Who will win the fundraising race, and will it be a determining factor for the outcome in November?
President Biden hopes so. At the end of February, Biden’s campaign had $155 million cash on hand, compared to Trump’s $74 million cash on hand. Like school dinner organizers selling tables, booking pledges, and doing anything else to bring in cash — both sides spent the last few weeks scrambling to hit bigger and better fundraising goals. Biden held a star-studded New York fundraiser with former presidents Obama and Clinton by his side that raised $26 million. Trump has an upcoming Florida fundraiser at which he hopes to raise $33 million.
Who will win the fundraising race, and will it be a determining factor for the outcome in November?
I would argue no.
But first let’s observe some political fundraising in its natural habitat.
“The Eagles are landing today, swooping down in private jets and commercial airliners, renting limousines and roosting in hotel penthouses and suites.” This is how a 1982 New York Times story describes a group of Reaganites who were buying “club wings” for $10,000, raising serious cash for the 40th president. George W. Bush raised the entry fee to $100,000 and called his donors “Pioneers.” Hillary Clinton called her contributors “HillRaisers.”
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