Put up a blog on politics.. if it gets traffic... contact those running for x office and offer space.. could also put up sites for certain states that get a lot of advertising money from politics.. FL for example..
if you can show traffic.. im sure someone would want to post on your site.. even someone running a more local office.
also you could contact them and run mobile phone campaigns for upcoming events.. etc..
I know this is my first post here and most people will just take this with a grain of salt, but the method above is actually a pretty good way of making some coin with politics related content. However, if you tweak it a bit it can bring in some real cash.
Obviously, the best way method is to pick a side/angle. Most people starting a political blog/site take the basic Repub/Dem views. If your site is moderately popular, this can bring in some money during the election cycle. However, unless you get as popular as Wonkette did during the 08 election cycle, you're looking at short-term gains. You'll be able to make a bit of cash every two years or so, but then you'll have a year in between when you're making virtually nothing but have to continue producing content or lose the readers that made you're site popular in the first place.
A better way to do it, at least in my experience, is take that basic Repub/Dem angle and then focus it on an industry. Think clean energy, banking sector, farming, etc. You then need to keep up with the bills flowing through Congress. Look at those bills and figure out what industries are lobbying in an effort to get them passed or killed.
If you have a following and relevant site, reach out to those industry associations and seek out advertising from them. They pay well and allow you to begin making inroads with political "insiders". Those inroads can provide you with a.) More readers b.) A more recognizable name for future advertising prospects c.) Paid speaking and guest columns gigs.
Making any real money from running a political blog takes a crap-ton of work. However, if you do it correctly, there is money to be made continuously instead of just riding on the coattails of election years.
I've really only seen a handful of independent sites (i.e., sites not backed by corporations or the independently wealthy) do this well. I know of one site that does this particularly well because I write for them on occasion, have gotten to know the own well and he pays about .35 a word for a guest column/post (probably more if you're a known name in the political machine).
Just my 2¢'s; take is as you like.
- Josh