US President Joe Biden's campaign raised more money ahead of the November elections than that of his Republican rival Donald Trump, which analysts attribute to Biden's status and support from Democratic predecessors.
That support will be on display Thursday at a fundraiser for Biden in New York City, where former presidents Barack Obama and Bill Clinton, both prominent Democrats, will be in attendance.
Biden's campaign committee is outpacing Trump in both money raised from large contributions and small individual donations under $200, according to OpenSecrets, a research group that tracks money and influence in U.S. politics.
Large contributions represent about 55% of the $128.7 million Biden's campaign committee has raised so far in the election cycle, OpenSecrets data showed, compared with 45% from small contributions.
For Trump, large contributions comprise 64% of the $96.1 million his campaign committee raised, compared to 36% from small contributions.
However, Trump has done better at raising money from outside groups, such as super PACs, which can receive unlimited donations but cannot coordinate directly with campaigns.
Outside groups supporting Trump raised $83.1 million, compared to $60.1 million from groups supporting Biden.
In total, Biden's candidacy raised $188.8 million from his campaign committee and outside groups, compared to Trump's $179.2 million.
Democratic candidates raised more money to support their White House bids than their Republican opponents in every election cycle after 2004, when George W. Bush raised more money than his Democratic opponent John Kerry, according to data from OpenSecrets.
In the 2020 showdown between Biden and Trump, the Democrat raised more than $1.6 billion from his campaign committee and outside groups, the most any candidate has ever raised in a presidential race. Trump, by comparison, raised $1.1 billion.
However, more money is not always an indication of success. Trump beat Democratic candidate Hillary Clinton in 2016 after she raised $769.9 million, far more than the $433.4 million he raised.
According to analysts, small-dollar donors are important to signal grassroots support.
“If you can get someone to give you five dollars, that person is giving you five dollars as a gesture of saying, 'I believe in you,'” said David Primo, professor of political science and business administration at the University of Rochester.
Fundraisers like Biden's event this Thursday are also important — they help the candidate build a war chest for the campaign, which finances advertising campaigns and telephone contacts.
While Biden has the support of previous presidents such as Obama and Clinton, Trump does not have the support of former President George W. Bush, his Republican predecessor, and was unable to obtain the endorsement of Mike Pence, who was his vice president.
Still, Trump also has big fundraising events coming up. In early April, hedge fund billionaire John Paulson will host a fundraising event in Palm Beach, Florida, with big names including investor Robert Mercer and supermarket billionaire John Catsimatidis. Donations can range from $250,000 to $814,600 per person, according to an invitation to the event.
“If you can raise money early in a competitive election and spend it wisely, you can get some real votes out of it,” said Dmitri Mehlhorn, an advisor to Reid Hoffman, co-founder of LinkedIn and a top donor to Democratic candidates.
Source: CNN Brasil
Bruce Belcher is a seasoned author with over 5 years of experience in world news. He writes for online news websites and provides in-depth analysis on the world stock market. Bruce is known for his insightful perspectives and commitment to keeping the public informed.
