-profits, including trade associations.

All told, more than $4 billion will be spent on electing people to office in 2014. Both the amount and type of money has three significant implications for the political process:

1. The increased role of super PAC money is having a declining impact on the role of the two major political parties.

When the Supreme Court ruled on the Citizens United case in early 2010, many predicted it would weaken the two political parties. They were correct.

This year, both of the major political party committees, the Republican National Committee and the Democratic National Committee, will raise less than they did in 2010. According to the CRP, The DNC will raise almost $30 million less this year and the RNC $20 million less than the last midterm.

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Nearly every other category of spending is going up, yet the parties are raising fewer dollars. This means state parties run smaller grassroots programs and ultimately hire fewer staff. With fewer staff, candidate recruitment at the local level will suffer, and both parties will have a weaker bench of experienced public servants.

When state parties are weaker, state super PACs will fill the void — creating a loss of continuity from year to year. If this trend continues, the national parties will be reduced to simply putting on national conventions and raising money for presidential campaigns.

2. The people who put their names on the ballot are no longer in control of what issues their campaign is about.

The CRP projects outside groups will spend a total of $689 million by Election Day 2014. While much of this money is concentrated in the top 25 or so outside organizations (out of 429 groups who've spent money), it means someone other than the candidate, his or her campaign staff, or the party is making decisions about what issues are talked about, significantly diminishing the meaningful control candidates have over their own campaign messaging.

In fact, super PACs already have more say in campaigns than the parties and candidates do: super PACs will outspend the actual candidates in eight of the 10 most competitive Senate campaigns this cycle (and, assuming Louisiana goes to a December 4 runoff, it is expected outside spending will surpass candidate spending there as well).

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Total spending by all parties in North Carolina's Senate race topped $100 million on Wednesday, according to CBS News, marking the first time a Senate race has ever crossed the $100 million mark; $72 million of this was spent by outside groups.

When super PACs run ads in primaries (also a growing trend), candidates often feel forced to track to the right or left to win. Many of these candidates will have boxed themselves in on issues before they are even sworn into office. There are many reasons for the gridlock we see today, but outside money, particularly in primaries, is at least partially the cause.

3.The rise of super PACs means we now live in a period of permanent campaigning.

Campaign politics is no longer a seasonal business.

It is approximated that $1.4 billion was spent on the 2000 presidential election. Eight years later, an estimated $2.8 billion was spent on presidential election activity by both Republican and Democratic causes. If that eight-year growth continues, spending on the 2016 election cycle will surpass the $5 billion mark.

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Hillary Clinton already has several super PACs associated with — and raising money for — her potential run for the presidency. Similarly, of the likely 10 or 12 GOP candidates, each will have a super PAC supporting him or her as well. Several of these super PACs, fueled by a few large donors, will spend more than the candidates themselves.

Adam Berry | Getty Images Entertainment | Getty Images

It was reported recently that Hillary Clinton might announce her presidential exploratory committee before the end of this year — more than two years before President Obama leaves office. On its face, this is ridiculous. But, if you're Hillary Clinton, it's not ridiculous at all. Assuming she will have to raise at least $1.3 billion to wage a successful campaign, that means starting Nov. 5 she would need to raise approximately $1.78 million a day for the next two years, including Christmas and Easter. Every day she waits, the steeper that daily total climbs.

At the same time, keep in mind a large percentage of this total will come in increments of $2,700 for both the primary and general elections (the Federal Election Commission hasn't yet released what the federal limits for the 2016 elections will be). No wonder candidates are starting their campaigns earlier than ever.

Based on the current trend, by 2024, the presidential election is likely to be a $10 billion affair. To give this a little perspective: less than a third of the companies listed on the NYSE have a market capitalization of $10 billion or greater. Campaign politics is now a very big business.

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Commentary by Sara Taylor Fagen, a partner at DDC Advocacy and a former Political Director for President George W. Bush. She is also a CNBC contributor. Follow her on Twitter @sarafagen2.