Georgia’s controversial plan to mandate drug testing for all welfare recipients and other beneficiaries of government assistance got a big endorsement on Friday from Republican presidential contender Mitt Romney.

On a local NBC affiliate in Georgia, Romney said that he supported the measure:

Jeff Hullinger: [Lawmakers] have bantered about the proposition that welfare recipients should be drug tested. How do you feel about that?

Mitt Romney: Well my own view is, it’s a great idea. People who are receiving welfare benefits, government benefits, we should make sure they’re not using those benefits to pay for drugs. I think it’s an excellent idea.

Watch it:

Romney’s support for blindly drug-testing welfare recipients dates back at least two decades, to his failed 1994 campaign for the US Senate. Civil rights advocates, meanwhile, have been quick to challenge the constitutionality of drug testing bills that were passed last year, and courts blocked similar bills from being implemented in Florida and Michigan.

Rather than saving states money or ensuring taxpayer dollars aren’t used to purchase drugs, mandatory testing laws have succeeded only in proving that welfare recipients are actually less likely to use drugs than the public at large, and implementing laws requiring drug testing is costing states like Florida money they don’t have.

The ACLU of Florida has estimated that the state saved just over $40,000 between July and October by denying residents welfare support based on their failure to pass a drug test, while it spent more than $245,000 in reimbursements for the cost of the exam in the same time period.

With Wall Street profits and bonuses falling and big banks cutting jobs right and left, it seems that the financial services sector would be scaling back its free-spending ways.

But, according to a Center for Responsive Politics analysis, they likely to set records in 2012 on political spending — the bulk of which is aimed at defeating President Barack Obama and electing Republicans opposed to the Dodd-Frank financial regulations enacted to address the sector’s 2008 meltdown.

It seems Wall Street has had its feelings hurt by the Obama administration’s increasingly vocal support for policies that benefit the other 99 percent, and as a result, the financial industry is giving heavily to Republicans and, in particular, former Massachusetts Gov. Mitt Romney (R). Politico reports:

Despite a large overall fundraising advantage, Obama has raised just $5.1 million from the finance, insurance and real estate sectors so far this cycle compared with $12.4 million for Mitt Romney’s campaign, according to Sheila Krumholz, executive director of [the Center for Responsive Politics]. [...]

Securities and investment firms are the top industry donors to the Republican Party so far this cycle, having given $12.4 million. The industry has given $10.3 million to the Democratic Party, second to $12.7 million from lawyers and law firms.

The gap for Romney, a former private-equity executive and founder of Bain Capital, is even larger when his super PAC — Restore our Future — is included. Restore our Future, which can raise unlimited sums from individuals and organizations, had hauled in $30.1 million by the end of last year.

Wall Street has made no secret of its desire for Republican candidate who will return to the unregulated anything-goes policies of the Bush years. The banks spent millions lobbying against passage and implementation of Dodd-Frank and helped Republicans oppose the nomination of a director of the Consumer Financial Protection Bureau. It’s comes as little surprise then that Romney, who announced his opposition to Dodd-Frank early in his campaign, has emerged as Wall Street’s favorite candidate.