Interesting question.
Here in Canada, the Conservatives hold a minority government. They also hold ridiculous fistfuls of political cash. Every three months or so, whether an election looks imminent or not (I guess an election is always imminent in a minority parliament) the Conservatives pay for a barrage of attack ads against the Liberal party. The other parties dream of having enough money to pay for a full-power campaign next election, as short minorities between elections have bled their coffers dry, while the Conservatives spend as if the campaign lasts year round.
Every time the tories buy more ads, their polling numbers tick upward. Sometimes they even flirt with majority levels of support. Then they settle back into a small lead over their rival Liberal party.
I don't know if the Conservative's permanent campaign is hurting them, but it sure doesn't seem to be getting them anywhere.

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