Barack Obama announced this morning that he will opt out of the public-financing system in the presidential election campaign. In a statement, he notes:

From the very beginning of this campaign, I have asked my supporters to avoid that kind of unregulated activity and join us in building a new kind of politics - and you have. Instead of forcing us to rely on millions from Washington lobbyists and special interest PACs, you've fueled this campaign with donations of $5, $10, $20, whatever you can afford. And because you did, we've built a grassroots movement of over 1.5 million Americans. We've won the Democratic nomination by relying on ordinary people coming together to achieve extraordinary things.

You've already changed the way campaigns are funded because you know that's the only way we can truly change how Washington works. And that's the path we will continue in this general election. I'm asking you to try to do something that's never been done before. Declare our independence from a broken system, and run the type of campaign that reflects the grassroots values that have already changed our politics and brought us this far.

Obama will pass up about $80 million in public funds, but don't worry about him; he'll be just fine. It's John McCain who should be freaking out, because Obama has systematically outraised him throughout the year, and will no doubt continue to do so. This should be fun to watch.