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One thing is certain about the 2024 election: money is no object for either campaign.
That is actually something new for Donald Trump, whose campaigns in the past have been fueled more by free media and enthusiasm than by campaign cash. For instance, according to OpenSecrets, Biden vastly outspent Trump in 2020 despite the (now former) president being an incumbent.
In fact, when all campaign spending is included, Democrats outspent Republicans by over $3 billion in that election cycle.
The hotly contested presidential election — both sides called it the most important race in history — was the catalyst for an influx of donations. Biden’s campaign became the first to raise over $1 billion from donors. Biden’s cash advantage over Trump helped him pepper swing states with far more campaign ads. Biden also received more help from super PACs and “dark money” groups.
Trump’s campaign raised $774 million. Trump raised over half of his money from small donors giving $200 or less, a stunning figure no other presidential candidate has matched. Trump continued raising money long after news outlets called the race for Biden, racking up campaign cash he could use to influence the future of the GOP.
This time around, Biden began the presidential race with a significant cash advantage, but in recent months, the tables have turned, leading Democrat donors to be worried and even depressed.
Disappointment and ‘depression’: Biden’s biggest fundraisers watch their advantage vanish — POLITICO https://t.co/g4e61M05gm— Laura Ingraham (@IngrahamAngle) June 23, 2024
It’s always a bad sign for a candidate to have his allies sniping behind his back, although campaign aides sniping often has as much to do with power plays within a political circle as genuine analysis by political experts. People like talking to reporters because it makes them feel important, so take anything said anonymously with a grain of salt.
But even if these anonymous quotes are suspect, the truth about the situation is not. Biden’s poor fundraising won’t be a problem because he has «enough» money and after a certain point, the utility of more money diminishes. Instead, what you are seeing is a lot of donors thinking about cutting their losses. The dollars are a vote of confidence, and confidence is low.
Democrats in recent days largely downplayed Trump’s new financial lead in the same way Trump’s allies had when Biden was running ahead in the money race — saying the president would have enough money to compete.
But privately, several Democratic strategists and donors were reeling.
